Show STEEL STEE i is DECLARED DECLARE GOOD GOODNEW NEW Y YORK RK Nov 20 The The head of or a large steel company says Wall Val street is S 'S s usual seems to be going into hysterics over the steel situation Professionals operating for a decline in stocks would did not be disappointed If i the industry go all al to pieces and force hundreds of thousands of men into idleness But the steel Industry as in the past will wi survive survive survive sur sur- vive the destruction wished upon it ft by certain certain- certin short sellers of stock t. t steel companies comp This year the the- largest larest will wU earn their respective dividends several several sev sev- eral times over The common stock of erl nearly Ures every steel company Is selling be below below below be- be low actual cash put back Into property over the last six sl years They are nearly near near- ly Jy sill all lenders of oC money A A. depression lasting 01 three years would make little Impression Im Im- Im upon the enormous addition additon to I assets sets the steel companies have rolled up The steel industry nay operate on a reduced basis for the next six months but this possible depression has been 1 discounted to the extent of from 40 to points in the common stocks of oC large largo steel companies The world is turning out less steel by tons annually than in prewar prewar prewar pre pre- war years From the Uie standpoint of oC actual steel shares are selling lower than hey t hey aue ever did in our most severe panics the industry does turn the come- come will be rapid Manufacturers are pit POSt c t worried wi over the situation t |