Evening star., 1935-07-14
Broad Gain Supports Views
That Seasonal Decline
Will Be Moderate.
TOURIST TRADE NEAR
1929-3O IN SOME AREAS
Retail Volumes Slacken, but Fall
Orders Spur Activities in
Wholesale Markets.
BY RAIDER WINGET.
Associated Press Financial Writer.

Industry again beStirred itself the
last week after many. factories had
closed for the independence day
week end.
Automobile production for the week
ended yesterday was stepped to close
to the levels of late June and to the
highest level for this season in some
time. Grams estimate of 83,45O cars
and trucks was the largest for the
week since 1880 and 1888 over the
like week of last year.
The post holiday recovery in steel
production provided the first week
to-week gain in that industry since
the second week of May. The Steel
Institute estimated production at 352
per cent Of capacity, up 25 per-
centage points from the previous
week
Cotton mills, machinery makers
and many other miscellaneous manu-
featuring lines resumed operations.
Although many did not step up pro-
duction to the volume prevailing be-
1OIC IAlC buo4I4Coo ON-
servers thought the record bore out
earlier predictions that nothing dras-
tic in the way of a midyear slump
was in store for this Summer.
Retail Trade SlackenS
Retail trade naturally slackened
somewhat after the surprising squirt
in the fortnight preceding the holi
day. Volumes equal to or exceeding
last year were widely reported, how
ever. Torrid weather was a draw
back in some areas, and floods die
considerable damage in Western New
York and Eastern Pennsylvania.
Wholesale markets experienced
fresh inquiry for Autumn merchan-
disc, and some reported a substantial
volume OF orders, notably Chicago,
where manufacturers reported furni-
ture sales 10 to so per cent ahead OF
recent years at two big home fur
nishing shows.
The Department Of Commerce
weekly survey from 80 cities for the
week ending last wednesday reported
unusual activity in vacation and
travel activities, saying in some
places reports were to the effect that
the tourist business had reached pro-
portions comparable to those of
1929-30."
Freight Loadings Down.
The movement OF freight reported
for the week ending July was lit
tie disappointing. but it reflected
chiefly sharp drop in shipments of
coal Some analysts also pointed out
that the holiday, falling nearer the
end of the week, resulted in more
curtailment in some lines than last
year, when it fell on Wednesday. The
total of 472, ,421 cars was 48,320 under
the same week of last year.
Electric power output for the same
week was reported at ga per cent
over 1894. but its drop from the pre-
vious week was a little more than
seasonal. The Associated Press ad-
justed index declined to 99.l from
9s.3 the previous week.
The Department of Agriculture's
crop estimate brought a further slump
in the wheat market. but estimates
of this years farm income remained
substantially ahead of last years
and the demand for farm implements
remained urgent, with Minneapolis
! reporting something of a boom in
that business.
Residential building continued the
market uptrend which started in May,
and lumber demand was active. Pro-
6uction was stepped up on the West
| Coast
F. w. Dodge Corps report of resi-
Dental building contracts in 81
States for June showed the highest
total since October, 1881, and a gain
| of 10 per cent over May. 1t was al
most double June of last year, al
though still far from the levels re-
garded as normal few years ago.
Detailed Reports Given.
Reports of the last week from the
II Federal Reserve districts follow:
BOSTON.-Cotton mills, despite
some narrowing of demand as the
week wore on, were cheered by firm
ness of prices, and large orders OF
sheets and pillowcaSes for the c. c. G.
The sixteenth annual shoe fair
brought a large volume of business
The wool market was quieter.
NEW YORK.-Retail trade was
ouieter after the pre-holiday furry,
end extreme heat tended to discour-
age shoppers. Part of Western New
York State was severely damaged by
floods. Steel works operations quick
ened moderately in the Buffalo area.
The Department Of Commerce re-
ported business was mixed in New
York wholesale markets, "but the
feeling in many quarters was that
real buying would start soon"
PHILADELPHIA. The improved
trend in retail trade in the third Re-
serve district which became apparent
in June was reported continuing into
July. The Commerce Department re-
ported Philadelphia wholesaling ac-
tive in lumber but quiet in silk fab
RIGS and yarn.
CLEVELAND.-Steel production re-
bounded to A per cent. of capacity in
the Cleveland area and 43 per cent
in the youngstown area, returning to
approximately pre-holiday rates. The
tool industry remained active.
Baltimore Plants Active.
RICHMOND.-BusineSs responded
to Summer enervation in the fifth
area this week, but fundamental con-
ditions were reported unaffected. Bal
timore reported heavy industry more
active, and Charlotte found silk hos
iery mills running full time, while
cotton mills did not fully recover to
the rates Of activity before the shut