Evening star., 1939-07-16
Huge Copper Orders
For Aiming World
Hold Attention
Summer LuII Affects
Industry as RetoiI
Activity Improves
BY THOMAS E. FLANAGAN,
Associated Press Business Writer.

ny 1hOMAS T.. FLANAGAN,
Associated Press Business Writer.
The scramble of arming foreign
nations for American copper topped
this weeks business news.
In most sectors trade and In
dustry showed signs of summer las
situde. Industry's statistics were
still out of joint as the result Of
the July Fourth holiday Interrupt
ton. Retail trade was better.
In the absence Of clear-cut trends
from these fields analysts turned to
one division where decisive news
left no doubt of its meaning-cop-
per.
From New York came word the
rush OF demand from abroad was
still under way.
The copper trade reported that
French interests alone had placed
with American companies the larg-
est order since the close of the Great
War-29,00 tons.
Production Rebounds.
Steel and motor production re-
bounded from the preceding weeks
holiday drop. Figures on carload
ings and electric power output
which always lag a week-bore wit.
ness to the July Fourth interrupt
tions.
From the motor industry-nor-
mally an important pace-setter for
other business divisions-came fore.
casts OF a drag in production dur.
Ing the next several weeks. AL
ready plants have started to slow
down in preparation for installing
new tools and dies for 1910 models,
Pronounced improvement in crop
prospects captured the attention of
businessmen. Latest reports by the
Department of Agriculture indi-
Gated that June rains had washed
out the threat of drought In some
Substantially in the Great Plains
regions. Experts said the wheat
crop probably would be smaller than
the bumper harvest of 1888. Corn,
now IN good condition, is expected to
turn in slightly larger yield than
last year, and present signs point to
a record tobacco crop.
Trade Sentiment Good.
In three sectors there were indi-
cations that business sentiment was
falrly bright. The Federal Reserve
Board reported that in the week
ended July there was a small in.
crease in bank loans to businessmen.
lndustrialists and farmers. Mean
while the action of both securities
and wholesale markets gave some
hint of confidence.
Puzzling to some analysts has been
the way the stock market has al
lowed business to run way out in
front. Best Wall Street opinion
was that rallies in stocks this week
occasioned by good news were feeble
at best.
Ihese items were closely scruti-
nlzed by those seeking a clue to busi-
ness trends: New securities offerings
jumped to a total almost double the
previous week. Bank clearings held
moderate gain over a wear ago.
Engineering construction awards re-
bounded from the holiday relapse Of
the previous week. The Census
Bureau reported the Nations mills
used less cotton in June. Lumber
| output was running far above the
like week last year Prices of whole
sale commodities rose.
Store Volumes Larger.
The Commerce Department in its
report of business in 81 cities said:
Retail trade reports from almost
all OF the key cities showed larger
turnover than in 1888. Wholesale
trade moved forward with large
numbers of buyers attending vari-
Gus wholesale markets and placing
orders for the fall trade"
Industrial statistics issued during
the week included
The American Iron and Steel In.
stitute reported production up to
497 per cent of capacity. from 38.5
the week before. A month ago it
was 53.1, year ago. 1928.
The Edison Electric Institute re-
ported that in the week ended July
8 power production dropped 81 per
cent to 2,077,956,000 kilowatt hours.
The total was los per cent ahead
OF the like week last year.
In the week ended July 8 carload
ings totaled $50 ,109, according to the
Association of American Railroads.
This was downturn of is per cent
from the preceding week, but 1l.6
per cent over the like 1888 week.
Experts said the drop was less than
usual for the holiday period.
Wards automotive reports said
motor production rose to 61,6lo units
from 42,782 the week before and
compared with 44,51o in the corre-
spending week last year The re-
view said production would show
a substantial decrease from here on
into August as most manufacturers
complete 1889 model runs"
The Associated Press index of in.
dustrial activity declined to SO from.
88.5. In the like week last year it
was 683.