STATE OF BUSINESS: Cash v. the Cushion

Statistically, last week was another week of superlatives: practically every business index went up except consumer-goods stocks, which hit a new low for the year.

Production. The Federal Reserve Board released its preliminary estimate of April production, which had inched up one point, to 203% of the 1939 average. This confirmed the belief that production has practically reached its overall ceiling. Most noteworthy increase for the week: railroad carloadings, which bettered the same week in 1942 for the second time this year, thanks to larger coal, coke and iron ore shipments. Last week the Association of American Railroads announced that...

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