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:
¶ Steel production, surest measure of basic recovery, touched a six-year high at 72½% of rated capacity, although steel's best customer, automobile production, declined sharply while Ford plants temporarily ceased assembly operations.
¶ Cement shipments reached a five-year peak. Manufacturers predicted total shipments of 100,000,000 bbl. for the year, 33% above last...