Cold Fact

Stanchest defender of the faith in contracts, Wall Street last week exhibited a severe case of financial jitters over the possibility that the U. S. Supreme Court might uphold the inviolability of the so-called gold clause (see p. 18). Completely lost on the agitated gentlemen of the nation's downtown districts was the cold fact that 1935 was already setting new recovery records.

Public reception of new models at the New York Automobile Show--a business pointer which important motor executives take so seriously that they seldom fail to attend in person--was unanimously conceded to have been the best in six years. Rising demand from the automobile industry lofted steel operations in less than a month from about 30% of capacity to 47%, a profitable basis for the heaviest of heavy industries.

Holiday momentum in retail trade pushed on through January sales. Store buyers were crowding into the great merchandising centres in larger numbers than last year, with their budgets for spring inventories up from 5% to 15%. But most notable fact of the week was that the New York Times business index shot up past the 1934 high, established in April, into new high ground since the false boom of May-August 1933.

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