Evening star., 1935-02-10
TRADE HOLDS PACE
EXCEPT FOR FEW
MINOR RECESS|0NS
Freight LoadingS Go Above
Usual Levels for This
Time of Year.
BANK CLEARINGS DROP
WITH POWER OUTPUT
Steel Ingot Increases Slacken.
Lumber Gains and Auto Rate
Continues Upward.
BY RAIDER WINGET,
Associated Press Financial Writer.


Associated Press Financial Writer
The onrush of the Nations busi-
ness last week continued at the high
tide of early year levels, checked only
at points by minor recessions.
Most favorable action of major busi-
ness indicators was the increase in
carloadings by a margin greater than
usual for this time of the year for the
week ended February ?. Miscellaneous
freight showed greatest gains.
Lumber production rose sharply for
the week ended February 3, against
an ordinarily expected decline, and
seasonally adjusted indexes bounded
up. Orders continued ahead of pro-
duction.
The rate of increase in production
of steel ingots slackened for the week
ended Saturday to 528 per cent of
capacity as estimated by the Ameri-
/ can Iron g. Steel Institute. This was
against 52.5 per cent for the previous
week, making a rise of less than sea-
sonal proportions, against a back
| ground of unusually high output.
| Electric production for the week
ended February fell more than was
expected for the season, but the level
| of production was still TT per cent
| ahead of the same week in 1884. That
/ level. however, was contrasted against
level last week which was 10.6 per
cent over the 1884 corresponding
+ week.
! Automobile production, fixture in
good business" reports, continued to
i exceed seasonal increases. The num-
/ Der of motor units produced in jan
uary was greater than any January
with the exception of 1926 and 1929.
I Reflect Retail Buying.
Bank clearings in % leading cities
! in the United States reflected some
whot the state of retail trade and
wholesale buying when New York de-
creased lat per cent for the week
ended February s under the similar
week In 1884. but the rest Of the
country showed rise of Ill per cent
/ over 1884 for an average national loss
OF ~ per cent. This contrasted with
an average daily level during January,
, which was 1874 per cent over 1884.
Most OF the II Federal Reserve
districts reported general business
conditions last week to be better or
/ holding steady with the recent rising
| trend. Commentators believed the
, New York section showed the most
| adverse condition, and some attributed
the state to SlowneSS Of buyers to
respond to merchandise offerings, pos
sibly because Of rigorous weather and
the lateness of Easter.
| Some analysts viewing the business
picture in a broad manner were dis
! couraged by the break in friendly
relations between organized labor
chiefs and the Washington admins
tration, and the agony of suspense
created by the delay in a Supreme
Court decision on the gold clause.
| Plans for extension Of the national
industrial recovery act being for
warded in the National Capital
brought cheer or gloom to business
men, depending on their predeter-
mined attitude on the legislation.
Reserve Districts Report.
Reports from individual Federal
Reserve districts on business condi-
tionS for last week follows:
BOSTON.-Business in the first
district was characterized by dullness
in wool and cotton. textiles. but retail
trade reported slight pickup after
a dull period induced by weather.
NEW YORK.-Weather conditions
cut wholesale buying in the New York
| metropolitan area of the second dis
trict; although registration of buyers
showed a gain over the previous week.
| Wholesale apparel buyers were re-
ported present in good volume. Some
business men attributed the slownesS
to a late Easter. Buffalo steel opera
tions were at As per cent of capacity.
unchanged.
PHILADELPHIA.-R sales in
department stores and women'S spe-
cialty shops in the Philadelphia area
of the third district were reported in
creased by to 8 per cent over the
previous week, while the January sales
volume was up II to Is per cent over
January of 1884. Wholesale markets
were more active than recently. I'M
provements were reported In the iron
and steel industry. textile manufac-
| turing and branches of the clothing
| industry.
CLEVELAND. - Industrial opera
| tions in the fourth district were flrn1.
bolstered by demand from Detroit
motor makers for steel, glass and
tires Weather brought 5 per cent
| fall in retail trade. In contrast to
| the usual decline for this time of year.
Ohio employment rose one-tenth OK
per cent in January.
Richmond Gains Moderate.
RICHMOND. - Moderate business
gains in the fifth district were report
ed. The Carolinas registered per
cent drop in January credit sales
against last year, but retail collections
rose S per cent. Washington attrib-
uted greater department store sales to
increased Government activity. Bal
timore reported a gain N wholesale
lines and brisk movement Of Spring
merchandise.
ATLANTA.-Steel production IN the
Birmingham area was the most favor
able news in sixth district business.
| The weeks rail orders totaled 81 900
tons. A steel production increase
| from the current rate of 80 per cent
of capacity to SIS by next week was
anticipated.
CHICAGO.-The volume Of retail
trade turnover in the Chicago area of
seventh district changed little, but
evidence increased to support esti-
| mates that business was about 10
per cent above year ago. Mail order
sales continued high, and motor sales