The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-18
HESTITANT TONE
IN TRADE PACE
NOTED IN WEEK
Textile Branch Affected by
Bad Break in Value of
Cotton on Hand.
BIZ Tim es Special

By Times Special
NEW YORK, March 18.-Suffer-
ing from a slight case of late-winter
nerves, business was inclined to
hesitate this week to think about its
worries, particularly its political
ones, Business Week declared in its
issue today.
In doing So" the report contin-
ues, business overlooked such ia
vorable factors as the opening up of
the capital markets with the refund
ing operations of Pacific Gas and
Electric and Swift, the earmarking
of the balance of the gold profit for
retirement of national bank notes
(thus removing these funds from
he view of bonus enthusiastic, the
continued expansion of automobile
production and sales, the rise in fac
tory pay rolls and of consumer ex-
penditures in retail channels, the
growing market for such durable
goods as machinery and machine
tools, the upturn in check payments
in the first week of March to the
highest level of any week since Jan.
6, 1882.
Steel Orders Held Up
Textile men were saying sadly
that it never rains but it pours' as
the precipitous break in cotton
prices reduced inventory values, en-
HANGED the hand-to-mouth buying
of the trade, added another weight
to the sagging price structure. Setel
buyers who could wait out the mar
ket while the future of the NRA and
of the steel baSing-point problem
was being thraShed out in Washing
ton were withholding orders in the
hopes that prices might prove more
favorable to them later on.
Meanwhile, without regard to the
business propensity for gloom, the
figures are showing that department
store sales for February actually in
creased over January levels and
were per cent ahead of a year ago,
against per cent spread in Janu-
airy. Individual Federal Reserve dis
tricts Jared irregularly in the two
month period. Boston, running 4
per cent behind 1884 in January,
shot up to 8 per cent above last year
in February. Cleveland, on the other
hand, stood ii per cent ahead in
January, slipped to l per cent be-
hind 1894 last month.
For the first two months, the
Kansas City and San Francisco dis
tricts led the country with 10 per
cent gains. First % chain stores to
report February sales were 9 per
cent ahead of last year, with indi-
vidual variations Ranging from 6
per cent behind to % per cent
ahead. Only two of the list failed to
show gains.
Auto Trade Active
Final figures for automobile sales
in January fell trif1e below early
estimates, but passenger cars to the
number of 1865 found their way
to the public, a gain of 1913 per cent
over 1884. Commercial cars sold
totaled BATS, a Al per cent increase
from December and 50 per cent over
d year dSOs LID 10 4AACtCA1 &kOOS4
than was expected. For February,
Ford claims retail deliveries OF
9O,857 trucks and cars, the largest
volume for any month since April,
1881.
"Such reception of motor products
has stimulated the industry-'un-
certainties' regardless-to produce
the largest first-quarter volume
since 1929, has provided the main
prop in the squirt of manufacturing
activity this spring.
"Steel activity averaged SIG per
cent of capacity in February COM
pared with 464 per cent in January.
Present operations have slowed
down a bit as whole, though tin
plate and fat-rolled steel divisions
are holding at a high level. With
motor requirements for the second
quarter still substantial, plus the
increasing volume from household
and farm equipment makers, some
rail tonnage and prospective con-
Struction awards, the next few
weeks should see the steel industry
operating at fairly stable rate
around current levels"