Evening star., 1935-12-29
BUSINESS PLANS
|. CLEARANCE SALES
AFTER YULE RUSH
Takes Rest With Industry
After Establishing Peak
Levels of Year.
MOST DOLLAR TOTALS
BEST SINCE 1929 80
Wholesalers Prepared for Expect
ed Extension of Trade During
January Offerings.
BY RAIDER WINGET,
Associated Press Financial Writer.

1NFNOLH
Associated Press Financial Writer.
Business and industry Of the Nation
rested last week after establishing the
finest record of the year, which in
many sections of the country surpassed
previous peaks back to 1880 and be-
yond.
Retailers recapitulated the final
Christmas buying rush and found the
sales volume from per cent to as
much as 80 per cent greater than for
the corresponding week of 1884.
A majority of cities estimated dollar
totals were the highest since the 1922
80 levels.
A broad view Of the situation BY
observers showed that buying pro-
gressed in a steadily widening manner
for several weeks before the holiday
and In only exceptional cases did the
last rush of customers fail to come up
to or exceed previous estimates.
The later part of the week was
given to clearance sales and prepara-
tions for January offerings with
wholesalers ready for an expected ex-
tension Of trade.
Cites Wave Of Buying.
The Department of Commerce in a
survey of 80 cities for the week ended
Wednesday stated: "A sweep of holi-
day buying during the week imme-
diately preceding Christmas brought
the seasons volume to the highest
level in recent years in some of the
principle trade areas of the country"
The report also commented upon the
near capacity travel movement and the
resumption of the custom Of giving
Christmas bonuses to employees.
In the industrial sector, the Asso-
ciated Press index Of activity, adjusted
for seasonal variation, eased slightly
to s6.2 per cent of the 1e29-30 aver
age from 81 per cent the previous week
which had established record going
back to mid-1930.
Automobile production. which was
cut into heavily by the Christmas
shutdown from the previous weeks
1885 high, dragged the composite
average down.
Steel mill activity likewise was re.
duced to 49.5 per cent of capacity, as
! estimated by the American Iron &
Steel Institute, from 54.6 per cent the
previous week. Steel experts predicted
the output also would be low this
week before rebounding when full
/ schedules are resumed.
Cotton Activity Mounts.
Cotton manufacturing expanded to
the best point in the index since Sep
tember of 1888. principally because
of the demand from wholesalers and
retailers for white goods to go on sale
during January. Other lines, however.
contributed to the total, it was de-
clared in trade circles.
Electric power output crossed the
| two billion kilowatt hour mark for the
first time in the history of the indus
| try for the week ended December 81
The gain, however. was in line with
the move expected for this time Of
year. which usually is the peak #
| production.
Residential building advanced
slightly and carloadings for the week
ended December 81 receded 2.6 per
cent from the preceding week. but
kept 9.3 per cent above the same week
of the previous year The recession
was slightly more than anticipated.
Engineering construction awards. as
reported by the Engineering News
Record. totaled S64, ,307 900 for the
week, and the December weekly aver
age was the best since April Of 1881
A great portion Of the aggregate was
public spending.
Silver prices remained unchanged
following Christmas, halting nearly
three-week steady decline in London
and New York, which had resulted
from an alteration of the United
States Treasury buying policy.
Detailed Reports Given.
Detailed reports by Federal Reserve
districts for last week follow:
BOSTON.-Cotton mills contracted
| CdDdC1ly Vi W1AGC EOO0ol
and wool, while only moderately ac-
tive, was firmly priced. The packer
hidemarket also was in good condition.
The final retail rush pushed sales 2
to IL per cent over the 1884 week.
NEW YORK.-Post holiday clear
ance sales, coupled with a brisk Christ
mas demand, increased total Decem-
Der retail sales estimates to or
per cent over last year. Wholesale
prices on apparel and other lines
were firm, and mail orders were heavy,
PHILADELPHIA-R trade gen.
orally passed all levels back to 1891,
and department stores were 10 to IL
per cent over the 1884 week. Credit
buying advanced over last year. Store
pay rolls were higher. Some textile
divisions maintained full schedules.
CLEVELAND D.-Although retail
trade was reported mot up to ex-
pectations" of merchants. Decem-
Der was estimated at 20 to IS per cent
ahead of last year. Cleveland-L -Lorain
steel operations fell, but youngstown
gained sharply because of heavy motor
orders. Auto parts and accessories
were at capacity.
Richmond Gains Shown.
RICHMOND.-R etail merchants
termed their holiday business the best
since 1929 and some to 10 per cent
higher than the same period Of 1894
A notable increase in individual trans
actions was recorded, and profit:
gained.
ATLANTA.-The volume Of retail
trade, it was agreed by analysts. wa:
the finest in eight years. Bank clear.
ings slumped, Birmingham steel pro-
duction remained unchanged for thu
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