The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-10-23
BRIGHT FUTURE
PREDICTED BY
STEEL LEADER
Increased Interest, Better
Sentiment Shown at
Institute.

By United Press
NEW YORK, Oct. Assortment
in the steel industry is a little bet
ter and some cCnaumers are show
ing slightly more interest in their
steel requirements, according to
Eugene G.. Grace, president of the
Bethlehem Steel Corporation.
Grace made these remarks in
formally in advance of the meet
ing Of the American Iron and Steel
institute being held here today.
He added that one of the most en-
%couraging business developments
recently has been improvement in
the prices Of commodities. This is
one Of the first directions in which
betterment should be noted" Grace
said.
He stated Bethlehem Steel has
been operating at a rate of about 50
per cent thus far in October, about
the same rate which prevailed in
September.
Foundation Being Laid
T. NJ. Girdler. chairman of the
Republic Steel Corporation, said the
steel industry was laying the foun-
dation for improvement in 1882.
The steel industry" Girdler said,
lis operating at less than 80 per
cent and the time for the usual fall
busy spell is about over. On every
side, however, we see signs of bet
ter conditions, and it is my feeling
that the last months of this year
will be relatively better than they
usually are.
"Once in a long while We strike a
year-end that is good in the steel
business. I see no chance for large
improvements, but I think we are
preparing the foundation for a much
better 1882"
Business of National Steel Cor
poration has improved since Oct. /,
E. T. Weir, chairman of the cor
poration said, adding he believed
the low point had been seen in the
steel industry generally.
Business On Upgrade
"Since Oct. /" Weir said, "our
business has improved and 1 firmly
believe we have seen the low point
in the steel industry. Our volume
of orders over the past week has
been heavy, that is in number of
specifications, the tonnage for each
one being small. This indicates,
however, that inventories finally
have reached rock bottom and fab
ricators are under necessity of TAX
ing in material to cover whatever
business they are able to pick up
themselves"
Weir found sentiment generally
better and a willingness on the part
of buyers to contract into next
year for the lines on which books
have been opened for that advanced
delivery. He stated wage reductions
made effective Oct. 1, were we'll re-
ceived and added the labor situation
can be said to be in excellent
shape"
L. E. Block, chairman of Inland
Steel Company reported evidences
of a better feeling and more conf
dence.
Sentiment More Cheerful
There should be no further
dwindling of steel production, he
said, as there are definite feeling I.
in many directions of better and
more confident outlook for the fu-
ture.
This has been strengthened re-
Gently by announcement of the
Presidents plan and belief that Ii
quotation has run its course"
George M. Verify, chairman Of
American Rolling Mill Company,
believed a new foundation of conf
dence is in the making, following
events of the current year, and
especially of the last ninety days.
l.. E. Gohegan, vice-president Of
Gulf States Steel Company, report
ed sentiment in the south somewhat
more cheerful than in the north.
THE steel business is as dull as
in the north" he stated, but
operations should work gradually
higher in the near future. Norm
ally our peak season is in Septem-
Der, October and November and
another bulge generally takes place.
in the spring. I do not expect any
large upturn this fall, however"