In business indices last week there was evidence of little but stagnation. Steel production rose from 33% to 35% of capacity, highest point since November. Car loadings rose a mite in expectation of the new rates. But lumber output was off 6% for the week, power production 2%, oil production 0.8%, soft coal 8%. Bank clearings were at a new low since 1934 but gold was pouring into the country at a rate which showed that the rest of the world still thinks the U. S. the safest place to cache its valuables. The...
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