Unfilled Orders

Despite the extra dividend declared on U. S. Steel common stock, unfilled orders on the books of the Corporation at the close of October amounted to 4,672,825 tons, or a drop of 362,925 tons from Sept. 30. The Corporation's unfilled tonnage has declined steadily ever since March 31, 1923, when the figure stood at 7,403,332. The high record was established at 12,183,083 tons in April, 1917, while the lowest recent condition was seen in February, 1922, when only 4,141,069 tons were on the books.

Pig iron production also fell off during October. Returns show output during that month totaled 3,149,158 tons--about 2 1/2% under the September production of 3,125,512 tons, when the greater number of days in October is taken into consideration. Output reached its highest point for the year in May at 3,867,694 tons, and has declined ever since. In no month of 1922, however, did pig production reach the 3,000,000-ton mark, and in July, 1921, output amounted to only 864,553 tons.

On Nov. 1, 1923, there were 245 furnaces in blast, as against 255 on Oct. 1.

The decline is due to overproduction last Spring, combined with slackening demand, and a tendency on the part of buyers to hold off for lower prices. Railroad purchasing continues good in steel car bodies and rails, and building operations continue to require fair amounts.