Current Situation

Detroit automotive shops, last week, were employing 45,000 fewer men than a year ago. U. S. Steel's unfilled orders, indicator of business conditions, were 3,597,119, the least since last October. Decidedly, industry after prosperous 1926, has not had a prosperous late winter. However, the year's busiest season is immediately ahead. In contrast to this industrial quietude, money is plentiful. Therefore the values of securities have risen, as people have insistently sought outlets for investments. Because such investors are. willing to accept low interest payments, they snatched at U. S. Secretary of the Treasury Mellon's offerings last week of $450,000,000 Treasury certificates paying 3 1/8% and 3 1/4% interest, and at new 3 1/2% five-year treasury notes. Their eagerness will help the Government save $25,000,000 yearly interest payments on Second Liberty Loan Bonds.