Evening star., 1933-02-19
Business Shows Further
Signs of Recovery During
the Past Week.
RETAIL SALES INCREASE
SHARPLY IN SOME LINES
Wholesale Recorders for Winter
Merchandise Are Good-General
Industrial Activity Steady.
Special Dispatch to The Star.

NEW YORK, February 18.-There
was more in the reports on trade con-
ditions this week to generate encour-
agement, and more developments cal
culated to indicate that progress has
not ceased, even though its pace may
have slackened somewhat In certain
branches of activity, says Dun's Weekly
Review of business. The period of re-
adjustment now under way gives in
creasing evidence that business gradu-
| ally is recovering from the most un-
favorable phases which have hampered
its forward movement, and that for all
the lack of outstanding gains in many
important divisions bearish influences
to effect recession are being resisted
vigorously. Too much attention ap-
parently is being focused on catastro-
phies and too little interest being
taken in the expanding foundation that
Is being built quietly but steadily by
those possessing patience, fortitude,
and faith in the future.
For, manufacturers, wholesalers, and
retailers have cleaned out most of their
old stocks, made heavy cuts in inven-
tories, instituted substantial operating
economies, and in many instances,
have built up good cash reserves after
curtailing liabilities substantially.
Where operating profits are not being
realized, losses virtually are being elm
mated by increased efficiency in man.
agement. The action of commodity
markets this week was in the right di-
rection, particularly as it has carried
with it an advance in the major agri-
cultural offerings. Fortunately, most OF
the plans for imitation measures and
the outlines proposed to speed recovery
are being discounted frankly, as the
Squarely, no matter how uninspiring
their stark aspect may be.
Retail Distribution.
Retail distribution, which is perhaps
one of the best indicators of the trend
of current business, Is showing pro-
nounced resistance to further curtail-
ment. Buying of Winter merchandise
was even larger than it was a week ago,
with sales of furS. heavy and inter-
mediate coats, sweaters and scarfs max
ing a better showing than at any time
since the first of the year. Unit sales
of many lines Of fabrics in dry goods
channels have been substantial, and
only limited percentage below the av-
erage of year ago. Values, naturally
are lower, and published reports Of sales
based on these indicate falling OF IN
the current of business, compared with
that of last year.
The lifting of the subzero ternpera-
lures, followed by the Lncoln's birthday
school holiday, released a sharply I'M
proved buying volume to the larger de-
partment stores. Purchases were well
distributed among juvenile and adult
apparel, groceries, house wares, drap-
cries, valentine novelties and. to les
ser degree, furniture. While the
weather has aioed the movement OF
mems overcoats, sales OF suits have
been unsatisfactory. and offerings OF
mems furnishings even at low prices
have failed to attract much interest,
The demand for women's shoes and
leather goods appears to be fairly well
sustained. Grocery sales have been
holding up well, but prices of most
staple items still are weak. Although
helping to clear the remaining stocks
of Winter merchandise, the colder
weather has retarded Spring promo
tional activities. -.
Wholesalers apparently were well salts
fled with the results of the weeks ac-
tivity. as sales in most instances went
ahead of the record for the one preced-
ing. despite the shorter buying period
because of the holiday on Monday.
Many ready-to-wear houses now are
booked three to five weeks ahead on
deliveries Sales of gift stores and nov
city items were ahead of the 1882 total.
excellent in draperies, and fair in mil
linery lines The bulk of the orders
placed were for wash goods, women's
apparel lines. dry goods, and knitted
outerwear. Rural retailers, as rule,
are operating cautiously, and are or
dering only in small lots. Recorders for
Winter merchandise could not be filled
in many cases, as wholesalers stocks OF
heavier apparel were low, and manu-
facturers engaged on Spring lines were
unwilling to take the risk Of production
for such spasmodic demand at this
late date. More and more retailers are
being convinced that there is no profit
in so-called volume e-selling," and that
the only way they can make money is
to feature quality merchandise, and
early Spring orders indicate that re-
placements are being made with such
goods.
Industrial Activity.
General industrial activity continues
to hold steady. but gains are less nu-
merous than they were a few weeks
waiting attitude, as buyers are deferring
commitments until after the inaugura-
ton Production at most woolen and
worsted and cotton plants is slightly
less than at the beginning Of the year,
and there has been no improvement in
the paper or metal trades, although
steel output continues approximately at
the former rate. The automobile in
dustry had been progressing before en-
countering labor difficulties, as every
week in January showed an increase
over the output of the week preceding,
and for the first time since August,
1881. the monthly production in Janu-
ary exceeded that of the comparative
month of the previous year. Many
shoe manufacturers are well occupied
on their Spring runs, with orders for
the medium and higher grades bulking
larger. Easter novelties are in better
demand, but the volume orders have
not been placed, as yet. Exceedingly
good business has been booked for
sports footwear, with orders for deliv-
cry earlier than in the last few years.
The clothing manufacturing industry
Is marking time. awaiting the receipt
of orders from retailers. Some manu-
| facturers producing advertising novel;
| ties and Specialties are busy with good
sized orders but in most cases these are
| for quick delivery.