Evening star., 1936-08-09
LuII in Apparel Offset by
Lively Demand for Home
Furnishings.
BUOYANCY DISPLAYED
BY WHOLESALE ACTIVITY
ntra-Seasonal Gain in Freight
Loadings Sends Industrial
Index to Six-Year Peak.
BY THOMAS E. FLANAGAN.
Associated Press Financla. Writer.

dustries yielded to Summer and other
factors last week, retail trade rendered
a good account despite drought III
some sections Of the country.
A contra seasonal expansion Of
freight carloadings, throwing its
weight into the balance, played an
important part in the advance of the
Associated Press index of industrial
activity TO 958, the highest since
February, 1880. The figure was up
from 95.3 the previous week and from
1875 in the like 1885 week.
In its weekly business survey Of SO
cities the Department of Commerce
said, retail trade continued to over
come successfully the dual handicaps
of the Summer slump and drought
influences.
THE betWeen-season lull In retail
apparel lines was counteracted by a
livelier demand for home furnishings
and furniture, while buoyancy con-
tinued to feature wholesale activity"
Steel Rate Eases.
The steel industry worked at a
Slightly slower pace last week. The
American Iron and Steel Institute es-
timated operations at TIA per cent of
capacity compared with 7l.5 per cent
in the preceding week and 46 per cent
year ago.
Scrap steel prices. a barometer Uf
the industry, flrmed in important steel
centers. To experts this meant a
nf y7d t1
rial. In addition it helped confirm
opinions of those who predicted AL
gust operations may hold stubborniy
around the July peak.
OF prime significance in measure
ment of heavy industrial revival was
the continued wide margin of gain
over a year ago in engineering con-
Struction awards.
For the week ended August the
total was up to s53,253 900 from $685.
$4,000 in the corresponding week a
year ago. The figures helped explain
f1rmness in scrap steel.
Auto Decline Expected
Students Of the automobile indus
try took the marked downturn in pro-
1t reflected the gradual discontinuanc1
Of production of 1886 cars and pre-
parations for equipping plants for TIL
output of new models.
Grams estimated the weeks turnou-
at 8l,804 units, compared with e5,64
in the preceding week and 48,067 il
the like week last year.
aF
aware Of the sharp gains in July sa,e-
Of motors, were tilted forward 20 th
release of new models which will ro
of production lines to meet the NJ
vember II opening of the New YC! s:
automobile Show, high point of Tx
induStry'S calendar year.
The increase Of % per cent in car
loadingS for the week ended August /,
hoisted the total to 747551, the largest
for any week since October II, 1881,
and 256 per cent ahead of the like
week last year. A sharp gain in ship
mentS of coal, owing to brisk industrial
activity, helped give this figure contra
seasonal vitality. Miscellaneous freight
also jumped. Grains and grain prod
ucts. on the other hand, suffered d
sizable drop.
Power Output High.
Although electric power production
for the week ended August ! vas
slightly under the previous week, the
total, 2,079, $4,000, was 142 per cent
above the like period of 1885.
Analysts of financial trends ex-
pressed increasing satisfaction with
the continued flow of improved indus
trial and railroad earnings and more
liberal dividend declarations.
Bearing witness to the widening base
of the Nations purchasing power and
the stimulus from soldiers bonus funds
were reports of sharp July sales gains
by leading merchandisers and chain
store systems.
Also Symptomatic of additional re-
covery momentum, observers said, was
the Bell Telephone system report
which indicated July gain in stations
for the first time since 1929. The in
crease was 28,600, the largest for that
month for the past 16 years. The up
swing contrasted with loss of 22,90O
in July, 1885.
"ArmamentS buying" was the ex-
planation given in copper circles for
the upturn in the price of foreign cop
per to 9.60-9.6212 cents a pound, a
high since May, 1881.
Detailed Report Given.
Reports of business conditions in the
IL Federal Reserve districts follow:
BOSTON-Hides reached the peak
of the current upswing. The seaboard
wool markets were quiet Finished
goods were trif1e more active.
NEW YORK-Although retail trade
surpassed the like week year ago, the
margin of gain over 1885 was ma
terially cut. Wholesale business made
a good showing, aided by firm prices.
PHILADELPHIA - Retail distribu-
ton was fair. Seasonal recessions were
normal and volume kept its lead Of
about 10 per cent over last year.
Building trades were active.
CLEVELAND - Retail sales we're
excellent" as brisk turnover took
place in fur, furniture and coat sales.
ACKNOWLEDGEMENTS sales Of
seasonal goods, advance buying of Fall
requirements and favorable weather in
the fifth Federal Reserve district put
retail volume ahead of last year. De-
partment store sales at Washington
for the week ended August 5 were 1913
per cent over the previous week and
13 per cent over the like week last
year.
ST. LOUIS.-Retail trade was ahead Of
last year, with some slowing down IN
drought areas Crops showed some i'm
provement, but corn at best will be only
An ner cant of normal