The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-07-18
OUTLOOK
M|XESSTEEL
SITUATION
International News Service

International News Service
NEW YORK, July 10. UN.S0.
Seasonal inactivity In the steel
industry has been accentuated
this week by increased uncer-
tainty regarding the labor stu
ation and renewed unsettlement
in the finished steel price struc-
lures, Iron Age states today.
While ingot production in the
country as a whole has risen one
point to % per cent Of capacity,
increases have not been general
in the principal districts. Finish
ing mill schedules, being depend
ent almost entirely upon imme-
diate consuming requirements,
are also very spotty.
Steel production is unchanged
in the Pittsburgh, Philadelphia,
Wheeling and Detroit districts,
although replenishment Of raw
steel inventories in many plants
is reported. Detroit output is
sustained at capacity by the
steady requirements Of nearby
automotive plants. The operat-
ing rate has risen five points to
IS per cent at Chicago, two
points to 30 per cent in the
valleys and 10 points to Is per
cent at Buffalo. In the Cleve-
aand-Lorain territory, output is
two points lower at 80 per cent,
while production at Birmingham
has dropped is points to IS per
cent coincident with the closing
down. Of the rail mill.
Future Watched
Market interest is still focused
howard the future, even though
orders for sheets and tin plate are
holding up better than had been
anticipated. The automobile in
huStry has placed some business
in the last week and is expected
ito have covered its entire re-
quirements for present models by
the end Of the month. Orders for
the production Of 1885 cars could
not affect steel production SEIZED
Jules before September and prob
ably not until the fourth quarter.
The PWA has allotted $57,00O,-
600 for dam construction alone,
most Of which will supplement
previous awards. Approximately
10000 tons Of sheet steel piling
is pending for this work in addi-
ton to $4,000 tons awarded last
week for the Fort Peck, Mont,
dam. The Department Of the In
Eerior has awarded $500 tons Of
reinforcing bars for Boulder Dam.
Price Revision
Price reviSionS during the last
three weeks have offered conclu-
Sive proof Of the fact that the
code is not price-fixing medium
both Of the recent reductions in
sheets were filed with the indus
try's code authority by individual
mills and came as complete sur.
priSeS to the other producers.
They were met with reluctance in
most instances and indicate very
clearly that the code would be
powerless to prevent a rapid de-
cline in prices If any one pro-
ducer felt that prospective ton
mage might be encouraged.
The general strike at San Fran.
cisco is having little immediate
effect upon the steel industry ex-
cept as it influences business senti-
ment generally. Mills in the Pa
cific Coast area continue to move
material by rail, although ship
ments by truck and water have
entirely ceased. The stoppage of
construction activity includes the
san Francisco Oakland bridge to
which structural steel has been
moving steadily for several
months.
With the reduction in hot-rolled
Annealed sheets not yet effective,
the Iron Age composite price for
2.131c. a pound. The pig iron
composite continues at $3.50,
while the scrap composite is hold
ing at $10.S8 in spite Of softer
tendency in most markets,