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As a re sult deliveries for defense work are improving, though civilian consumers have not yet received benefit, says Steel. In another month mills will have a more orderly picture of the situation in armament require ments and then can determine how much tonnage can be devoted to nondefense purposes.
At pres ent top ratings are so numerous that lower A preferences suffer considerable delay. October 14 is the deadline for filing form PD, applying to orders placed pre vious to September 1, which will aid mills in fait ting books in order for comprehensive scheduling.
Tonnage on which this form is not filed will he canceled. Orders for civilian use continue to dwindle, the recession being noted over the past fortnight. Con sumers without priority find pros pects for delivery so remote they are discouraged from placing fur-! Meanwhile various efforts to spread subconstracting have been successful in placing a large of smaller con sumers in a position to obtain preference and thus get in line for supply. Curtailment of automobile produc-! With these facts in view it seems likely pres ent steel capacity will reach a point of supplying war needs, with!
Output of pig Iron! Delaware river lends a small in crease of visible supply. Finishing touches are being put on a priority order at Washington, deed to place supplies where they will do most good for defense. Steelmakers in the Pittsburgh district estimate, that present reserves and receipts a? Most disquieting feature is that stocks are being! Production rate remained steady at 90 per cent last week, various changes in operation being well balanced. Cincinnati lost 5 points to 83 per cent. De troit 8 points to 87 per cent, and St. Louis 7 points to Mw 45 iso Detroit mm 45 50 per cent.
Most of these losses will be re rouped this week. The American Paper and Pulp Asso ciation index of paper mill activity was New orders received during the wretc were -about equal to fHvxiue tion rate. In four of last six weeks new orders have been in approximate balance with output.
Paperboard production during the week rose to 99 per cent, the highest point for year and compared with 98 per cent in preceding week. V ynunr »'tn turkeyi. The lobby was thronged with hundreds who came to sec the unique display. Wires from all over the coun try, received by William E. Holler, general sales manager of Chevrolet, indicated the same response from motorists in all sections.
In the GM display, the new cars were presented against a background of patriotic colors. The exhibit will continue throughout the week.
Automotive Industries. This trend will be more marked as the higher prices now going into effect on the models make themselves felt in the coming months. The dollar volume for the first half of is greater than for the entire year Volume for the second half of will drop sharply with the curtail ment in production, hut even then it will exceed that for any vear since Buy Better Cars Increase in unit volume is not so great, showing a rise of 36 per rent, with registration of 2 Griffith and his open house committee.
Endorsement of the plans has been received from most of the manufacturers, both car and truck. Paul T. Graves, managing secretary of the DADA. The achedules follow: Saturday. October 11 —Parade forms at Palmer Park in Wood ward. I nlterslly 1 Last week, the warnings given in this column during the past three weeks proved to have been amply justified hy the reaction in the stock market. This was the most considerable setback since last April, though it was ap proached in somr respects in the early part of August.
It is the writer's opinion that such is not the case. Morgenthau s observations about taxation merely touched off a move that was bound to come, and which would have come sooner or later. Anyhow, his remarks constituted a mere threat. There is no hill to consider yet. Probably it will be a long while before there is one. Thus the episode shows how easy it had become to cause such a re action. The Morgenthau proposal is vague and logically weak so much so that I am inclined to re gard it as impossible. One of the most difficult things in the world is to determine the value of the I investment in a business, and such a basis is most unsatisfactory.
Such a return Is "interest. Does Mr. Morgenthau mean to allow only 6 per rent to 'defense industries ann non-essential civilian industries alike? Does he; mean to figure the 6 per cent be-j fore or after normal taxes?
Would he take as a base, capitalization or a valuation of assets? He doesn't know. The scheme is impractica ble and undesirable. Many con gressmen know these things. But the real trouble in the stock market is the labor situation and the attitude of the administration' thereto. This goes along with a general socialistic tendency which finds expression in discriminatory taxation as well as elsewhere. In addition to these, there Is now developing a recession in.
The volume increased sharply on the decline In prices. A large majority of stocks are down. There have been more "new! Commodity prices are more shaky and less buoyant. Among the sounder railway equipment, meat packing, food and dairy, and some selected cop per and oil stocks, good buys are developing Dividends Southern California Edison Company. Bloomlngdale Bros. A similar amount was paid on July Paid a like amount on July Gorham Manufacturing Company declared a dividend of 50 rents on. Paid ja like amount a year ago. Paid a ilike amount on August 1.
Abraham A Straus, Inr. Paid a like amount July Chilton A Co. Consumers Steel 14 14 II 50fj2: No. J, II 50V bu ; Lima beans. ZS feu r TVs. Allmar, Miquelon, Rai! Fan Call. Sixth Race—Shipmate, Seventh P. Fourth Race—Dark Level. Nell b t:. Swing Queen, Charming Best Quality. Tasseled Girl. Lord Prospect, skipper Jack, Lady in finity. Port watch. Sylvan De. Beef steers, choice. Hush S. John McPherson.
Donald A. Bock, Ruthene L. Holilngcr John A Terry. Ivan Conway. Gordon D Morris. Anna Attamar. Mti'V Tr st P? Robert A. The stock market displayed a firm undertone in early dealing today, although a few scattered issues were behind minus s. Changes were small in most cases and trading was at a slow pace. Among the laggards were Union Carbide. Iceberg I head lettuce wan »tronger on the heat; ijH. No 1, »n min. I bskts Delirious U 8 No. Delicious, U.Mw 45 iso Detroit mm 45 50
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