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Show STEEL INDUSTRY-I INDUSTRY-I EXPECTS RALLY i I NEW YORK, Nov. 17 I Pros-I Pros-I pects for early Improvement In de-mand de-mand for automobile steel were I cited by Iron Age Wednesday In its 'weekly summary of Iron and steel -Trade conditions. "So drastic has been the drop !in steel operations, it may furnish Uts own correction." It said. The automobile Industry, although proceeding pro-ceeding mora cautiously than had been expected, is experiencing an increase in aales. which if continued contin-ued will bring higher production, provided new threats of labor trouble do not materialize. "The small takings of aleel by tha automobile manufacturers Indicate In-dicate a rapid reduction of Inventories Inven-tories which may result soon In replenishing re-plenishing buying." Steel ingot output was estimated by tha trad Journal at 35 per cant of the country's capacity, lowest since 1934, excepting on week of July, 1035. Last week's average was 41 per cent. "The belief persists In the steel trade," continued the summary, mission will render a speedy decision de-cision on tha plea of tha railroads for higher freight rates and that a favorable result will be almost immediately followed by Inquiries for cars and locomotives." Iron Age reported that Southern Pacific awarded 35,332 tons of Its 73.000-ton rail order, 20,406 tons going to Tennessee Coal, Iron and Railroad company, 7SM tons to Bethlehem Steel, and 7244 tons to Colorado Fuel and Iron. |