Downtown

No More Backlog. Only a few U. S. corporations ever achieve the distinction of having their published statistics widely accepted as fundamental business barometers. American Telephone & Telegraph has its figures on installations. General Motors has its sales to consumers. And until last week U. S. Steel had its monthly figures on unfilled orders. Then Steel's Chairman Myron Charles Taylor announced that the NRA had put an end to this historic index. Henceforth Steel will publish figures only on tonnage actually shipped.

Steel's NRA code provides that with certain minor exceptions no orders may be booked for delivery beyond the calendar quarter and that cancellations carry a penalty. Thus users of steel have reduced their ordering to a hand-to-mouth basis. Steel's backlog used to be an index of confidence in the business future. The new figures on shipments will have the weakness of almost all indices--the past tense.

Steel began to issue its backlog figures shortly after it was founded in 1901. On Nov. 1 of that year the backlog was 2,380,000 tons. Just before the 1907 panic the figure was 8,489,000. At the start of the War it was 3,787,000 but by 1917 had climbed to an all-time peak of 11,711,000 tons. On Sept. 30 Steel's backlog hit an alltime low--1,775,000 tons.

Suitable Suitor. For the plump hand of the House of Bacardi there have been many suitors in the past six months. At one time or another nearly every U. S. liquorman has pleaded for the exclusive right to market Cuba's rum after Repeal (TIME, Oct. 9). The better to hear the suits, aging Henri Schueg, son-in-law of the founding Facundo Bacardi and present head of the House, journeyed to Manhattan last month. Last week shrewd old Henri Schueg announced that he had at last found a suitable suitor--the importing subsidiary of Schenley Distillers Corp. Most important foreign liquor agency thus far assigned, the Bacardi franchise covers all the U. S. except the Pacific Coast, where Bacardi sales will be handled by O. J. Rohde of Pacific Liquor Co.

Mellon & Eagles. After Jesse Jones high-pressured a big Chicago and a big Manhattan bank into winning their double blue eagles by selling capital notes and preferred stock to the R. F. C., he hoped he would have plain sailing with the rest of the U. S. banks which had no need for more capital (TIME, Oct. 23 ). But though he has sold his idea to bank officials throughout the land, he has learned that stockholders are not yet enthusiastic. And last week Mr. Jones met the first flat refusal from a clearing house association. The Pittsburgh Clearing House held a secret session. To it--his first meeting in years--went Andrew William Mellon. Just what happened was not revealed, but people said old Mr. Mellon simply stated that his Union Trust and Mellon National "would not need any of the Government's money." The Pittsburgh Clearing House voted down the double blue eagle.

Richer Farmers. Month after month automobile sales have rolled ahead of the comparable periods of 1932. Last week the New York Evening Post compiled automobile sales by regions for the first three quarters to see just who was buying. Average increase for the whole U. S. was 28%. Poorest showing was in the industrialized East--New England up 21% from last year. Middle Atlantic States up 15%. Best showing was in the Cotton belt--East South Central up 54%, West South Central up 63%. The farming South Atlantic was up 30%, the Pacific Coast up 35%. Even the wheat-&-corn area of the West North Central was better than the white-collared East--up23%.

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