1921-02-19 — Page 3

NOTICE

THE HONGKONG TELEGRAPH.

SATURDAY. FEBRUARY 19. 1921.

NOTICE.

SOMETHING NEW

TEN DANCE HITS ON THE FEBRUARY

35704

VICTOR RECORDS

Just snap your &ngers at care-Darling-Foxtrot

Paul Whitman & His Orch' Caresses-Medley Fox Trot Paul Whitman & His Orch'

TREASURE!

There is no treasure in the world of such value as your eyesight. Treasure it; keep your eyes strong and free from strain by using

CORRECT

N.

OPHTHALMIC OPTICIAN,

THE U.S. STEEL INDUSTRY.

Survey of 1920 Conditions. Some interesting points are brought out in the year's survey of the steel industry made by the Pittsburgh correspondent of the Ferera & Franchini New York Evening Post.

Tip Top Medley Fox Trot-Saxophones

Six Brown Brothers

18714

If a wish could make it so-Fox Trot

18715

If you could care-Medley, Waltz

Happy--One Step

Six Brown Brothers

Smith's Orchestra

Smith's Orchestra

18716

Let the Rest of the World go By-Waltz--

My Isle of Golden Creams Waltz-

18713

12th Street Rag-Fox Trot

Dotty Dimples- One Step

CALL IN AND HEAR THEM

Blue & White Marimba Band predicted to make up the shortage

All Star Trio

S. Moutrie & Co., Ltd.

TELEPHONE

527.

Victor Agents.

TELEPHONE

527.

HALL'S DISTEMPER

THE KING OF WATER PAINTS

A Sanitory, washable, and high dinindeat- ing qualities minike is the ideal wall durering for your branż ufflue.

Handled by al.

EYEWEAR.

LAZARUS,

28, Queen's Rd, Ct., Hongkong. Prescriptions accurately filled.

indead, when the indepandonte made their first advances they did not realize that they were establishing an independent market. They thought simply that they were Leading, and that the Steel Corporation in time would follow. They assumed that the corporation management had discovered reasons for not loading in market advances, as had previously boon the custom.

STEEL NOT A BAROMETER,

an

independents, and conditions at; the end of the your pro- mised that during part at least of 1921 the same condition would prevail. When the corporation sells and makes more steel than its proportion of capacity would suggest, it is particularly safe from any charge of being dis- posed to exploit the buyer. There is a financial advantage, too, for] It took the steel industry three

it is better, if the corporation. or four months more than was Nor was this price divergence produces 51 per cent, of the steel, a small patter in the aggregato. to do it with 44 per cent. of the produced by the iron and steel There is no basis for estimating capacity and 44 per cent. of the and bituminous coal strikes late that the independent steel mills capital invested than to do so All Star Trio in 1919. The prolongation of the received for their output in 1920 with 50 or 55 per cent. of the period of shortage is attributable between $250,000,000 and $350, investment. In these matters in part to the railroad strikes that 000,000 more than they would the Steel Corporation bas ite began April 1, restricting the have received if they had held toward for holding down ita production of steel and delaying their prices down to the Steel prices and lemporarily restrict- the shipment of much of the Corporation or Industrial Boarding its profits.. steel that was produced, but schedule. It should bo there was also a greater demand noted, however, that if tho The steel industry has often for steel than had been expected. corporation had advanced its been spoken of as "the barometer It was not until carly in October prices its profits would not have of trade." In the sense in which that the striction in steel cut-been increased by any large this expression is usually conceiv put began, due to lack of orders.fraction of this amount, for theed the steel industry has not been All the previous restrictions were corporation was fairly well sold the barometer of trade to any due to physical causes, while in up at the beginning of the year, great extont, but, in other and November and December the and the advances would not have peculiar ways it has had an decrease was rapid. Appearances applied on shipments for more intimate relation with business in exaggerated the decrease, how-than a few months. The indopond-general, and it has furnished ever, as it was confined to the ents were able to profit upon their some interesting means of analy. independents.

