Land of Plenty

The tragic irony of the U.S.'s steel shortage was underscored last week by a new report on how much steel the U.S. can now produce. According to the American Iron & Steel Institute, U.S. steel capacity (conservatively rated a good 2 1/2% below all-out capacity) was stepped up 628,350 tons in the first half of 1942 to a colossal 89,198,320-ton total. The increase alone meant enough ingots to build twelve more Victory ships or 1,200 medium tanks every month, and the new total represents 50% of all the world's steel and almost half again as much as the U.S. had at the end of World War I. Moreover, since World War II broke out, the U.S. has added nearly 8,000,000 tons to its steel plant--more than the total capacity now available to Japan. Another 9,000,000 tons is being rushed to completion by the middle of 1943. But so far the U.S. is not using within 5,000,000 tons of its present full capacity.

To boost war bond sales, Chicago's 40-year-old Belden Manufacturing Co. (insulated wire, etc.) offers to pay its dividends in war savings stamps, beginning with a 37 1/2-c- payment voted last week for Sept. 1.

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