Business: Booming Tools

Unique in industrial life are machine tools. They not only make all other machines but can also reproduce themselves. Composed of scores of small companies, many family-owned, the machine-tool industry is really more basic than steel, for it takes machine tools to make the machines which make steel. Machine-tool orders are a prime index of the business outlook, reflecting as they do businessmen's confidence in adding new equipment or in replacing the old or obsolete.

Last week the Association of Machine Tool Manufacturers reported that orders booked in June were at a new high...

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