Evening star., 1950-05-21
New Steel Record Set;
Recovery in Industry
And Trade Broadens
By 6. A. Phillips
Assoeiotsd Press finoneioI Writer

Dy ~. ~ UuHpo
Asseeioted Press fineneioI Writer
NEW YORK, May 20.-Recorc
high steel production featured q
broad recovery movement ir
business operations this week.
Slowed down only temporarily
by the short-lived railroad strike
the spring boomlet in business and
industry resumed the forward
push well fortified with favorable
developments. Included we're:
A strong stock market firmly
anchored to a new high since July
1916; sudden pickup in business
in primary and second textile
markets; heavy demand for non-
ferrous metals which resulted in a
cent-a- pound hike in copper
prices; overall industrial produc-
ton equaling or closely approach
ing the best figures since the END
of the war.
Retail Trade Improves.
Retail trade also was better this
week and new orders for delivery
all the way into the middle o1
summer indicated merchants ex.
pect volume to hold up over the
nearby term.
Unless there is a new fiareup on
the labor front or developments
not now foreseen, economists ex-
pect the Nations economy to
maintain a swift pace through the
remainder of the second quarter
There still is a large backlog OF
demand for new motor cars and
trucks. new houses and the multi
tude of things that 60 to make
them a home. and an assortment
OF other consumer and durable
goods.
In addition, the current high
rate of national income and high
employment virtually guarantees
large turnout of. vacationists
this summer and all signs point
to record expenditures for travel
entertainment and recreation
These dollars turn over fast wher
they get into the spending stream
While an early sampling Of
opinion in the vacation field indi.
Gates Europe and other foreisr
countries will get a larger share
OF the holiday dollar this yea,
than ever before. the great ma.
jority of the total spent for such
purposes will find its way into
the domestic economy.
More Vacations Planned.
The American Express Co., q
firm that keeps we'll abreast o1
such matters in addition to its
other activities. says $4,000, O,OO(
people in this country have a paic
vacation coming to them thi.
year, either through a labor un.
ion contract or voluntary arrange.
ments with employers. That is 8
new high. exceeding the previou:
top of 3l,700.0OO paid vacation.
last year by substantial margin
American Express also says CO..
100000 Americans took a vaca.
tion of some duration in the
United States last year and spent
an estimated $4,000, ,O00, 900 while
doing. it. There is every hope anc
expectation that both the numbe,
vacationing and the amount the,
spend will be larger this year, the
firm said,
Present indications are thai
some 100000 United States citi.
zens will go abroad this year anc
spend something like $400, 900 ,O0(
to $500,000,000. This Is a new
high both in numbers and dollar
expenditures.
Steel Production Up.
A break-neck pace was main.
tanned on the industrial front thi.
week after railroad firemen re.
turned to their jobs.
Steel mills worked at 1913 pei
cent of capacity and came up with
the highest number of tons ir
history-1,931 900. Last week tn,
operating rate was 1901 and ton.
mage totaled 100000.
Automobile output missed a new
high mark by the proverbial cat!
whisker. There were 174,O20 car.
and trucks assembled in thi
country and Canada, only 46l
under last weeks 174,48O, an all
time high.
The building industry boomet
to still higher marks, with no sigr
from any quarter of q letup
Heavy engineering contract
awarded this week totaled s206,
029, 900, against $183 ,343, 900 las
week and $147,773, 900 a year ago