Facts & Figures

Steel. Although steel production reached 7,564,626 net tons in May, a new peacetime record, cutbacks resulting from the coal strike were still felt by motor-makers. General Motors closed down its Michigan operations and laid off 200,000 men for a week in order to accumulate enough steel for continuous production. The Ford Motor Co. closed down for a day.

Tax Forms. The-Treasury Department ruled out further use of the withholding tax receipt as a "simplified" tax return form for incomes of $5,000 or less. Reason: this "simplified" form (called W2) had proved "too confusing." To replace it, the Treasury is revising the 1040-A "short form."

Imports & Exports. U.S. foreign trade declined in April, the Bureau of the Census reported. From their record high of $666 million in March, imports were down 21% to $527 million. Exports, despite ECA shipments of $9.9 million, were down from $1.14 billion to $1.12 billion.

Management. Without building any new plants, U.S. industry could raise its present productivity by at least 10%, or more than $5 billion a year, Charles Luckman told the American Management Association. He offered to pay the first year's cost of a labor-management "productivity clinic," and open his own Lever Bros, cost records to union participants.

Moths. Manhattan's Witty Bros., manufacturer and retailer of men's suits and coats, will mothproof its fall line with the "Boconize" process developed by Manhattan's Bocon Chemical Corp. Bocon says that its mothproofing will last through as many as 25 dry cleanings and five washings.

Scrap. Japan, a big prewar buyer of U.S. steel scrap, offered to sell some postwar scrap. Through the New York trade office of SCAP (Supreme Commander for Allied Powers), the Japanese Board of Trade offered 137,000 metric tons of steel and scrap to the highest U.S. bidders.

Atomic Power. General Electric Co. announced that it will build an experimental atomic power plant to be completed in two to five years. In the plant G.E. hopes to use heat from atomic fission to run electric generating equipment. The builder: the Knolls Atomic Power Laboratory, which G.E. operates for the Atomic Energy Commission. The place: a secret.

Jackpots. Macy's department store chain hit a record jackpot. It announced sales of $309,213,000 for the year ending May 1, up 9.7% over the previous year. The net was $7,981,000 v. $6,770,000 the year before. May Department Stores Co. reported an even bigger take: $358,013,576 for the year ending January 31 (v. $330,331,868 the year before). But the net of $17,231,481 was down around 8%.

Gas. Despite talk of shortages, U.S. gasoline supplies for this summer "look pretty good," the Interior Department reported. Unless the public drives "recklessly far and recklessly fast," there will be only brief spot shortages due to inadequate transportation and distribution.

This file is automatically generated by a robot program, so reader's discretion is required.