Evening star., 1935-09-29
Most Major Trade Indices
Swept Still Higher in
Last Week.
WARM WEATHER SERVES
AS CHECK IN MIDWEST
Later Change to More Seasonable
Temperatures Turns Many
Losses Into Gains.
BY RAIDER wINGET,
Associated Press Financial Writer.

AosOClhLco FIcSo FluanClaL WHICH,
Business and industry stepped brisk
ly ahead last week in the country as
a whole, with most major indices Of
economic expansion moving into high
er ground.
Warm weather depressed retail trade
in many sections of the Midwest dur
ing the early part of the week, but
a later change to more Seasonable
temperatures turned apparent losses
into gains for the most part.
The Associated Press index Of in
dustrial activity stood at II per cent
Of the 1929-3o average. an increase
Of 0.9 of one percentage point. All
sections of the barometer moved for
ward except carloadings. which did
not gain by a slight margin as much
as expected for this time Of year.
The Department of Commerce in its
survey Of 80 key cities for the week
ended Wednesday found: Warm
weather in the Middle West halted the
upward trend of Fall retail buying
in large areas Of that part Of the
country I"
The volume of business in all other
sections Of the country, however, con-
tinued to move forward in keeping
with the trend Of the last few weeks.
Volume Well Above 1884.
with but few exceptions, all Of the
cities gave evidence of retail trade
volume well ahead of the same period
Of last year.
wholesale trade was unaffected by
the decline in retail business in the
Middle West and pushed ahead In all
leading centers Of the country"
Settlement of the soft coal strike
with about 377,000 miners ready to
start work Tuesday was regarded by
business observers as most heartening.
Oficials estimated wage increases OF
around $4,000, 900 a year would ac-
crue from the peace treaty. and ef-
forts were concentrated on the four
Southern sections still on strike.
Cleveland business men, for ex-
ample, took the view that the strike
merely served to concentrate an in
evitable production slump into a short
space of time and paved the way
for a rebound by causing reductions
of overlarge supplies on hand.
Freight carloadings, sensitive to
coal shipments, gained less for the
week ended September 81 than ex-
pected seasonally, but some authori-
ties believed the anticipated drop for
last week in coal shipments might be
offset by increased automobile ship
ments.
Freight Needs Grow.
During the final quarter Of this
year it is estimated by one source
that automobile manufacturers will
need 154 per cent more freight cars
than during the same period Of last
year.
During last week the Associated
Press index Of automobile production
rose sharply from 14.6 to 1877 as
manufacturers turned into volume
production Of 1886 models, an action
which many declared Is the bottom
of the 1885 downturn between models
and a prelude to new highs for the
year.
Steel production advanced 06 of l
percentage point to 489 per cent of
capacity, as measured by the Amer
ican Iron and Steel Institute, and
producers predicted marked gains as
motor makers demand shipments Of
metal, since orders from other sources
have been remarkably well sustained
in recent weeks. A year ago steel
production was at 24.2 per cent Of
capacity.
Steel Mergers Completed.
On the heels of the announcement
by the United States Steel Corp. of
consolidation and expansion plans,
stockholders of the Republic Steel
Corp. and the Corrigan, Mckinney
Steel Co. ratified merger agreement
making that combination the Nations
third largest steel organization.
Cotton manufacturing activity turned
sharply higher for the week, reflect
ing what observers believed was set
tlement of the loan-subsidy agreement
between the Government and pro-
ducers and a shaking down of market
prices to steady levels.
Bushes calmly received the an
nouncement of provisions of Federal
licenses on exports and imports Of
war implements. Raw materials
which might be used as munitions
were unaffected.
Electric power output at l,85l,54l,-
00o-kilowatt hours for the week ended
September 81 was within only $780,.
600 kilowatt hours of the all-time
peak set December 81, 1929, and resi-
dental building was at new high for
the year during the first two weeks
of this month.
Detailed Reports Given.
Detailed reports on individual
Federal Reserve districts follow:
BOSTON-The cotton goods busi-
ness was brighter in New England
with production tagging behind de-
mand, but at a better rate than a year
ago. Leather was cautious on future
orders because Of price strength. The
wool market was slower; prices were
firm.
NEW YORK.-Retail trade in New
York City was active despite warm
weather. Department store sales we're
S per cent over 1884 and this month
Z TO 8 per cent over last year. Whole
sale demand by buyers and mail was
heavy. Early Christmas orders
sought to beat recently seen delivery
delays, and 1886 Summer clothing was
ready.
PHILADELPHIA.-A slight increase
In total industrial wages was reported
for the week ended September 81.
Improvement was seen In wool, silk
textiles, hosiery, leather and shoe pro-
duction over 1884. Retail trade was