Evening star., 1936-07-12
STORE SALES HOLD
| BROAD ADVANCES
ABOVE YEAR AGO
Demand for Summer Goods
Helps Offset Effects
of Drought.
SIX.YEAR PEAK is SET ]
BY INDUSTRIAL INDEX
Seasonal Apparel and Vacation
Accessories Attract Shoppers.
Wholesale Trade Lags. d
BY THOMAS E. FLANAGAN.

BY THOMAS E. FLANAGAN.
Associated Press Financial Writer.
Most divisions of the country's in.
dustry stubbornly fought of seasonal
lethargy last week as aggregate re-
tail trade, despite the withering ef-
fects of drought in some sections. held
wide gains over a year ago with the
aid of demand for Summer goods.
Fuelled in part by the energy of
industry's own momentum, the As
sociated Press seasonally adjusted in
dustrial index, advanced to the high
est level in more than six years
s26. 1t was up from 92.3 week ago
and 70.9 in the like week of 1885.
The Department Of Commerce
weekly business survey Of 36 cities
said that notwithstanding soaring
temperatures, "in most instances sub
stantial gains were reflected over last
year"
Summer apparel and vacation ac-
cessories we're focal points Of con-
sumner interest in retail trade, with
the level of volume well sustained to
that of recent weeks.
Wholesale activity reached a mid
season lull, although interest in Fall
and Winter merchandise was in
creasingly evident.
Steel Operations Ease.
! Steel mill operations declined to
67.2 per cent of capacity from "A last
week, the American Iron & Steel In
stitute reported. The apparent steep
ness of the drop, steel men said, was
in some measure a reflection of the
system Of calculating the rate the
previous week. when a five-day basis
was used instead of the usual six
days.
Steel consumption was said TO be
comparatively brisk for this time OF
year. Some buying was believed to
have been motivated by fears Of strikes
in the industry.
Owing to the July 4th holiday the
Edison Electric Institute was able to
give only an estimate of power output.
The total $40. 900, 600 kilowatt
hours-was lower than the preceding
week, but sharply ahead of the i,655.-
420, 1000 kilowatt hours Of the like week
year ago.
Power Output High.
Showing less-than-seasonal drop,
power production was explained by
some observers in terms of the elec-
trification work progressing in many
rural districts and heavy household
use of refrigerators and other ap-
pliances. Irrigation pumping also
played a part, it was said.
A drop of 9 per cent in freight car
loadings for the week ended July 4
was a little less than normal, the
total. 649.759, was 379 per cent above
the corresponding 1885 period.
Automobile production for the week
was down to 97,833 units from l00,678
the week before and compared with
S3,45O in the like 1885 week, Cram S
estimated. That the downturn was
not greater, analysts said, was due
to comparatively well-sustained pur-
chasing power for the country.
Auto men pointed to the gain Of "a
per cent in June over year ago in
factory sales by members Of the Au-
, tomobile Manufacturers Association.
The total, 3673O3 units, was a record
high for the month.
Wide upswings over June, 1885, sales
reported by chain stores and mail or
der units bore witness both to the
stimulus Of soldiers bonus spending
and expanding general buying power
flowing from business Improvement
Sharp Gains Recorded.
Montgomery-Ward reported June
sales up 273 per cent from that month
year ago at 330,174. F. w. Wool
worth showed an upturn of 1913 per
cent to $23 ,397703. ]. C. Penney had
an expansion of 1877 per cent to s21.-
474,807 in June.
Illustrating how the brisk Spring
pace of the automobile industry had
benefited allied lines and giving weight
to estimates of better industrial earn
: ings for the second quarter, Transus
| & Williams Steel Forging Corp, maker
} of equipment for the automotive pro-
ducers. led the roster of reporting
; companies. 1t showed earnings on
the common stock up to 80 cents
J from 26 cents in the first quarter and
II cents In the June quarter of 1885.
: Hand in hand with reports Of fur
, ther improvement in buying of struc-
tural steels went gain in engineer
ing construction awards to sec, ,847, 900
for the week compared with $l7,9l3,-
; 900 in the like week last year OF inn
portance was the more aggressive part
played by private capital.
implications of sweeping rises in
grains, cotton and other staples were
topics Of thought in business circles
Whether higher prices for drought
clipped crops would Offset losses ID
afflicted regions was question.
Higher raw staples were followed
: by higher retail quotations in some
lines. A straw in the retail wind was
seen in the boost in blanket prices by
Marshall Field & Co., and withdrawal
Of quotations by textile mills.
Detailed Reports Given.
Detailed reports of Federal reserve
districts follow:
BOSTON-The cotton goods market,
after quiet start, enjoyed a squirt
: in demand following the upturn in
futures. The hide market was un-
, settled.
NEW YORK.-wholesaler reported
sizable orders for Fall and Winter
goods. Retailers substantially increased
gains over 1885. Railroad travel sur
passed optimistic estimates.
PHILADELPHIA.-S slack
ening, intensified by heat, was evident
in retail trade.
J RICHMOND.-Retail activity waa
well above a week ago and the Like
period of la2, Wholesale trade kept
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