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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 28, 1938
Page
3
A stock market column notes economists misread last fall and the recent upturn. It cites GM trading above 44, predicts a 10 to 15 percent business rise by year end, and shows a trend toward a firmer economic basis with a contras seasonal July uptick. Official monthly figures are cited, though the current month is privately estimated.
The text notes production gains driven by steel and textiles as commodity prices, especially cotton and iron, firm. Inventories have fallen significantly, with a five billion national bulge in 1936-37 now estimated. Through this year two to three billion has been worked off, with consumption outpacing production. Machine tool orders rose five percent in June, signaling broader activity, with foreign orders easing and domestic buying growing.
The report notes wage increases and employment gains driven by steel and textile improvements with July index declines. Steel expansion is linked to cash buying for immediate delivery, not autos, while heavy grain movements push rail costs. May and June retail gains lag behind last year, and RF Chairman Jesse Jones remains optimistic about the economy.
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