Indices

While the Drought sent commodity prices up to new highs for the year, last week's gains in industrial production, retail sales, construction, brought U. S. industry abreast of trade conditions in 1930.

Glad were businessmen to observe indices such as these:

P: Steel production, surest measure of basic recovery, touched a six-year high at 72 1/2% of rated capacity, although steel's best customer, automobile production, declined sharply while Ford plants temporarily ceased assembly operations.

P: Cement shipments reached a five-year peak. Manufacturers predicted total shipments of 100,000,000 bbl. for the year, 33% above last year.

P: July construction in 37 States east of the Rocky Mountains topped any month since June 1931, with a total value of $294,000,000. Building employment in New York State was up nearly 6% over the previous month.

P: Up went power revenues to a five-year high of $1,981,000,000 for the twelve-month ending June 30. Production of electricity for the week ending Aug. 15 was the second highest in the history of the industry.

P: Cotton spinners reported a July production of 119.8% of capacity as against 73.5% of a year ago.*

P: The Reconstruction Finance Corporation reported that for the first time since its creation in 1932 borrowers were repaying RFC loans almost three times as rapidly as new commitments were made.

-Theoretical capacity in the cotton-spinning industry is based on an 8-hour day, 5-day week. Addition of an extra shift sends production "above" capacity rating.

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