Evening star., 1935-11-10

a
highest point since late in June. and
estimates of last weeks production
place the tot; at the highest level on
record for that precise period.
The Associated Press index of in
dustrial activity rose to 81.4 per cent
of the l929-30 average for a new
high this year, the fifth consecutive
advance. At that point the index is
second to July, 1888.
Weather Conditions Vary.
Retail trade presented mixed front
because of varied weather conditions
in different parts of the country. but
the aggregate volume is believed by
observers to be some to 10 per cent
ahead of this time last year. the same
gain maintained during October.
The Department of Commerce. in
its report for the week ended Wednes-
day for 33 key cities, stated: I'm.
seasonable weather conditions con-
tinued to slow down retail trade in a
number of important cities.
Included in this list were New
York. Philadelphia. Boston, Norfolk,
Birmingham. Cincinnati and Indian
apolis. In all of these cities the flow
of trade through retail channels fell
below the comparable period OF last
year.
Elsewhere throughout the country
consumer buying showed moderate
margins of gain over the 1884 week"
Weather, which was detrimental
/ to retail buying, however. was credited
4 by analysts with pushing forward
outdoor construction, and it was de-
duced by observers that the proven
margin of improvement for the final
week in October is being held cur
rently.
Cotton Estimates Reduced.
The cotton crop estimate by the
Department of Agriculture-ll,lH,0o 600
bales, of $4,000 from the previous
report-resulted in price advances in
the spot and futures markets and
created a substantial movement Of
gray goods in principal sales centers
after a slow start during the early
part of the week.
A decision by a Baltimore Federal
judge holding the public utility act
of 1885 unconstitutional resulted in
renewed hopes in the power group, and
ensuing enthusiasm touched off q
volume of trading on the New York
Stock Exchange which passed the
/ 3,000,0 0,000-share mark on two days.
The San Francisco Exchange, which
was still open, received the first rush
of trading on the day of the decision.
James NJ. Lands. chairman of the
Securities &; Exchange Commission,
warned the power companies they
must register under the act by Deem
ber l regardless of the lower courts
/ action.
Production of steel during the week
/ declined to 500 per cent of capacity
/ from 5l.9 per cent the previous week,
but the action was not regarded as
indicating development of new trend.
Steel Prices Raised.
Several types Of Semi-finished steel
/ products were raised So in price fol-
lowing a 81 boost in pig IRON and
those in the trade anticipated a
sympathetic movement in finished steel.
For the week ended November 2
electric power production was virtu-
ally unchanged from the previous
week, and freight car loadings for the
/ same period declined below the 70O.-
900 mark to 680,662 cars. a drop Of
3.S per cent from the preceding
week.
Authorities pointed out that the
total is II per cent higher than that
| for the 1884 week.
A straw in the wind testing con.
sumner demand was the record of lux
ury items now being imported through
| New York. The total is estimated to
be at the best point in four years.
Other straws
! Eighteen chain stores and mail or
der houses reported October business
IL per cent over October, 1884.
The gain in telephones for the Bell
System for October was the best for
that month since 1929.
october sales of Montgomery Ward
e. Co. were the largest for any month
III Iile HLSCOry OF the company ana
208 per cent over October, 1894.
Total sales by General Motors in the
United States, Canada and overseas
shipments at wholesale were the high
est for any October since 1927 and
were only per cent under that
month.
Detailed Reports Given.
Detailed reports by Federal Reserve
districts follow:
BOSTON.-Demand slackened a bit
in the woolen and cotton markets, but
prices remained firm. Heavy tanner
purchases aided in stabilizing the hide
and leather market Retail trade for
the most part was unchanged from
the preceding week.
NEW YORK.-Spotty retail trade
was caused by changing weather. but
the total for the week was even with
the 1884 period. Wholesale markets
were a little duller, but recorders
picked up late in the week. Buffalo
steel production fell points to 81 per
cent Of capacity.
PHILADELPHIA. Poor weather
held back retail trade. october was
slightly ahead of 1884. Heavy wear
ing apparel sales slumped, but house,
hold necessities and jewelry were In
oood deuand Philadelphia textile