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NEW YORK TIMES 
June 24, 1938

nation so strong that Hitler must either come in or be overpowered, is the real issue behind the most promising attempt so far to start the interventionists moving out before the Spanish war is over. If these international manoeuvres have little to do with the issues dividing the Spaniards, this war-sick and tortured people, pawn of foreign ambitions, decimated by foreign bombs, must see at least a gleam of hope in the evidence that others besides themselves are impatient for peace in Spain.

BUSINESS INDICES

Signs of slow or sudden upturn in general business and industrial production usually come when the business community had nearly given up hope of industrial recovery. Probably that is why last week's signs of betterment in the industrial indices made the impression which they did. In the steel trade The Iron Age, which for weeks had been extremely discouraged over the immediate future, has so far modified its position that this week it describes "a growing feeling that business generally this Summer will not be so slack as was expected, and that foundation for a fair measure of recovery in the Fall is slowly being laid."

From most producing centers, it now reports, "come reports of small rush orders, reflecting scanty inventories, growing diversification of outlet for the mills, and scattered gains in production." This diagnosis is interesting in that it does not assign as cause for the gradual recovery a change in the general situation, but ascribes the upturn to the influence which had been predicted by many experienced observers -that inventories of consumers had fallen to small proportions and that, with production admittedly lagging behind even the reduced consumption of the day, a speeding-up of orders was inevitable. Steel production was not alone in the moderate improvement. The adjusted index of electrical power output rose from 89.4 to 90.8, of motorcar production from 33 three weeks ago to 43 last week. The showing was similar in most other lines of industry.

It was not unnatural that 

Transcription Notes:
---------- Reopened for Editing 2024-02-11 15:58: MS -per instructions, do not use a line break on every line. use a line break +1 to separate paragraphs and do not use indents. -I located the original article here https://timesmachine.nytimes.com/timesmachine/1938/06/24/98155812.html?pageNumber=18 -you can double check against this link. -as with other pages that I have located, I have transcribed the full text here as in the article. -of course, I did not type all of the text (Google Image text), but I did double check it and take out the dashes! ---------- Reopened for Editing 2024-02-14 15:34:06