Word: steeling
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Business has not yet clearly and as a whole shown any tendency to improve. Conditions are still "spotty," with some industries going ahead in fine style, while others hang in the doldrums or even grow worse. The iron and steel trade, the oils and the sugars have shown the most improvement; automobile companies also feel themselves on firmer ground. But the fertilizers, the textile trade, and the leathers are still uncertainties. Yet there is little fear that the difficulties recently experienced in the Northwest will speed East, and a considerable body of opinion inclines to the view that Europe...
...lowered rediscount rate is general; it is felt that this move is after all the "ace-in-the-hole" of the party which has undertaken to make this Presidential year one of prosperity and confidence. Much "bull ammunition" has already been shot off, such as U. S. Steel's extra dividends and encouraging prophecies by individuals who usually care little about seeing their names in the paper. The lowering of the rate of rediscounts will doubtless be delayed as long as possible, but it should come presently. The recent advance in bond prices has been seemingly in anticipation...
Just now the American steel business has staged a thoroughly remarkable "come-back." Orders pile up, prices are firm, extra dividends are the order of the day, earnings are increasing. Nevertheless, some American steel leaders are casting anxious eyes towards Europe. Schwab is in Germany. Gary has departed for South America. To students of the industry, aware of bad conditions in the export trade, these facts are not without significance...
American Labor costs are completely out of alignment with those of Europe. To some extent this is compensated for by superior American natural resources and efficiency. Yet the competition of Continental steel is already felt in the world's markets, particularly perhaps in Great Britain. It is felt that unless new demand at home can be stimulated and maintained, the present pro-'duction rate in American steel can scarcely be continued. Our export steel is already selling 15% under domestic prices, but the large quantities of steel production tied up by the French occupation of the Ruhr...
...exact purpose of Mr. Schwab's European visit is unknown. Varying rumors report that he is about to acquire an interest in Austrian or German concerns. At any rate, the potential and actual competition anticipated from the European steel centres is no topic of mere academic interest, least of all to the American steel men best qualified to judge conditions in the industry...