Evening star., 1935-01-13
Steel Keeps Recovery Lead,
but Building Goes to
Lower Levels.
RETAIL BUYERS FLOCK
TO WHOLESALE MARKETS
Store Shelves Bare After Holi.
days-Sales Well Above Year
Ago in Seasonal Lull.
BY RAIDER WINGET,
Associated Press Financial Writer.

Dx hHDLn "ANoL4y
Associated Press Financial Writer.
The Nations business, like a slowly
rising food, advanced last week
through numerous breaks in the de-
preston dixie, but many barriers
checked the spread.
Steel continued to lead the recovery
movement. with production in the
first full week of the new year reach
ing the best level for this period
since 1880. Sales at the New York
automobile show we're estimated by
the Automobile Manufacturers As
sociation as the best since 1929.
Expanding automobile production,
and increased requirements of farm
implement and other tool makers,
together with some increase railroad
buying, have given this industry q
sharp boost In the normally quiet
turn-of-the-year period.
Building, however, remains q heavy
weight upon the durable goods In
dustries generally. Statistics which
appeared for December were well
under both the previous month and
December Of last year.
Bright reports come from New
York and Chicago wholesale markets.
where buyers are flocking in the
largest numbers in years to stock up
active holiday trade.
Retail distribution is holding well
above early January Of last year, ac-
cording to most reports, although q
lull Is normal at this time.
Shows Draw Crowds.
The Federal Reserve Board issued
its figures on December retail trade,
which failed to bear out some Of the
more glowing estimates Of a few
weeks ago. but department store sales
for the country as whole did register
the substantial increase Of II per
cent over December Of last year,
reaching the best volume since 1881,
and 20 chain store and mail order
houses were UP 1873 per cent.
The annual merchandise shows In
leading centers were reported to have
attracted large attendances. Chicago
reported that more buyers attended
a major furniture show than in any
year since 1924
Steel production was estimated for
the last week by the Iron and Steel
Institute at 43.4 per cent Of capacity,
up az percentage points from the
previous week
Both electric power production and
the movement of freight. as reported
for the week ended January 5, showed
better than seasonal gains.
Freight car loadings jumped to
498,073 cars, which was 17.2 per cent
over the previous week, but 0.5 per
cent under the same week year ago.
Cotton mills in the week ended
January jumped production Of cloth
to 120,000,000 yards, as estimated by
the Cotton Textile Institute, against
1884, 900 for the previous week.
larger advance than expected at this
season.
Textile Operations Up.
How the trade winds blew is shown
in the following report from individual
Federal Reserve districts:
ACKNOWLEDGEMENTS textile
operations after the holiday lull and
generally favorable trade reports
marked last week in the fifth district.
Debts to individual bank accounts in
Baltimore. Charlotte and Richmond
registered substantial increase over
1888. A Federal Reserve retail trade
report indicated q II per cent gain
for 40 reporting stores in December
against 1888 and an Is per cent gain
in 1884 over 1888.
BOSTON-A seasonal slowing was
evident in the first district with de-
partment stores feeling the slump.
Wool piece goods demand was slack.
and cotton manufacturers trimmed
forces as sales dipped. Federal Re-
serve member banks reported q IL
per cent deposit gain against a year
ago and a per cent drop in COM
mercial loans.
tory employment in the second Fed
eral Reserve district was reported as
running moderately above this time
last year. The New York wholesale
markets were encouraged by heavy
influx of buyers to view Spring mer-
chandise of all descriptions, and Or
ders were said to be running well
ahead of this time last year. The
major New York display was the auto
mobile Show, where more orders were
Continued on Fourth Page.)