Show Steel Building Boom With War Program By Dy FREDERICK FREDERICI G GARDNER t i NEW YORK Aug 10 UP The The The big steel and construction Indus Industries 1 tries tries operating operating at the highest Auk August August Au Au- k gust levels In a decade showed decade showed 1 war boom symptoms Saturday as expansion tendencies continued to rule in th the tM heavy lines of production prof pro pro- f Many steel mills were at or r. r close practical capacity trade reports said although the bulk buik of off f the orders expected to flow from the U. U S S. defense program remained to be placed In Inthe inthe the future A further small gain in st steel el p. p operations this week raising the estimated operating rate to 90 5 per cent of capacity was attributed in trade circles to pressure to get r I existing orders filled before the 1 defense needs take precedence and to increased British war purchases t British steel buying in this country country country coun coun- try the Iron Age reported has reached to tons monthly equivalent to about 10 per cent of the current output Engineers Busy Washington efforts to translate some of the billions congress has been appropriating into scale large-scale J defense projects kept construction engineers busy planning and figuring figuring fig fig- tiring on bids for new aircraft factories airports barracks barracks barracks bar bar- racks and other military works The Engineering Record News-Record I reported July engineering construction construction construction con con- I awards at were the highest monthly total since March 1930 Federal awards for defense projects the trade publication publication pub pub- publication said accounted for about half the July total The publications publication's latest weekly compilation indicated engineering awards for August continued to top comparable figures a year ago with federal work more than twice the amount for the 1939 week In Ill residential building which was in an upswing before the United United United Unit Unit- ed States embarked upon its huge defense plans industrial communities communities ties feeling the upsurge in war production were credited with some of the widest gains gams Housing Gains Selections of mortgages for In Insurance Insurance insurance in- in by the federal housing administration administration administration ad ad- ministration regarded as one of the best indicators of the home homebuIlding homebuilding homebuilding building trend showed such year- year year to-year gains gams as these in July Pittsburgh 81 per cent Chicago 86 per cent Cincinnati per percent percent percent cent Detroit 72 per cent and Baltimore 69 per cent The gain was accepted in business business business busi busi- ness circles as a promise home homebuildIng homebuilding homebuilding building would remain at a high level The Associated Press index of residential building jumped to a anew anew anew new peak for recent years at 1037 7 per cent of the 30 1929 level compared compared com corn pared with 1034 4 the previous week and a year ago Home building and steel again were major props of the main business index offsetting a decline decline de de- de- de cline dine in motor production as car assemblies dropped to 11 rated the 1940 low point preliminary to volume output of 1941 models The previous week units came off the assembly lines Comparative Index The index with component groups based on latest data calculated calculated calculated on 30 1929 levels as compared compared com corn pared as follows Latest Prey Prevo Year week o week o Ago Composite Index 1075 e. e 5 1073 e. e 3 M Motor output 88 0 90 0 80 0 Steel activity 5 1213 3 SO 8 Cotton manufacturing 1235 5 1220 0 1182 2 Electricity us use 5 1315 5 1201 1 Home building 7 1034 Rail Ball loadings s high While heavy industry hogged the business spotlight and federal defense defense defense de de- de- de heads sought to speed output output output out out- put ordering government arsenals to work around the clock factories turning out consumer r goods seemed to slacken the recovery pace somewhat some some- what Weakening of certain key commodity commodity com corn I prices notably farm products products prod prod- and such imported staples as coffee and sugar discouraged further further further fur fur- ther accumulation of inventory analysts explained Coffee sugar and lard were among staples fallIng falling falling fall fall- ing to new lows for the season or longer Commodity men ascribed the price weakness in large part to loss of European markets si since dee nazi military power got control c of most of the European continent In Inal n Wall l Street In Wall Vall street security markets also lacked the drive of war in in- in Most stocks sagged in small dealings while investors studied the excess excess profits tax on its Us appearance appearance appearance appear appear- ance for hearing before a h house use committee ommittee Fierce air figl fighting ing above the English channel moreover moreover moreover more more- over kept financial circles in m suspense suspense suspense sus sus- pense waiting the outcome of the battle of England June figures showed nearly half the United States' States merchandise exports exports exports ex ex- ex- ex ports going to British empire markets markets markets mar mar- as a result of expanded British British Brit Brit- ish sh war purchases and the closing of continental markets to American Ameri Amen can commerce commence |