Evening star., 1937-08-29
Business
Continued From Page GID

turn, brokers said, was the result of
lack Of support rather than any gen.
eral urge to sell.
Opinion in some circles WAS that
traders, made cautious by the Far
Eastern strife and doubtful whether
the rate of recent profit gains would
be maintained, had withdrawn to
analyze anew the Fall and Winter
business outlook
A drop in U. S. Government issues
dominated the bond market Treas
uries Stiffened at the week end follow
ing an announcement OF cut in
the discount rate of the Federal Re-
serve Bank Of New York to | from
IL per cent.
The rate drop, in line with reduc-
tions of other Federal reserve banks,
was seen as part of program de-
signed to keep credit easy
The average of commodity prices
slid to new low for 1887. Farm
staples led the downturn with cotton
and grains in the van.
District Reports Given.
Business conditions reported by the
II Federal reserve districts follow:
BOSTON. - Wool cotton and leather
markets remained slueRlsh. Retail sales
esns per under ,
with the preceding week. TIL market for
cotton ,,, gray soods remained At low ebb.,
held soout even with a year ago, Despite
unfavorahie weather the pace Of retail
trade WAS held satisfactory Some d.
visions OF the wholesale market were
PH1LADELPH1A--A squirt of business
was cut short by no. humidity Volume
1895 although sales for the month were
put was steady. Shoe factories slowed
CLEVELAND. Federal Reserve Bank
debts were l6:4 per cent abovs the cor
respondins week ! last year The meE-
stimulated by cool weather. Toledo bank
debts indicated August retail trade about
pe5 ssc hsnt1 aamoi. han .s y:s, trade
showed slsht increase over last year
but BY ns PusnfsS e;, in other eiies
90 to ns ssh decline rom 1885,
ATLANTA.-Retai all activity in the sixth
Federal reserve district Rained slightly
ee 0qss last Sank ahead essrnss o ht M AZ. M
lanta were down to $50 300. 900 from S57,-
900 the week previous Steel output
IN Birmingham area WAS steady Al 96
per cent OF capacity.
CHICAGO,-Retail turnover was slow,
although better than 4 year ago. Whole
sale activity. was quiet after Summer ex-
hlbltions. Industrial operations showed
little M ehanee Packing volume increased,
provement since 1898 has been nearly
100 per cent in many classifcations
ST. LOU1S.-The Federal Reserve Bank
reported the usual seasonal letdown" in
trade in the eighth Federal reserve dis
trict In the wholesale division dry goods
turnover was down. due primarily TO 4
decline in cotton New construction was
dlsappointIns, observers said.
MINNEAPOLIS.-Iron ore shipments In
July were LARGEST on record for that
month for the ninth district. with ore car
ioadinss about so per cent ahead OF last
KANSAS cITY.-Retan and wholesale
trade spurted to the heaviest volume OF
the Summer. Retail volume vas up
about 10 per cent over the previous week.
wholesale up Ave.
pa DALLAS, !N. Ns,-Much.needed rain over Texas
ouElns the week greatly improved cotton
PROSPECTS,. which are deemed the. best in
retsll stores resistered sains over the
SAN FRANCISCO o-Fishtins in China
tshtened clamps on trans-Pacifc trade.
Some oil left for Japan, but little else
Japan was said to have been apparently
well stocked for the war Retaii trade
vas livelier. Lumber business was the
best in years.