Steel's Unfilled Orders

The decline in the demand for steel which has occurred since last Spring is clearly indicated in the shrinkage of unfilled orders on the books of the U. S. Steel Corporation.

The record amount of unfilled orders was established in July, 1920, when the tonnage on the books reached 11,118,468. From this "peak" the figure declined to a low mark of 4,141,069 tons in February, 1922. After that date, however, the unfilled tonnage rose almost every month, until a high point of 7,403,332 tons was reached in March, 1923. Since then a decline has occurred every subsequent month, as follows: April 30, 7,288,509; May 31, 6,981,351; June 30, 6,386,261; July 31, 5,910,763; Aug. 31, 5,414,663; Sept. 30, 5,035,750. The drop from last March thus amounted on the latter date to about 47%.

At present reduced prices, however, extensive railroad buying is reported as coming into the market, particularly by the Southern Pacific, Union Pacific, St. Louis & San Francisco, B. & O. and C. & O., and amounting to a total of about 40,000 new cars. Bookings for rails will keep rail mills running at almost capacity for the first half of 1924; the Pennsylvania alone is estimated to require 200,000 tons. In addition, undoubtedly considerable Japanese construction purchasing of wire nails and galvanized sheets will have to be provided for.