Evening star., 1936-05-24
Summer Goods in Demand.
Wholesale Firms Get
Large Recorders.
SEASONAL RECESSIONS
FOR INDUSTRY SLIGHT
Associated Press Index Declines
0.1 Per Cent, Chiefly Due to
Smaller Auto Output.
BY RAIDER WINGET.

panded last week with the increased
movement of Summer goods to con-
sumers, and industrial activity not only
confirmed earlier advances but also
displayed remarkable resistance to the
inevitable midyear slump.
A mixture Of weather aided or re-
tarded the distribution Of merChan-
disc, but the net effect appeared in re-
ports of authorities to favor sales
which, on the whole, exceeded week
ago and the comparable period OF
1885.
Summer goods sales met the first
general response. with sports and va
cation accessories commanding promi-
nence, and wholesale markets received
substantial recorders to supplement ini-
tial inventories.
industrial activity, as measured by
the Associated Press index declined OIL
of one percentage point to 1872 per
cent of the lS29-3O average. chiefly be-
cause Of a reduction in the production
of automobiles.
The Department of Commerce in its
WEEKLY VI IOllNlNAOA4o
in "a cities for the week ended We'd
nesday stated: Retail trade in vir-
tually all sections Of the country con-
tinued well above the levels OF last
year
Farm Outlook Good.
"Wholesale likewise moved forward
substantially. with recorders for Sum-
mer apparel proving a strong factor.
Generally favorable agricultural pros
poets enlivened the business tone,
while industrial levels and construction
activities were well sustained"
Automobile output, estimated BY
Grams was 1O9,S2l units. compared
with l17.156 units the previous week.
Although the drop was sharp, 1t has
been expected for some time and Is
/ regarded as overdue on seasonal
| basis. Shipments-to dealers and sales
| to consumers. however. continue at the
best rate in many years.
Building construction news made
good reading. April shipments OF
Portland cement amounted to $685.
| 600 barrels an increase of 46.6 per
cent over the similar 1895 period.
Production for the same month ves
I $50 per cent higher than April, 1885.
| Lumber production for the week OF
| May reached the highest point since
/ 1880 and stood at about 70 per cent
/ of the 1929 weekly average. 1t was
stated by the National Lumber Manu-
/ facturers' Association.
| Privately financed construction in
April, according to F. W. Dodge
| Corp. for the 81 States east of the
Rocky Mountains. amounted to $780,
O72 600. the highest ia five years. The
| Associated Press index of residential
building remained unchanged last
week at 434 per cent of the l929-30
average.
| Steel Output Climbs.
Steel production increased to 69!4
per cent of capacity from 69.1 per
cent a week before and 42.8 per cent
year ago. The rise came after many
observers felt that a decline at this
time should be expected. Demands
of heavy goods manufacturers, like
rail and farm equipment makers, held
the schedules up. Renewed talk of
higher third quarter prices was con-
firmed by one company posting in
creased quotations, an action expected
to bring decisions from all other op-
orators.
Freight carloadings for the week
ended May Is totaled 681 ,447 cars. the
highest of the year. an increase of
19 per cent over the previous week
and 1863 per cent above year ago.
A long step in the railroad co-ordi-
nation program was taken with the
agreement between management and
labor of IS per cent of class rail-
roads on a dismissal wage for work.
ers in the event of consultations.
Cotton textile mills strove to cut
production schedules in line with
demand, and manufacturing activity
recorded by the Associated Press index
dropped to 104.9 per cent of the 1922
| 80 average from 1854 per cent the
week before,
Tariff Changes Hailed.
Many felt the industry would be
aided in earnings by presidential ac-
ton in increasing tariffs on several
classifications by AZ per cent, effective
June 20. 1t was stated that the BOOST
resulted from a breakdown in the
''gentlemen's agreement" between this
country and Japan whereby Nippon
was to restrict expectations to the
United States
| Invalidation of the Guffey coal act
by the Supreme Court was followed
by small price increases in some fields.
The industry did not appear to be
disrupted by the decision and Congress
Immediately discussed substitute legis.
lation.
Oil men turned surprised eye at
current production figures. which
showed crude output at a daily aver.
age of 3,0O5,050 barrels, American
Petroleum Institute estimate. At the
same time, however, the Oil and Gas
Journal revealed that the industry
will spend around billion dollars this
year on equipment and supplies.
| Prices on the New York Stock
Exchange were irregularly lower dur
ing most of the week while traders
digested effects of the Guffey decision.
the Treasury agreement to purchase
large amounts" of Chinse silver. new
tax bill debates and the renewed move.
ment of gold from France.
Detailed reports on trade by indi-
vidual Federal Reserve districts fol-
| low:
BOSTON-Considerab activity ap-
peareo in wool markets while tanners
and cotton goods dealers marked time.
Cotton goods authorities expected buy.
| INos,finiiad an Third pnraN