Evening star., 1935-05-26
Rain and Cold Restricts City
Shopping, Except on
West Coast.
FARM EQUIPMENT TRADE
NEARS RECORD LEVELS
Auto Manufacturers Regain Lead
of Uptrend With Outputs
Climb Above 100000.
BY RAIDER WINGET,
Associated Press Financial Writer,


Industrial activity in the aggregate
expanded last week while retail trade
was checked by rain and cold
Basic barometers of business, show
ing the trend of the entire country.
either pointed higher or receded only
slightly. Big city centers Of retail
trade were hampered, with the excep-
tion of the West Coast. by rain and
cold weather.
Rural centers, however, were on the
upgrade with farm equipment manu-
facturers reporting almost record sales
of agricultural machinery. Rain
aided crops in the Southwest.
Automobile manufacturing regained
the leadership of the uptrend by ex-
panding from an output of 89.760
units for the week ended May 18 to
100,705 units last week. Production
swung back into step with settlement
of strikes.
Electric power production was of
slightly, but freight movement gained
about IA per cent for the week ended
May 18.
While the Nations leaders of the
steel industry. gathered in New York,
roundly criticized such proposed Gov
ernment measures as the Wagner la
Dor relations bill, the 30-hour week
bill and others, production of steel
dropped a fraction of a percentage
point to 42.8 per cent of capacity.
Capital Watched Closely.
Commentators declared primary in
dustry is awaiting the outcome OF
Washington legislation which will de-
termine the fate of price control meas
ures practiced under the steel code.
While there was praise from indus
trial chiefs of presidential and sena-
torial action in blocking the Patman
bonus bill, analysts noted tendency
of opposition to many other measures.
Imitation was on the tongue of
many an executive, and some asserted
the forward purchasing of supplies
was induced by imitation fear-mean-
ing the prospect in their minds Of ris-
ing prices which would make the op-
Grafton of their business more expen.
sive.
On the other hand, there were many
who declared the rise in forward buy
ing was induced by confidence in the
future of business.
An increase in strikes was apparent
in widely scattered territories. On the
West Coast and Northwest there was
difficulty in lumber fields which caused
a depletion of stocks in consuming
centers. Authorities in New York re-
ported an impending shortage OF
lumber for immediate delivery.
Lumber Activity Low.
The index of lumber production, ad-
justed for seasonal variation, was the
lowest since early 1888, the bottom of
the depression dip. For the week
ended May 18, production was 1872
SIT 900 board feet against 205, $40. 900
board feet for the same period Of last
year.
Orders piled up in production CEN
ters. Soft wood orders were 46 per
cent ahead of output and hardwood
orders were % per cent higher.
The usual tenor of business in East
Coast ship yards was hampered to
degree by strikes and the st. Louis
area reported an offset to employ
ment gains through walkouts.
Banking and financial circles
with interest the action of the
Bank of France in boosting the dis
count rate in attempting to restrict
the outward flow of gold and bolster
the franc in foreign exchange.
District Reports Given.
Reports on general business from
Individual Federal Reserve districts
follow:
BOSTON.-Continued heavy turn
over in wood featured New England
business. One source reported busi-
ness better than in any peacetime era
in history. The cotton cloth situation
was reported slightly better with
prices firming trifle.
NEW YORK.-Retail trade was re-
rtricted by adverse weather, and buy
ers in the market were lower than
the previous week, although above a
year ago. The start Of Fall goods buy
goods we're cut by slowness in the
Nations retail business. Sentiment
was improved in cotton textiles, and
rayon demand broadened.
PHILADELPHIA. - Retail trade
opened the week at slightly better
evel in the third district, but slow
ness since May is being felt by some
arger retailers. Wholesale and manu-
featuring lines moderately exceeded
year ago. Construction was up
slightly.
CLEVELAND.-Cold weather put
,he damper on retail trade, but re-
ports of industrial conditions were en-
,ouraging. Clothing makers reported
|, pleasing" volume of Fall orders,
and shoe manufacturers said April
business was up Is per cent from
March to the highest point since
March, 1927.
Gains Seen at Richmond.
RICHMOND.-April gains over 1884
we're reported for three of five whole
,ale lines in the fifth district, con-
ir1ning previous reports. Bank debts
asst week were on a par with the
previous week and slightly ahead of
1884.
ATLANTA.-Rising rents were re-
ported in several Georgia cities, a
factor in real estate circles.
Bank clearings were still ahead of
ast year. Birmingham steel produc-
ion was unchanged.
CHICAGO.-Unsatisfa retail. but
improved wholesale trade featured the
,rend of Chicago business. Cold continued
Is the major factor in retail trade. or
ack Of it. Chain store sales held up well
Sharply increased interest in Summer
amp eauipment was noted.
.rations in the ninth district along with
ity building activities resulted in further
ncreased demand for manufactured prod:
icts:. orders we're heavy for tractors .tn.1 and
sn ,sr ssnryestins equipment One company es-
imsted sales IN all equipment Lines 100