Steel

Steelmen expected, last week, to find their industry in its customary, unalarming summer doldrums. With surprise and pleasure, therefore, they noted that mighty U. S. Steel Corp. reported unfilled orders (traditionally significant) on June 30 of 3,637,009 tons, an increase of 220,187 tons over May. They noted further that July production was at 75% of capacity, a high average for midsummer. And Carnegie Steel was anticipating even better business by raising prices of steel products $2 a ton, returning to the price levels of the early part of 1927.

Seeking explanations of this happy situation, steelmen considered: 1) new automobile models; 2) Ford Motor Co. expansion; 3) record farm implement business; 4) purchase of 65,000 tons of rails for Northern Pacific, Great Northern, etc.; 5) active building construction, particularly in New York.