Pig

One of the real sensations of the Spring has been the unparalleled swift ness with which the output of pig iron has been curtailed. From the depth of the 1921 depression, pig production climbed fairly steadily until May, 1923, when it stood at 3,876,694 tons. From there it slumped to 2,920,982 tons in December last, and then rallied to 3,-466,086 tons last March. April, 1924, however, showed a reduction to 3,233,428 tons, and new figures for last May reveal the astonishing drop to 2,615,110 tons. From an average daily output of 111,809 tons last March, the similar pro duction last month was only 84,358 tons. Figures of blast furnaces in operation tell the same story. During the first three months of this year, 39 new furnaces were operated. But in April, 40 were discontinued, and last May, 46 more were halted. On June 1, only 184 furnaces were left in operation, as against 230 a month before. Steel ingot production is running un der 50% -- and perhaps not over 45% -- of the capacity of the industry, with further decreases expected. In 1923 the industry ran on an average of 80%, and at 93% last March. The estimated steel ingot production in the U. S. last month was 2,628,261 tons, compared with 3,333,535 tons for April and 4,187,942 tons for March preceding. . . .