Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-10
OUTLOOK IN STEEL
TRADE IS BETTER
Production and Prices Seem
to Have Struck Resist
anCe Levels.
r. the Assnriated press.

By the Associated Press.
NEW YORK. September 10-The
passing Of Labcr day, which marks the
end of the Summer vacation period, has
had the usual effect Of injecting re-
ngmed vigOr into iron and steel sales
fSrogramS, Iron Age says in Its weekly
review Of the industry.
while it would be an eXa9geratlon To
saw that any marked be;jerment in de-
mand is expected to result from more
concerted drive for business the review
saws. the industry is at least more
cheerful viewing such favorable lndlca-
tionS as there are with satisfaction and
awaiting further Developments with
hope. -,-...
while August was a Disappointment
in that it failed to give any cue as TO
Fail business prospects, it was never
theless reassuring in that it showed
that both production and prices nave
struck resistance levels. Steel lngct
OUTPUT varied but little throughout the
month and registered the smallest oe-
cline from a previous month since the
inception of the current recession last
April. The record since the first OF Sep
TENDER likewise suggests that potion
has been plumbed so far as production
is concerned.
Prices Hold Well.
Dor day CurtaIment, present lngot out
put averages about 30 per cent. ana
before the week end may again equal
or possibly exceed the 81 per cent rate
of a week ago.
Prices have held rather evenly since
the first Of August. There have been
few additional readjustments IN pig
iron, including one in the current week
which brings the iron Age composite
ton
since October. 1915, but ruling quota
tions in most market centers remained
unchanged. Finished steel prices have
remained generally firm throughout this
period.
Evidences of improved demand, al
thcugh still too fragmentary TO be re-
garded as conclusive, include slight
gain in releases from the automoolte
industry. the appearance Of several rail
inquiries, a heavier flow of public works
requirements in structural steel and re-
inforcing bars and more active con-
sumption by a number CT miscellaneous
industries, among them radio, stove ana
steel barrel manufacturers.
The Ford Co placed steel orders
to balance stocks for the production
of $4,000 or more assemblies OF Its
present model before going over to
new car. Subsidiaries of General Mo-
models to be brought out late in the
year The Chrysler and Hudson COM
panies have issued inquiries for steel
for fourth quarter which are expected
to provide a severe test for current
prices on bars. strip steel and sheets.
While estimates of automobile output
for this month have been revised up
ward from 100000 to 10000 units,
substantial gains in steel requirements
are not expected to be felt until later
in the year, when manufacturers start
producing new models to stock their
dealers. Orders for equipment neces-
stated by impending model changes
are giving a new stimulus to machine
tool output. Following recent pur-
chases by the Chevrolet Co, now es-
tinrated as totaling close to 100000,
the Lycoming Manufacturing Co., an
Auburn subsidiary, has placed orders
amounting to $500 000.'
Steel Awards.
Structural steel awards, at Al ,OOO
tons. are we'll above the average. New
fabricated steel projects, totaling about
$1,000 tons. are the largest for any
week since the end of July.
A slightly stronger scrap market at
Pittsburgh has raised the Iron Age
composite price for heavy melting steel
to S9l7 from the seasons low OF S9.O8.
The pig iron composite price has de-
clined to Sl542, a new low since Octo-
Der 1915. Finished steel is unchanged
at 2ll6 cents a pound.