The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-17
Power Production Scars to
New Heights; Steel
Shipments Up.
BIZ Times SpecinL

NEW ! OtNNs guy - uIl6s az
cording to Business Week in its lat
est issue, was not as bad as was ex-
pected, An unprecedented siege OF
warm weather sending consumers to
market for summer goods and re-
suits are now being reflected in
chain sales reports
General Motors, according to the
issue sold more cars in June this
year than in any previous year since
1929. Steel production climbed tc
its second highest point of the year
being exceeded only by the preced-
ing month. Construction awards foI
residential and public works and
utility projects rose slightly above
the May levels, but slump in non
residential undertakings lowered the
grand total per cent below the
preceding month.
Electric Output Climbs
Electric power production climbed
to new heights last month to the
surprise of all trade observers, &C
cuStomed to seeing downward
trend in the first half of the year
Check transactions, often rated as
one of the best single indicators OF
bushes volume, showed a 5 per cent
increase over May.
Compared with a year ago when
imitation threats stirred business
from its rut, the country outside of
New York shows up more favorably
than the chief financial center. New
York's check volume clearly reflects
the Stagnation of the stock market,
falling 8 per cent below last years
boiling period of speculation Some
40 centerS outside of New York are
IA per cent ahead of June, 1888.
The United States Steel Corpora
ton shipped 1858 tons in June,
the highest amount for any month
since May, 1880. July is expected to
show sharp decline from this peak,
since consumers now have no incen-
tive to order steel in advance of
their immediate needs.
Despite the low operating rate of
the steel industry in 1888 steel pro-
ducing capacity was enlarged to a
new peak estimated at 1880, 625
tons annually. While the increase
for the year was but slightly more
than a million tons, it adds to a
huge investment that is not fully
utilized even in the best years. On
the new capacity basis, May, 1884,
the peak of the current year, was
placed at 56.4 per cent of capacity,
June at SIT per cent. In the first
six months of 1884, some 16,200,000
tons of steel have been produced,
compared with 100000 in the same
period of 1888, up 80 per cent.
Republic Steel twice has taken the
limelight, once on rumor of a mer-
ger with the Corrigan, Mckinney
Steel Company, and once when it
severed relations with the Amalga-
mated Association Of Iron, Steel and
Tin Workers, because of objections
to radical rank and file members.
Just how this move will affect the
current activity of the steel labor
board and the general labor Situa-
ton in steel, it is difficult to fore
tell. At any rate, it marks another
definite stand of the steel companies
against the intrusion" of the ma
tionaI union.
Price Cut Stimulates Sales
Cutting automobile prices is be-
lieved to have stimulated the June
sale of cars that in turn forced an
upward revision of production
schedules. The National Automobile
Chamber of Commerce estimates
June output in the United States
and Canada at $4,000 units, only
per cent below May and q per cent
better than last year. This would
bring the first six months of 1884
above 1900 900 units, compared with
slightly more than 100000 in 1888,
a Is per cent improvement.
The slump in sales which gave
the motor makers the filters in May
turned out to be less than per
cent below the peak month of April.
1T now appears that the 1885
presentations of the motor industry
may not be introduced by the eIab-
crate fanfare of national automobile
shows such as has been customary
in the last thirty-four years, but
may make their debut in smaller
shows in all major cities under the
auspices of distributors instead Of
manufacturers.
Residential construction made
the best gain IN June, amounting to
7 per cent over May, making June
the second highest month of the
first half of 1884 Public works and
utilities construction just exceeded
the May totals by l per cent, while
nonresidential projects fell 18 per
cent behind May"
GLIDDEN co. DIRECTORS
ANNOUNCE 3 DIVIDENDS