Steel

The steel business is still a debatable theme among bankers. Almost everyone tries to speak well of it, yet the actual statistics get worse and worse.

The unfilled tonnage of the U. S.

Steel Corporation as of June 30 was only 3,262,505 tons-a decrease of 365,584 tons from the figure for May 31 preceding, and the lowest statement since November, 1914, when it was 3,242,692 tons. On the June rate of shipments, orders now on U. S. Steel's books represent about four months' business. Yet steel men seem to expect marked improvement in the industry by September.

The steel market is dull just now for purely seasonal reasons. Ingot production in June was at an annual rate of 25,600,000 tons or about 47% of capacity. Buyers are placing only small orders and insisting on immediate shipment. As yet, steel prices have undergone no particular change, and at present apply to a comparatively small volume of business. When demand becomes more pronounced, a cut may be caused, owing to competition of different mills looking for business.