THE ECONOMY: 1

As steel goes, so goes the U.S. economy. Last week, as U.S. steelmen turned out more steel in one week (an estimated 1,912,000 tons) than ever before, new orders for steel piled up almost as fast.

"There is no indication now of a decline from the present high operating rate," said Ben Moreell, president of Jones & Laughlin, the fourth biggest U.S. steel company. "I think production will stabilize at around 100% . . . for the rest of the year," National Steel's Chairman Ernest T. Weir cheerfully predicted: "All steel production records will be broken this year."

Despite the...

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