advances with relative promptness zing general trade. The steel In other words, circumstances because there had been undesigned industry first won the designation were not promising for a con- cooperation between buyer and by receiving large orders for when heavy sumptive demand continuously seller in limiting commitments, structural steel for the amount of steel that the The independent mills did not building operations were contem- industry could produce if givon wish to sell far ahead, while the plated, and large railroad orders reasonably favourable manufac-buyere, recognizing the condition when money was easy and rail- tering conditions, and the results as purely tomporary, even though road manogora expocted were as expected for the produc-it might be prolonged for months, increase in traffic. Such orders tion during the first ten months did not wish to buy far ahead. were unimportant in tho steel! of the year averaged 80 per cent. Before leaving this phase of the business of 1920, which was marte of capacity, and the divergence subject it is to be remarked that up chiefly of steel demand for oil in either direction from that rate the developments of 1920 development and transport, for in particular months were not probably mark permament the inaking of machinery and: great. The decline in production change iu the relations between tools, and though to an extenti in November and December the Stoel Corpotation and the commonly overrated, for the pulled the year's average down buyers of steel and place the building of automobiles. to 78 per cent.

Steel Corporation and the in- - High prices in retail stores dependents in separate classes constituted a prominent factor in as to price policies for all time, business conditions of 1920, and It would have been strange, The Steel Corporation, whose the very large purchasing power indeed. if there had been

stand for fair and slowly moving of employees of the industry,!

over half capacity demand for steel in 1920. prices at all times had previously numbering well There was relatively little now been exemplified more often by million, with wage rates between construction in large projects a unwillingness to reduce double and triple those of 1913, involving the use of important prices that by an unwillingness was a factor in maintaining high tonnages of steel, and railroad to advance them, though upon retail prices, particularly in such consumption, previously a large several occasions the latter dis-steel manufactuning centres as factor, was conspicuously light. position had been plainly ex- Pittsburgh.

In a detailed analysis the stee! The steel making capacity, low-emplified, gave in 1920 a con-

furnished much ever, had increased by 50 per cent. vincing exhibition that it had industry has since 1914. A combination of unlimited determination to hold information as to the character favourable

As circumstances prices down when its philosophy of business activity in 1920.

there was an necessary to produce a full suggested that this should be just noted, demand for steal for any long done. Naturally that cemented altogether exceptional demand "oil it and its for what are known as period. A capacity demand for the steel is, indeed, somewhat customers, and those ties were fur-country goods and even the unusual,

ther strengthened by the absence failure of many mushroom oil If that statement be

concerns, did not remove of any room for suspicion on

the doubted, let it be noted that in no calendar year between 1906 and the part of customers that de-demand, for by far the major 1916 was there full operation of; liveries to

were being part was strictly legitimate. The the steel industry throughout the curtailed to enable the corpora- chief slowing down in steel de- year. In that period the capacity Undoubtedly there were many t

tion to fill more profitable business.mand from the oil fields was due the postponement of the increased about 80 per cent.

The steel industry made very independents who, although play-development of projects to await

time when labour for sinking- large profits in 1920, and the ing their part fairly with cus profits were secure, not materially tomers, were suspected of neglect. wells and laying pipe liues reduced by inventory shrinkageing low-priced orders in favour of should be cheaper and more at the end of the year, and not higher-priced orders more recent-plentiful. impaired at all by uncollectibley booked. There were other accounts, as the steel industry independents against which such does practically a cash business, suspicions were only too well The Steel Corporation's reported earnings were large, yet before earnings wero reported large allowances had been made for

sotractofa and Pataters,

Write for our Brochure a "low to decorate your Hamet

WILLIAM C. JACK & CO., LTD.

Sole Agents Hangtong & South Chine.

The irritating cough and the obstinate cold will speedily vanish if you take a few doses of COLONIAL COUGH LINCTUS

The rapid Cold dispeller

Prices 50cts & 90cts per Bottle.

Warm Friends for Cold Nights.

Our HOT WATER BOTTLES at moderate prices.

COLONIAL DISPENSARY.

14, QUEEN'S ROAD CENTRAL, HONGKONG.

Talophone No. 1877.

FRENCH LESSONS.

G. MOUSSION,

15. Morrison Hill Road.

THE NEW GERMICIDE.

NO CAPACITY DEMAND FOR

STMEL.

21

3

ties between

founded.

them

NEW ALIGNMENTS IN

STEEL TRADE.

