Evening star., 1937-09-05
TRADE IRREGULAR
DESPITE ADVANCES
IN SOME QUARTERS
Retail Volumes Increase,
but Uniform Optimism
Appears Lacking.
L0ADINGS SCORE GAINS =,
WITH STEEL ACTIVITY
Contrast With Seasonal Declines
in Auto and Power Totals.
Index of Slightly.
BY THOMAS E. FLANAGAN.
Associated Press Financial Writer.

BY THOMAS E. FLANAGAN,
Associated Press Financial Writer.
Some divisions of the Nations trada
and industry faltered last week. while
others continued to drive forward With
good momentum. %
Along the industrial front gains
scored by steel operations and car
loadlngs contrasted with seasonal de-
ciines in automobile and electric power
output.
The Associated Press index Of in
dustrial activity declined to 104 from
l04,4 the week previous and compared
with 95.2 in the like week last year.
While reports to the Department Of
Commerce from 81 key cities indj-
Gated unmistakable progress in retail
trade in widespread areas. the re-
views were not Of sufficiently uniform
optimism to warrant the uncondi-
tional conclusion that the pending
Fail season Is to usher in a period Of
more than ordinary seasonal activity"
Mixed conditions prevailed in whole.
sale markets, the survey said.
In the steel industry operations were
stepped up to "a per cent of capacity
from 1913 the week before and It's in
the corresponding week of 1896.
Some Doubt Evident.
A shadow Of doubt crossed the
minds OF steel men on the outlook.
They said in the absence of clear
Indications thoro uoc topdooo,, ,~x..a
ing in steel circles to question whether
Fall business will come up to esti-
mates posted earlier in the Summer.
Trade observers said potential de-
mand for light steel products was the
most promising aspect of the current
situation. With production Of new
car models in the offlng, they said,
there would likely be a quickened
demand for sheet and strip products,
AT the same time hopes we're held
for wider sales of miscellaneous light
steels
On the other hand. they argued
buying Of heavy steels might be con-
siderably less aggressive Building
construction has been Disappointing,
1t was said, and the number Of new
projects in sight brings little prospect
OF important business from this quar-
ter
The Association Of American Rail-
roads reported loadings of 7S7.373 cars
in the week ended August %. an in
crease OF 0.8 of l per cent over the
preceding week and a gain of ~ per
cent over the like 1886 week.
TRAFFIC analysts said railroads would
probably benefit from a rise in load
ings to Fall peak estimated at around
$4,000 cars week, level which
would compare with 826155, the high
reached last Fall in the week ended
October II.
Auto Production Says.
Automobile output declined to $4,000
cars from $3.50 the week previous
and compared with 81 sol in the cor
responding week a year ago, Wards
reported.
Aside from the production drop.
which WAS occasioned by preparations
for the manufacture of new models,
eAAS AAAVCl vi lllC u duc lOCuStO LIE
forecast of Alfred P Sloan, IT., chair
man of the board of General Motors
Corp, that higher operating costs
would bring an upturn in prices on
1888 models.
While the price mark-up Is likely
to slow down distribution. this would
probably be only temporary. he added.
AnQ1vctS clIriO1IS a ha aFa -
the Far Eastern conflict on American
business noted Sloans statement the
company has done good volume with
Japan and has not yet been affected
by the strife. Overseas trade other
wise, he said, was very good
Production Of electricity in the week
ended August % was a little lower at
1924, 10000 kilowatt hours, the Edison
Electric Institute reported. The total
was per cent ahead Of the like week
OF 1896, compared with a gain of 10
per cent scored in the week ended
August 81
Power Rate Stable.
Noting that for the sixtieth con.
secutive week the output was above
the 100000 900 kilowatt hour mark,
power experts attributed steadiness Of
production to both widened domestic
demand and the we'll sustained pace of
industry.
1t was stressed, nevertheless, that the
gain over 1885 in the central indus
trial region had narrowed considerably
owing in some measure to slower
motor output. The gain In this dis
trict in the week ended August l8 was
9.5 per cent, compared with 1873 In
the week ended August 81.
Rejecting traders fears over the Far
Eastern struggle, heightened tension
In the Mediterranean and uncertainties
over the Fall business outlook, share
prices on the New York Stock Ex-
change fell back, but regain balance
at the close of the week.
The bond market saw United States
Government and railroad issues de-
cline on small trading. Drops IN
Treasury loans. bond men said. bore
witness to preparations for new Cow
ernment financing. Lower carrier
prices were explained partly in terms
Of higher railway operating costs.
Commodities declined, the average
Of leading staples dipping for the
%htrA u-ank $a . ~A~, 1n07