New World's Record

The sensational production of steel ingots established a new record for the current movement. Output in March, 1924, was 4,145,829 tons, which compares in the 3,780,663 tons in the preceding February, 3,599,938 tons in January, and, 4,046,844 tons in March, 1923. It is the highest-monthly production in the history of the industry excepting only that for the month of May, 1923, when 4,195,800 tons were produced.

Figured by daily output, rate, however, the production for last March exceeded even that of May, 1923, since there were only 26 working days last month against 27 in May, 1923. In consequence, last month's daily production rate of 159,455 tons compares with 155,400 for May, 1923, and is a new high record for all time.

Whether this unequalled output of steel will six months from now be pointed out as the "peak" of production remains to be seen. Already there have been signs of slackening demand. Those who anticipate a decline in ingot production base their prediction upon the analogy of last year's markets, and the probability of decreased orders from automobile manufacturers, builders, railroads.