The Steel Industry—During the last quarter of 1921 steel, which had bean somewhat in the doldrums during the middle six months of the year, improved considerably, and indications are that a steady inefease will continue through 1925. Between April and September last, unfilled orders of the United States Steel Corporation, which is, of course the barometer of the industry; fell to the lowest level in 10 years; this was in July—and operations were below 50 per cent. capacity.
"The Oil, Industry.—Oil was again
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