Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-14
Special bispsteh to The star.

i SPECIAL Dl6paJcn 70 Inc star.
PITTSBURGH, April IL. - Further
declines In min activity last week are
responsible for the uncertainty now
holding sway In the steel industry.
From the Beginning Of the year up to
| two weeks ago steel production was on
. slow but steadily ascending scale
The rate Of gain, though slight, at least
could be taken rs favorable indication
Of the future. what was thought 70
be merely Q temporary condition when
the decline began two Wesks ago has
continued, and doubt Is assailing the
trade as to the ability Of the industry
TO make further gain during the second
quarter.
The failure Of the railroad, autofno-
bile and construction industries TO take
steel In the proportions expected earlier
In the year is having its effects To-
| gether the three use nearly one-half Of
the steel produced in this country. Yet,
with the possible exception Of the
building industry, they have failed to
increase specifications during the last
three weeks.
Slack I'm Orders.
Word reaching here Is that Detroit
automobile makers are becoming eau
tious about increasing their production.
That something. has slowed down the
industry Is reflected in the lack of or
ders for sheets, plates, shapes and bars
coming from automobile manufacturers.
Even with tendency toward price
weakness In many automobile steels,
specifications are not reaching the mills
from that industry In the volume ex-
pected earlier in March.
With several divergent elements
holding sway. It was difaclilt TO esti-
mate the exact rate Of operations last
week. Taking the several zones as o
whole, Pittsburgh Is doing about 81
| per cent, Cleveland about 90 per cent
and the valleys around so per cent.
Raw and selni-finished materials are
not In brisk demand, the coke market
Is dull and scrap has fallen to q very
low price figure, with only moderate
demands for the metal.
While pig iron has held to the earlier
prices fairly well, heavy melting scrap
| has lost ground steadily. Offerings In
| Pittsburgh last week were held at
| $3.50 to 312.TS. while in valleys there
was almost unlimited tonnage offered
at ei1.75 TO $12.25. Pig iron held
steady ct $3.50 IN this district. Semi.
1 finished steel Is quiet, with billets and
sheet bars quoted at $40. Concession
on sheets now appears to be the order.
Auto body stock is quoted at $500,
black sheets, S2.25 and $2.35, ana GAL
vanized at $500 here. There was some
| ieeway in wire goods, with nails quoted
$40 to o.. the latter figure obtaining
In small lot sales. The 1.65-cent quo
tation on plates shapes and bars was
mills set quotation Of ITO cents for
the second quarter contracts, there are
no instances here where the price
has met with favor in the shape Of
orders.
Earnings Smaller.
Most steel companies failed to earn
their dividend requirements in the
| fourth quarter Of last year. It Is
doubtful II they win do any better in
| the first quarter of this year. Pros
poets also are no better for materially
| helping the situation in the second
quarter. since the gain in prices will
not reach important proportions and
| the chance Of greatly increasing out
] puts are far from bright.
II is now becoming evident that the
increase In business activity during the
! first quarter Of the year was largely
seasonal The failure Of industrial
Iactivity to show sustained increase dur
ing the last two weeks is believed here
to indicate that no definite revival ir
business has yet gotten under way.
| EOloWinB Ckle GaBber Duy1uBs uletCdu'
tile houses report q letdown. Depart
Iment stores are again resorting to heavy
advertising campaigns In an effort tc
EFFECT sales. Wholesalers and jobbert
report Q slowing up.
Production and distribution OF plate
glass continue at the same rate as
last week. All grades are In fair de-
Imand, with lanninated, or non-shatter-
liable, well supported. Window glass, be-
tcause Of the increased building con-
lstruction, was in better demand, but
Equipments have not reached the pro-
duction rate.
il Electficals Equipment.
Electrical equipment manufacturer
report . slight increase In orders.
u Bituminous coal g being produced 81
o rate under that Of last year. Demand
remains quiet The better grades do.
nestle fuel, however. are being sold n