Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-25
EXPANSION SEEN
IN RETAIL TRADE
Added Employment and High.
er Dollar Purchasing Power
to Aid Slow Gains.
Special Dispatch to The Star.

Special Dispatch to The Star.
CLEVELAND, March 25.--An expan-
sion In retail trade due to increasing
employment and rising purchasing
power Of the dollar is one Of the proba-
bilities of the present outlook as viewed
by the Union Trust Co.
According to the bank, people whose
regular incomes have not been reduced
during the depression can now pur-
chase approximately 10 per cent more
merchandise in volume than they could
in 1929 as result of the decline in
living costs.
THE business picture as q whole
seems more encouraging, - says the
bank In its business magazine Trade
Winds. Nevertheless such improve
ment as has occurred Is largely attribut-
able to seasonal causes and IN many
lines Is not as large as normally would
be expected ct this time Of the year.
I'm spite Of many instances IN which
activities have proved more satisfactory - S,a
ness has continued well below that OF
one year ago. The drastic extent Of the
depression Is apparent everywhere, and
It is evident that 1t will take q long
time to offset reversals Of the past year
and half.
Employment is>increasing, in a num-
Der of different parts of the country.
Detroit employment index at the end OF
February stood at 81.2, compared with
1855 one month ago. In youngstown
the dollar volume of wages was 81 per
substantial increase in employment IN
Cleveland and other cities.
an the steel industry one OF the most
important recent Developments has been
the evidence Of Q flTIner undertone o.
prices. Producers apparently are de-
termined to make no further important
concessions. In addition, many large
consumers hope that, with the decline
in quotations approximately to pre-war
levels, steel prices are at or near bottom
for the present cycle.
I'm most lines sales margins are ex-
tremely small, with composition very
keen---and even II the volume OF blsi-
ness increases substantially, as Is antict-
pated, profit possibilities are problematt-
cal. on the whole, although the sign
posts Of better business has appeared,
It may be some time before these tndi-
cations materialize into realities.
Durant Motors opened on a block OF
10000 shares at 234, up W, and later
eoualled its previous peak of 3. Several
other large deals appeared at ga
around midday. Cord manufacturing,
which always moves with Auburn Auto,
opened in q lot Of 5000 shares at IAN,
q new top. Sale of Durant Motors OF
Canada TO Dominion Motors, Ltd, for
2S7 900 shares Of the latter Is to be
voted ON by the formers shareholders.
Cord as well IS Auburn reported In
creased orders.
Ford Motor, Ltd, opened up fraction
ally In response to a definite announce
ment of rights offerings. The rights
made their initial bow at the end OF
first hour at q, with the next sale sat
g. The 100000 additional 81 ordi-
nary shares recently approved by share
holders are being offered to owners
of record March Is, who may subscribe
to two of the new shares for each seven
shares held at G3 per new share which,
like the stock outstanding, VIII nave
a par value of 81 per. share.
The Curb Exchange in admitting the
Ford, Ltd, rights to trading announced
that, In addition to the subscription price
OF $14.59 per share for the new stock,
holders would pay q depositary charge
Of al cents Q share. These new shares
70 be issued against rights win be
initially represented by specially desig-
mated new American depositary receipts
and when they have been issued they
viii be dealt in separately from the
present outstanding American deposit
tary receipts.