Satisfied Steel

Twice last week Board Chairman Myron Charles Taylor of U. S. Steel popped into the White House--once by himself "to pay his respects," and once with John Pierpont Morgan so that Mr. Morgan could pay his respects, too. This week the steel industry completes the 90-day trial period stipulated by Steel's NRA code. Had they wished, the nation's steelmasters could have asked for a rehearing on their code, could have tried to get the Government to alter their wage, hour and marketing agreements.

But Steel did not so wish. Instead, the American Iron & Steel Institute asked Administrator Hugh Samuel Johnson to continue its code until May 31, 1934. Further, Steel expressed "its general satisfaction with the operations of the code in its effects on the industry." Coming on the heels of last month's reaction against the NRA, the steel industry's graceful and timely gesture was much appreciated by General Johnson and the White House.

Reporting to the NRA. the Iron & Steel Institute stated that 213 of the 237 companies in the industry had between June 17 and Oct. 14 increased their wages

32.1%, their payrolls 28.3%. At the same time that he forwarded Steel's report to the President, General Johnson included some NRA statistics, gathered from 208 companies. These showed that between June and September the industry had raised its average wages per hour 19.9% (from 52.8-c- to 63.6-c-), had decreased the average work week 16.8%. Discouraging spot on the Institute's report came in tabulating production figures, calculated from June 17, at the beginning of the summer boomlet. Since that time the industry's operating schedules had declined from 47% of capacity to 44%. But since Aug. 15. said General Johnson, finished steel prices had increased from 1.979-c- per Ib. to 2.015-c-. Pig iron had risen from $15.94 per gross ton to $16.61.

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