Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-01
OUTLOOK HOPEFUL.
IN ST. LOUIS AREA
Reserve Banks Reviews Re-
veal Better Showing in
Some Industries.
Special Dispatch to The Star.

Special OlSpatCn TO Inc Star.
ST. LOUIS, September 1-Business
in the eighth Federal Reserve district
during the past 80 days, while con-
tinuing the occasional trend of the
two preceding MONTH developed GER
tain hopeful features and made a more
favorable showing than some earlier
months this year, as contraSted with
the volume for the corresponding Pc
riod in 1880. Industry as a whole, says
the Federal Reserve Bank Of st. Louis,
exhibited somewhat more than the
usual seasonal decline. but the decrease
did not extend to all branches of man
ufacturing activity. A relatively good
showing was made by boots and shoes,
textiles, food products and some other
lines Tor ordinary consumption The
value of retail distribution in July de-
creased, as compared with a year ago
but considerable part of the decline
was attributable to the lower level of
prices. There was a slight decrease in
July sales Of wholesalers and jobbers
reporting to this bank, as compared
with the same month in 1880, but an
| increase Of larger than the usual size
| over the June total this year.
ShCdp N1OSb fOpulaT.
Inventories of both wholesale and
retail establishments are almost uni
versally of small size, and since the
1st of August there has been more of a
disposition to replenish stocks and fill
out assortments. The number of visit
ing merchants at the chief distributing
centerS has been large and the char
acter of their buying reflects actual
needs for the merchandise Ordering
for late Fall and Winter consumption.
while below the average volume at this
particular time in recent years, has
somewhat exceeded expectations In
the case Of apparel, dry goods, furni-
| ture, boots and shoes and hardware, the
proportion of cheap goods being taken
| Is larger than in past years Produc-
ton and distribution of commodities of
the heavier and more permanent sort
were again on the decline This was
true particularly of iron and STEEL &C
| tivitieS at foundries, mills and machine
shops falling to the lowest point of
the year
Extreme high temperatures and lack
OF rainfall during the last half of July
were detrimental for growing crops but
favorable for harvesting and the move
ment of grain. Little permanent in
jury, relatively. was suffered as result
of the hot spell and prospects through
out the district are for abundant crops
OF all descriptions. The drastic decline
In prices of farm products has been
d1Scouragng to the agricultural COM
munity and will sharply cut purchasing
power in the rural areas The situation
with regard to food and feed. however.
Is markedly better than at this time
last year and will substantially lower
the cost of producing next seasons
crops, albeit small net gains have re-
suited from this years productions.
Retail Sales Compared.
AS reflected in sales of department
stores in the principal cities of the dis
trict, the volume of retail trade in July
was Is per cent smaller than during
the same month in 1880 and for the
first seven months the volume was ap-
proximately II per cent less than for the
corresponding period a year ago. Com
bined sales Of all wholesaling and job
bling firms reporting to this bank were
512 per cent smaller in July than in
the same month in 1880, but 1872 per
cnt greater than the June total this
year. The value of permits let for new
construction in the five largest cities of
the district in July was % per cent
larger than in June. but about one
fourth smaller than in July, 1880.
, Construction contracts let in the
eighth district in July were 46 per cent
smaller than in June and 80 per cent
! less than in July. 1880. Debts to indi-
vidual accounts in July were II and %
per cent smaller, respectively, than a
month and a year earlier, and the total
| for the first seven months this year
was approximately one-third smaller
than for the corresponding period in
1890 The amount of savings deposits
as of August Is showed little variatiorf
as compared with a month and year
| earlier
Ofncials of railroads operating In this
! district report continued falling off in
the volume of freight traffic as con-
trasted with a year and two years
| ago. Decreases have occurred in all
! claSsif1cations. Due partly to a DISPOSE
| ton of farmers to hold their wheat for
| higher prices, the volume of grain trans
| ported has been considerably below what
| had been expected