Evening star., 1936-04-12
Rains, Floods and Dust
Storms Fail to Check
Gains Over 1885.
MANY AREAS AT PEAKS
OF LAST 5 OR 6 YEARS
Trade Expands in Central Mid
west, on Pacific Coast and Upper
Eastern Seaboard States.
BY RAIDER WINGET,
Associated Press Financial Writer,


The Nations business and industry
fought against restricting influences
of the elements last week and won.
Retail and wholesale trade and in
dustrial production contended with
the effects of man-killing winds,
damage by floods, unseasonal cold.
discouraging rains and early dust
storms, but the total of business ac-
tivity exceeded the level of year ago
and in many sections of the country
touched new high marks for the past
five or six years.
Trade expanded in the central Sec
ton of the Midwest, on the Pacific
Coast and in the Upper Eastern sea-
board States in line with early predic-
tons Of merchants, but there was
distinct lowering of retail sales in
many communities.
There remained one bright ray Of
hope. Authorities predicted that de-
mand by consumers for both the post
and pre-Easter seasons easily should
surpass 1885 and probably establish
the highest sales since 1890 or 1881.
Price Decline Unlikely.
As an indication of that trend, sew
eral of the larger wholesale markes
anticipated no particular decline in
prices after Easter as has been GUS
tomary in many years past.
The Department of Commerce in its
report for 80 cities for the week ended
Wednesday found evidence of sub
Stantial gains in Easter trade COM
pared with the pre-Easter buying last
year."
In the heavy goods industries, how
ever. greater forward strides were
made. The Associated Press index of
industrial activity moved to 83e per
cent of the l92930 average compared
with 50 per cent the previous week
and "A per cent year ago.
Automobile production stepped up
sharply to 1888 units from 108, ,426
units the previous week to the highest
point in a year. The action was re-
garded by observers as confirmation
of the success for the early introduc-
ton Of models program inaugurated
last year for the first time as means
for leveling out production peaks and
slumps and stabilizing employment.
On the basis of preliminary figures,
the 1886 production of trucks was esti-
mated at point that may top even
1929. For the first quarter of this year
there were 215,O00 units produced in
the United States and Canada. a gain
of per cent over 1885.
Steel Activity Mounts.
The combined takings by auto
makers and railroad interests, coupled
with the need for steel in the recon-
struction of flooded areas and the
usual Spring upturn, sent the steel
industry to a production of 64.5 per
cent of capacity from 81 per cent the
previous week.
1t was the highest since June Of
1880. and several trade analysts pre-
dicted a nearby seasonal recession,
since many of the most important
buyers have a comfortable backlog.
Loadings of freight revenues for the
week ended April amounted to 613,-
867 cars, an advance of % per cent
over the previous week and l2.5 per
cent over the similar week year ago.
The gain was more than anticipated
for this time of year.
Building Still Active.
Although residential building for the
country as a whole has been retarded
by weather conditions in the last few
weeks, reports indicate March totals
are better than any month since the
Fall of 1881.
Copper prices during the week were
| adjusted to $50 cents a pound, effec-
tive next week by those producers who
held to the 9.25-cent price after sew
eral of the major companies raised to
| the top quotation recently. Earnings
reports of corporations continued
highly favorable for the first quarter
and for the year.
The net of all developments, how
ever, was not adjudged spiritedly by
New York Stock Exchange traders.
who went through dull four-and-a-
halliday week The Associated Press
average of go stocks yesterday stood
at S647O, compared with s64.3O a
week before, a new high for 1886.
Detailed Reports Given.
Detailed reports by Federal Reserve
districts follow:
BOSTON.-Easter retail trade closed
with a rush despite generally in
clement weather in many parts Of
New England. Cotton sources reported
an unusually satisfactory reception Of
Spring lines. Wool was slow; leather
trade centers indicated improvement.
RICHMOND.-Retail trade in the
fourth district suffered from unfavor-
able weather, but the basic outlook
continued favorable. In the Wash
ington area sales were up strongly
from the previous week and the
Easter period of 1885.
NEW YORK.-Although weather
conditions were not ideal in the
metropolitan area pre-Easter shop
ping was fairly brisk. Gains of 10 to
Is per cent over a year ago were
marked up, but the rise was not
so great an anticipated. Wholesale
distribution for the post Easter trade
was regarded favorably and prices
were firm.
PHILADELPHIA.-GainS Of 8 to 10
per cent in retail Easter trade over
1885 was predicted by dealers in the
third district. Most stores reported
increases in unit sales as well as
in dollar volume, and the movement
Of better quality merchandise was a
feature.
OBSERVATION-DISCLOSURES spent more
on Easter merchandise than any year
since 1880. Merchants associations
found gains Of to rs per cent over
a year ago in leading cities, and all