Evening star., 1935-09-08
UNEVEN INDUSTRY
AND TRADE TREND
SEEKS BRIGHT SIDE
Sentiment Is Optimistic De.
spite Weather and Labor
Day Drawback. {
FALL SEASON OPENING
WELL ABOVE LAST YEAR
Business Leaders See Favorable
Reaction to Roosevelt Breath.
ing Spell' Statement.
BY RAIDER WINGET,
Associated Press Financial Writer.

Associated Press Financial Writer.
Unfavorable weather, coupled with
the Labor day vacation, caused an
uneven trend in trade and industry
last week, but the total for the OPEN
ing Of the Fall season remained wen
above the same period of year ago.
Sentiment was highly optimistic in
most of the reports on the economic
status Of the country, AMI the inn
mediate view definitely was on the
brighter side.
Business received a substantial
boost firm the statement Of President
Roosevelt that a breathing spell"
had arrived. and the reaction Of busi-
ness leaders was regarded Gs favor
able.
Reports on retail trade showed some
sections advancing strongly, but others
were hampered by cold or wet
weather.
Increases Looked For.
In most Of the larger communities
it was believed a final check on the
entire week would show aggregate in
creaSes because Of the resumption of
Saturday sales by some stores and
the definite opening of the Fall sea-
son with new merchandise on the
shelves.
Wholesale markets generally were
quiet, with buyers absent for the holi-
day, but the belief persisted that ac-
tivity would swell to much larger
volume when the reaction of the Gus
toner to new Fall lines is determined.
The industrial side Of the economic
picture was not so good for the mo-
ment in the aggregate. The Associated
Press weekly index of industrial ac-
tivity declined to 1877 per cent of the
1890 average, compared with 1876
per cent the previous week.
Holiday Is Setback.
| 1t was pointed out, however, that
| the recession in most component
/ parts Of the index could be traced
to the holiday influence.
The only increase for last week was
in cotton manufacturing, where o
slight rise in activity was shown. Some
attributed this change to seasonal fac
tors and 70 a more settled tone in
| Tie raw COlLOn market.
Business analysts were cheered.
however, by the report on car loadings
for the week ended August 81, which
showed total of 679,86l cars, up
53,488 units from the previous week.
Largest gains were shown in ship
ments of coal and miscellaneous
freight
The total for the period was the
largest since November Of 1881.
Preliminary estimates on automo-
bile output for last week indicated
the adjustment in preparation for new
models was continuing Total produc-
ton was expected to be we'll under the
| previous week and the same period Of
1884.
Steel Production Falls.
Steel production fell, of course, for
the week because Of the holiday. Out
put was estimated at 45.8 per cent
of capacity by the American Iron &
Steel Institute. compared with &7.9
per cent for the previous week. At
this time last year steel activity was
1874 per cent Of capacity.
Electric power production for the
week ended August 81. was reduced
is points. as measured by the AS
sociated Press index. from the previous
week, which registered a new 1885
high. Residential building, at a high
for this year. remained unchanged
during that same period.
In the securities market. greatest
interest was in the conversion of the
Fourth Liberty loan by the Treasury
coupled with successful borrowing
Of $500000,000, and the announce
mnt by j. p Morgan & Co., that a
new underwriting house, Morgan
Stanley & Co., Inc. would be launched
by Morgan and DreXel partners of
New York and Philadelphia.
Detailed Reports.
Detailed reports on business con-
ditions in Federal Reserve sections
follow:
Boston-Cotton textile operators
in New England stepped up produc-
ton in anticipation of heavy sales.
A strong and generally upward move
ment in hides, sk:us and leather was
noted as favorable to the shoe mar
ket. A brisk demand continued for
wool.
New York-Unfavorable weather
curtailed retail trade during most of
the week in the metropolitan area
with the level as much as per cent
under the 1884 week. Wholesalers
reported slowness with out-of-town
buyers absent during the holiday
period
Philadelphia-Fa1 business In
Philadelphia continued to improve
over last year, although rain inter-
fered. A mild increase In manu-
featuring activity was reported by
important lines. Prices Of commodi-
ties continued generally strong.
Richmond-Stormy weather put .
damper on business In the fifth Fed,
eral Reserve district Retail trade
slumped, and little activity was re-
ported in the wholesale market. Bank
debts we're lower.
Atlanta-Retail trade maintained
heavy sales volume in the sixth
district. Birmingham steel operations
rose S points to ASS per cent Of ca
pacity. A two-year high was set by
construction awards during August,
the Manufacturers Record reported.