The Evening News from Harrisburg, Pennsylvania • Page 8

V-: PAGE EIGHT THE EVENING MONDAY, OCTOBER 15, 1934 EXPECT AUTOS TO BOOST STEEL CLEVELAND, Oct. 15. Although two weeks of the fourth quarter have elapsed without any large com mitments from leading consumers, the trend in buying as measured by volume of miscellaneous orders is 0 upward, and steelmakers are confident of. a substantial improvement once the automobile industry has launched definitely on its new models, states the magazine Steel. From present indications, steel specifications from automobile manufacturers should show a measurable gain early in November.

While production last week was increased by (SOOO cars to 25.000. many automobile plants remained idle, aSa the indus try as a whole is at the bottom of its 1934 schedules. Steel markets generally last week reflected the hesitation prevalent pending the statement by Donald R. Richberg on the Government's code and price policies; a statement, however, that came too late in the week to afford any gauge of its effect on consumers. His pronouncement that no important changes in the steel code are contemplated dispels some uncertainty regarding prices, but on the other hand it has apparently frustrated the hopes held by leading buyers for a highly-competitive market such as would-be certain to result in reductions.

Offsetting this, however, the more definite intima-i tions of impending inflationary! measures are expected to stimulate buying. Undoubtedly the strongest feature ot the markets from producers standpoint is the universal absence ot consumer's stock, the fact that material being shipped today is going immediately into consumed goods providing a sound basis for a broad in iron- and steel demand. With inventory-time approaching, fa S3 i however, it appears unlikely that Buying over the remainder of the NORTH STAR (POLARIS) The one visible star, about which the Heavens seem to turn. Polaris Is a star of the second magnitude, whose light takes 470 years to reach the Earth.lt is 2500 times as bright as our sun. year will far outstrip actual re- Quirements.

Much depends upon' row tne auiomooue manufacturers will appraise markets for new cars. Though there are several hundred thousand tons of structural steel pending, structural lettings last Mi voek dropped to 15,481 tons. Government advances for home construction and renovizing have not yt.t distinctly benefited steel, though expected to make more headway. Japan estimates 100.000 tons of steel will be required to rebuild the typhoon-swept city of Osaka. American farm implement makers' sales in the first eight months this year were about 85 per cent, over 1932.

the low mark in recent years, and ihey are increasing their steel purchases moderately. Merchant pig iron, and foundry coke shioments are gaining steadily; in the Great Lakes districts so far October 140 per cent for pig iron and 33 per cent, for coke, over the comparable period last month. A large tonnage of pig iron will be required through the railroad's decision to re-equip 2,000.000 freight c.nrs with a new tvpe of airbrake at the rate of 200,000 annually. Early action may be taken by the Penn-rylvania on fifty-eight electric locomotives. Steelworks operations last week were unchanged on the strong side of 25 per cent, Chicago held at 26; Pittsburgh 18: Detroit 59; Wheeling 33: Cleveland 28; Buffalo 24: Birmingham 25; New England 40.

Youngstown was up one-half point to 29 '-j and eastern Pennsylvania one-half point to 17 per cent. Steel's iron and steel price composite is unchanged at the finished steel index remains $54. while the iron and steel scrap fig-tire is up four cents to $9.37 on some minor at Pittsbureh. A v. 3j 1 4 At Sears ONE POLICY TH ONiY TRUE BLUE To make a pure motor fuel, always high in quality," always uniform, and still sell it at the same price.

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dltf (7QD0qC? g0 (JXrto 6-8 S. Market Sq. Phone 4-1168 Harrisbnrg.