The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-06-20
Steel Production Carried II
Per Cent Above
April.
By Times Special

By Times Special
NEW YORK, June 20.-Business
activity showed moderate improve
ment in May, although the slowing
up of the rate of recovery observed
early in April was extended into re-
cent weeks, according to the month
ly report of the national industrial
board.
Commodity prices in the main
showed strength in the last six
weeks, although movements were Sc
lective. Security prices lost ground
in May, but resisted downward
tendencies in the first half OF
June.
Productive activity showed net
gain during the month. While de-
clines of more than seasonal ma
ture were recorded in the automo-
bile and textile industries, advances
in other major fields of production
effected a general net advance.
Building and engineering construc-
ton awards advanced counter to
seasonal expectations.
Steel and iron production, in con-
tinuing upward in May when a de-
cline would have been normal, con-
tinued the counter-to-s on a l
movement experienced in April.
Electric power output fell off slight
ly in May, but less than generally
expected during the month. Btu
minous coal production advanced
sharply, and, in doing so, partially
compensated for the unseaSonal de-
cline in output in April.
Car Production Dips
Production of passenger cars and
trucks in the United States ana
Canada in May is estimated at 1885,
TOO units, a decrease of IL per cent
under the preceding month, but an
increase of 48 per cent over May, a
year ago.
On the basis of new passenger car
registrations available for a few
states during May, retail sales for
the month are estimated at 255,000
units, as compared with 222, 900 units
in April and 16O,242 units in May,
1888. This represents an increase of
IL per cent over April and So per
cent over May, year ago.
Steel production advanced again
in May. Average daily output dur
ing the month was 125,807 gross
tons, IL per cent greater than the
April average of 1T ,426 gross tons.
In recent years, the seasonal move
ment from April to May was de-
cline of 81 per cent. Total produc-
ton for May was 5,396,800 gross
tons.
Steel operations in May were at
58.1 per cent of capacity, as against
$40 per cent in April, and 34.1 a
year ago. The May figure is only
slightly below the July, 1888, aver
age of SO per cent of capacity,
which was the highest of any month
during the last three years.
Production of bituminous coal in
May, estimated at 28,025,000 net
tons, showed a gain of 1871 per cent
over the April total and 24.6 per
cent over that of May, 1888. The
average seasonal gain in recent
years between April and May was
So per cent. Average daily output
was roughly 4 per cent above that
for April.
Production of electric power in
May showed somewhat less than the
usual seasonal decline from the
month before, output averaging l.
631 900 900 kilowatt hours week, as
compared with 1,647 100000 in April,
and this trend was maintained dur
ing the first half of June.
Building Awards Rise
Residential building awards to-
tailed $24,847 900 in May and were
81 per cent above the April level.
j. seasonal decline Of IL per cent has
been usual in recent years. The
total for the current month, how
ever, did not reach the total for the
corresponding month last year and
was 6 per cent below it.
Non-residentialtb building made the
greatest gain of all classes in May,
with an increase of 1868 per cent over
April. Total contract awards for
May were $50, 797, 900; for April, $685.
10000.
Publicly financed construction
awards totaled $71,558,500 for May
and were per cent under the April
total of 75,158,900 Compared with
a year ago, May contracts we're three
times as great. Privately financed
construction awards advanced II per
cent over the April figure and II
per cent over May, 1888. May awards
totaled S62,887 200; April awards
were $56,252,90
General distribution and trade in
creased less than seasonally in May,
as compared with April in both
value and physical volume of turn
over. Rail shipments and depart
ment store sales increased less than
seasonally, but sales of chain stores