Evening star., 1935-03-17
Steel Rate and Loadings
DoWn-Break in Cotton
Is Blow to Textiles.
AUTO OUTPUT EXTENDS
RISE TO $1,000 UNITS
Pickup in Retail Activity Pushes
General Business Ahead as
Easter Approaches.
BY RAIDER WINGET,
Associated Press Financial Writer.


Although many major barometers
of the Nations business fell last
week, signs appeared that the ex-
pected Spring upturn was spreading
its broad blanket of revived activity.
About half of the reports from II
Federal Reserve districts indicated q
steady rise in general retail buying
and other consumer demand outlets.
and some reports on anticipated sales
of Spring merchandise were decidedly
enthusiastic.
Among the basic indicators of the
trend of business, automobile produc-
ton was stepped up last week to
$1,000 units from 86.973 the previous
week, as estimated by Grams.
Motors have led the recovery van
since December with production the
first II weeks of this year reported
by Grams at As per cent over the
same 1884 period.
Steel production fell from 482 to
All per cent of capacity, as estimated
by the American Iron & Steel In
stitute. and a decline Of 29 per cent
from the previous week was registered
by carloadings for the week ended
March 9. A decline was in order, but
not so large.
Most Changes Slight.
On broad scale, however. the
changes over the country we're slight,
with retail trade picking up in antici-
patton of Easter in numerous centers
to push general business ahead.
AS an example Of the slight change,
the weekly business activity index
for the Pittsburgh district compiled
by the Bureau of Business Research
of the University of Pittsburgh fell
from 718 to TIA in preliminary esti-
mates.
Most serious upset was the sudden
break in cotton prices which carried
quotations well under the 12-cent
mark. point which hitherto had been
considered a peg point because Of
the Government loans of that amount
to producers.
A blow was dealt to the cotton
textile market which already was
decline. In New York, textile trade
stood still for a time while buyers
vainly argued for lower cloth prices.
The plan by Donald r. Richberg.
executive director of the National
Emergency Council. to cut codes from
731 to 181 was received favorably by
most analysts, but proposed elimina-
ton of price fixing was viewed with
concern in some business circles.
Those who held imitation fears we're
reaSsured by the Treasury announce
ment of retirement of national bank
notes from the general gold profit"
fund. and by the call for redemption
of ST, 900,000,000 of first Liberty Loan
bonds.
Reports by Districts Given.
Individual reports from Federal Re-
serve district for last week follow:
BOSTON.-The cotton market
slump frightened most of the few
buyers in the New England finished
products field, but few specialized
lines. including branded bleached
goods. received strong buying support.
Shoe production tapered of and bad
weather caused concern to retailers.
Wool sources reported a fair trade
volume.
NEW YORK.-General retail trade
in the New York metropolitan district
was slowed by weather. but buyers ar
irving in the wholesale market we're
more numerous than the previous week
or the same week year ago. Cotton
textile markets stopped on the fu-
lures market break as buyers pressed
for lower cloth prices.
PHILADELPHIA stores in
the third district reported per cent
increase in business volume over the
previous year. Retailers were reported
preparing for the largest Spring SELL
ing season in three years, particularly.
in clothes.
CLEVELAND.-YoungStown district
steel operations increased, but the
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