Evening star., 1939-05-28
Steel Production
And Car|oading
Figures Higher
Briggs Strike Reduces
Automobile Output
During Week


During Week
- the Associated Press.
Trade and industry moved eau
hously forward last week.
Higher figures were posted for
steel production and carloadings
~ the aftermath of the coal strike
wore OF. Electric power output
dropped, contrary to seasonal trend.
Although the pressure of the coal
strike lifted its weight from industry
In some sections, q new strike-at
the Briggs Manufacturing Co.-put
dent in automobile production.
Labor difficulties resulted in shut
downs at the Chrysler Corporation
plants. The result was the industry's
entire output slumped to 67,740 units
from 80,l45 the previous week.
However, analysts noted that the
two other major producers-General
Motors Corp, and Ford Motor Co.
were holding output at virtually the
same pace as the previous week.
New Car Sales Brisk.
There was comparatively brisk
rate of sales of new passenger cars.
Commerce Department records
showed heavier turnover in New
York. st. Louis sales held up we'll"
Purchase of new cars in IA repre-
sentative Texas counties in April ran
80 per cent ahead of April, 1898.
Turnover in Wayne County, Mich,
for the past week was about three
times greater than the like week last
year. Distribution in Shelby County,
Tenn, for the first 20 days of May
were more than double those for the
like period year ago.
Government experts, commenting
on these sales, said that although
Jobs have fallen of in some areas.
wage rates have been rather we'll
maintained. Farm income dropped
somewhat last year and this, ana
lysts asserted, tended to put
damper on new car sales. However,
Government economists said this
week that there is every prospect for
q heavier distribution of Federal
funds in farm areas during coming
months.
Financial news captured more
than usual attention. Secretary
Morgenthau placed before the House
Ways and Means Committee sugges-
tions for revision of corporate taxes
designed to eliminate possible busi-
ness hindranceS He indicated the
Treasury was ready to cooperate on
repeal of the undistributed profits
tax
"A comprehensive revision of the
tax structure probably will not be
feasible at this time" he told the
House Ways and Means Committee.
However, that fact should not re-
strain your committee from giving
serious attention to removing from
the tax laws any manifest inequities
or other defects" he added.
Imitation Talk Heard.
From Wall Street came word that
talk of imitation was once more max
ing the round of banking and brok-
erage houses. This, it was said, had
its origin in the Washington reports
that new spending drive by the
Government might be in the max
Ing. Although such talk lacked the
backing of administration sponsor
ship, some Government economists
R0id fhnv AvnnrtnH fha
to quicken the spending pace during
the next several months.
Meanwhile, the latest Securities
Commission report on registrations
of securities intended for sale
showed that the April total had
scored a sharp rise over March. In
this connection it was also noted
that industrial companies showed
more disposition to approach the
capital market for new money" re-
quirements. Some financial experts
predicted that if the rise in stock
and bond prices in Wall Street
should gather momentum this would
help pave the way for new financing
for plant and equipment construc-
ton and improvement.
In its review Of business in 81
cities the Commerce Department
said: Reports of retail trade were
practically unanimous in showing
substantial increases over the COM
parative period last year, though
such reports were more indicative of
the relatively low levels prevailing in
May, 1898, than of significant cur
rent changes in the level of con-
sumner purchasing. Wholesale trade
reacted favorably to improve retail
business, though conservative buy
ing was still the general rule"
Industrial Statistics.
Industrial statistics issued during
the week follow:
The American Iron and Steel In
stitute estimated steel production
at 48.5 per cent of capacity. This
compared with 454 the previous
week, 486 a month ago and 20 per
cent in the like week year ago.
The Association of American
Railroads reported that in the week
ended May 20 carloadings totaled
6l5,966, a gain of 10.9 per cent over
the preceding week and 1873 per cent
ahead Of the like week last year.
Output of electric power dipped to
Alto, ,496 900 kilowatt hours in the
week ended May 20, according to
the Edison Electric Institute. AL
though this was slightly under the
week before, it was 1913 per cent
ahead of the corresponding period
Of 1898.
The Associated Press index Of in
dustrial activity advanced to 1913
from 82.9 in the previous week and
compared with 668 in the like 1898
week.
100000 Suit
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