"

DEMAND FOR MACHINERY. Tho domand for steel for. machinery, particularly electrical machinery,

particularly heavy, suggesting that there was

Was

LANE, CRAWFORD & Co.

TRAIN YOUR DOG

TO EAT

SPRATT'S Biscuits Dry

which not only act as the canine foõib- brush, but cause a copious flow of saliva which asslats digestion.

SOFT FOODS ARE INJURIOUS

if continuously given, as dogs have a natural tendency to boll their food.

SPRATT'S PUPPY BISCUITS SPRATT'S DOG CAKES,

EPRATT'S OVALS

MELOX -

DOG SOAP (NALDIRES)

$2.50 per 7 lb. Tin

31

"

19

13

14

"1

18

14

50cts. per Tablet.

WATSON'S

COLD CURE TABLETS

Cure a Cold in the Shortest Possible Time.

An Excellent Remedy For Neuralgia & Malarial Headache.

This excellent remedy is sent regularly from Hongkong TO CUSTOMERS IN ENGLAND and clsewhere abroad.

A. S. WATSON & CO., LTD.

NEW GOODS! NEW GOODS!

Messrs. Whiteaway, Laidlaw & Co. are now showing latest and newest goods for the

COMING RACE SEASON

READY-TO-WEAR COSTUMES

$75.00 to $125.00

WARM OVERCOATS FOR LADIES

$37.50 to $97.50

NEW SUNSHADES

NEW DRESSES NEW UNDERWEAR "NEW RIBBONS

NEW LACES

much activity by way of improv NEW MILLINERY ARTIFICIAL

Jang power plants, while the build- The outcome is a new aligning of new plants, as shown by various contingencies. The cor: mént The Stool Corporation the light demand for structural poration did all the writing off will have a more regular trade stoel, was not largo. It is added for which any reason could be and will operate more steadily that on the whole exports were assigned. The independents, then the independents, who will, disappointing, and that labour however, made still larger profits in a measure, receive overflow questions await settlement. than the Stool Corporation. They business at times. The Steel Cor- had higher costs, but they had poration's "proportion" has often very much higher selling prices. been discussed, because there is

A LITERARY DUEL, All other steel market facts of an idea that the "proportioh" may President Wilson having select 1920 sink into insignificance in in a measure determine, on aed and arranged for use of all! comparison with the one great broad basis if not legally, whether the papers and documents act of the whole group of the corporation is "a trost." The in his possession relating independents leaving the Steel corporation's proportion is natur- to the Peace Conference, in pre- A few drops of this wonderful Essence sprinkled on the Corporation price level and ally to be based upon steel ingot paration for the book he proposes Handkerchief and inhaled, Cures Colds, Banishes Headaches, establishing markets of their own productive capacity and is not to write, will begin work upon it Hay Fever, etc.

at much higher figures. In many over .44 per cant. In 1919, how-shortly after his retirement. VAPOLINE INHALANT possesses one unique feature-on cases the difference was equal to, ever, the corporation made 51 per announced several weeks ago, contact with the air it develops & gives off antiseptic Vapours and in some cases was even cent. of the steel inggte, obiefly Mr. Robert Lansing, former which gradually gain in strength, hence it is very economical in double or triple, the prices pra- because in the earlier months it Secretary of State, has prepared use. One application giving protection for a whole day.

vailing in 1914.

had a heavlor operation than the a volume which takes issue, in INDEPENDEN IS RAISE PRICES.

independents through having been several important chapters, with The most imaginative steel more ready to meet buyers' views the decisions reached at Paris by producer would not have believed as to priceBL

the President. Mr. Lansing's

VAPOLINE INHALANT.

PRICE: $1.00 & $1.75 per bottle. QUEEN'S DISPENSARY

To, 492

St. George's Buliding.

AB

it possible for the independents In the closing - wesks of book will be ready for circula- to maintain a market far above 1920 the corporation had a ton on March 5th, the day after the Steel Corporation prices, and, much heavier output than the, the Prouident formally retires.

We have just received

per post Our Special

Supply. of RACE WEEK

MILLINERY. CALL and

INSPECT LATEST

MODELS.

LOWERS

SPRAYS

LOWEST PRICES FOR PROMPT CASH. NO CREDIT.

WHITEAWAY, LAIDLAW & CO., LTD.

HONGKONG.