Evening star., 1935-09-01
Retail and Wholesale Gains
Offset Slight Indus.
trial LuII.
POWER OUTPUT GROWS;
BUILDING AT 1895 TOP
Sales in Washington Ahead OF
Previous Week, but Lower
in Baltimore.
BY RAIDER wINGEr,
Associated Press Financial Writer.

hoSOCldLco EIcSS nCldl HIlLeT.
A slight leveling of in the recent
rise of industrial activity last week
was counteracted by reports Of sus-
tanned retail trade and continued
strength in wholesale markets.
All but two of the major indices Of
industrial pace were slightly lower,
pulling the Associated Press index
down OIL of percentage point to 1876.
The Department Of Commerce in its
report from 80 cities for the week
ended Wednesday declared, Retail
trade in most parts of the country
continued to run well ahead of the
corresponding period Of last year.
The wholesale trade continued to
gain momentum as the Fall buying
season advanced, and there we're in
dications OF further acceleration fol-
lowing the Labor day period"
Auto Output Lower.
Automobile production was of bit
with eight plants closed. Production
during the week in the United States
and Canada as estimated by Grams
was 49.ll5 units, compared with 50,585
for the previous week. This time last
year, however, production was 32586
units. Retail sales slackened as major
producers prepared for new-model
output.
Steel mill activity turned lower for
the first time in eight weeks. with pro-
duction estimated at 479 per cent Of
capacity. against 4S8 for the previous
week. A factor in the drop was the
delay in automobile material demand,
but authorities asserted the industry
was bolstered by comfortable back
log of orders.
Labor day is considered a dividing
line in the industry, and the backlog
of orders plus a buoyant scrap steel
price were looked upon as favorable
factors.
Cotton manufacturing activity was
of last week. and railroad carloadings
for the week ended August "a were
down slightly. Electric power produc-
ton and residential building, however,
were at new high points for the year.
Cotton Prices Stronger.
Adjournment of the Seventy-fourth
Congress resulted in an adjustment in
financial and marketing centers, but
activity and interest dwindled with
the approach Of the week end holidays.
QuietneSs in cotton mill centers was
attributed by some authorities to con-
gressional activity on loans on cotton
and benefits to producers.
A sharp downward reaction followed
the announcement Of plans for
9-cent loan and a 12-cent benefit,
but there was a corresponding adjust
ment on the final decision for a To-
cent loan and l2-cent top on bene-
fits to cotton farmers.
With the exception Of Southern
Senators, most major interests were
satisfied with the arrangement In
the New York futures market there
was a net change Of go cents lower
| to 20 cents higher bale for the week.
The presidential signature on the
Guffey coal bill resulted in a call for a
parley September S between workers
and operators. and soft coal interests
believed the threat of a strike Sep
| tember "a would be minimized.
Calls for strikes and later abandon
ment of plans has caused sharp swings
in carloadings figures for several
months. and analysts believed that
stabilization of coal mining would
tend to return loading figures to a
normal trend.
Oil War Breaks Prices.
The West Coast was upset by an oil
price war, which was started with a
slash in the price to as low as so
cents from 81 a barrel. Producers
estimated their losses would be high.
OF major interest to the steel trade
was the announcement of the United
States Steel Corp. of unification plans
which will consolidate production and
sales systems of its two leading sub
sidiaries.
Individual reports from Federal Re-
serve districts follow:
BOSTON.-Advances along several
business fronts were recorded in New
England. Hides have advanced stead
lily, and sentiment for higher shoe
prices was supported The demand
for wool was reported above a normal
average. Boston department stores
We're ahead of 1894.
NEW YORK.-Retail trade IN the
metropolitan district was Spotty with
the aggregate volume from l per cent
below to per cent above last year.
The Fall season was considered under
way, but while demand was slow it
was ahead of 1884. A price boost
by one cotton mill brought rally in
the wholesale goods market.
Washington Trade Rises.
PHILADELPHIA Department
of Commerce found Philadelphia busi-
| ness slack after the vacation peak.
Retail sales were under the previous
week and 1894, but wholesale markets
were improved over August, 1884, in
most lines.
RICHMOND. - Bank debts and
power production in the district were
higher than the 1884 period. Balti-
more retail trade was reported by
the Department of Commerce in the
usual seasonal lull, but Washington
trade was better than the previous
week or 1884.
ATLANTA.-The Department Of
Commerce declared Atlanta ready-to-
wear and department stores reported
an increase OF about 9 per cent over
the previous week and 18 per cent over
IL HH,ry .ff ,IoK1 =