Index

August's advent revealed no improvement in the general level of U. S. business. Although shoe factories and wool mills were busy, basic industries remained prostrate. Earnings statements continued to make mostly poor reading.

Carloadings for the week ended July 25 should have shown a seasonal gain over the preceding week. Instead the total of 741,000 cars was down 15,000 from the week before, down 177,000 from last year.

Export copper, c.i.f. (cost, insurance, freight) to European base ports, was reduced from 8 1/4 to a new low of 8-c-. Sales were small. Domestic copper was nominally quoted at 8-c-, many sales were arranged at 7 3/4-c-, small lots could be picked up at 7 1/2-c-.

Pig iron production in July was 1,463,220 tons. This not only broke the previous Depression low of 1,665,692 tons in December but was the worst month since November 1921 when production was 1,415,000 tons. Pig iron production for the first seven months was 40% below last year. The end of July found 82 stacks in blast, or 26.1% of the total, against 91 at the end of June, 144 at the end of July 1930.

Steel operations last week were back at 30%, of capacity, nullifying the 1% gain of the previous week. A year ago the rate was 60%,

During July the unfilled orders of United States Steel Corp. showed a decline of 74,507 tons to 3.404,816, lowest since September, 1927. A year ago this important figure stood at 4,022,055 tons.

Although Oklahoma's daily oil production last week dropped 56,900 bbl. (see p. 9), the eastern field of Texas gushed 92,650 bbl. more than the week before and total U. S. production rose 13,700 bbl. per day. While low prices still bewilder the oil industry, stocks of refined gasoline last week continued to drop, stood at 36,742,000 bbl. against 44,100,000 bbl. a year ago. Refinery operations were running at 65.1%, of capacity against 69.6% a year ago.

F. W. Dodge building statistics for the first 22 days of July revealed a 17.7% drop from last year. Residential buildings dropped 25.8%,, nonresidential 30.3%. Public works and utilities showed a little strength, gained 4.5%,

July production of motor cars and trucks came to 221,485 units against 275,721 a year ago, 256,297 in June. Seven months figures were 1,.855,933 against 2,584,986. The year's production is now estimated at about 2,500,000 units against 3,510,000 in 1930.

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