Show ST EEL U UT P UT OR DROP Setback Held Indication of ol Exaggerated Caution in All Industry I I NEW YORK April 1 V-A V A slight reduction In steel output during the past week is reported Wednesday by bythe bythe the trade magazines Specifications I from r 0 flu motor car builders have receded and the operations operations opera opera- of mills making rolled flat products have been affected adversely adverse adverse- ly the Iron Age reports This setback setbackS Is S not regarded as signifying anything anything any any- thing more than exaggerated caution as s April output of motor vehicles for this country and Canada promises to total to units as compared com coin pared with an estimated production of to in March Further Fur Fur- ther tiler seasonal gains seem probable in May The keynote of the situation is that automobile makers are taking nothing noth noth- big ing for granted in some cases re readjusting readjusting re- re adjusting factory operations every seven days as reports come in from the retail trade Steel estimates the decline in output out out- put at 1 per cent leaving the industry industry indus indus- try at approximately 55 per cent of capacity Certainly there Is no lack of confidence among promoters of large projects the magazine says in recalling a number of large contracts recently awarded for a variety of con con- Presumably moderate and small small- size consumers would be equally willIng willing will will- ing to cover If they had definite re re- re With purchases of railroad rail road equipment negligible the automobile automobile auto auto- mobile industry is as a whole despite marked activity by Ford and Chevrolet let finding it difficult to attain a faster gain and farm implement productions production's extremely slack There Is no incentive to cover |