Evening star., 1937-12-05
Retail Volumes Increase in
the South and Midwest.
East Still Lags.
AUTO OUTPUT CLIMBS
WITH TEXTILE ACTIVITY
Smaller Freight Loadings and
Drop in Steel and Electric Power
Production Also Shown.
BY THOMAS E. FLANAGAN,
Associated Press Financial Writer.


A slowing down in the rate of indus
trial decline gave the Nations business
record brighter appearance last
week
Finish of the November chapter
showed industry had suffered one of
the steepeSt monthly recessions on rec
ord. Steel operations had been hard
est hit. AS the new month started.
observers noted signs of reviving in
terest in this sector. This, they said,
suggested the force of downward re-
| adjustment had spent itself.
Trade and industrial comparisons
with the previous week were still out
Of joint, owing to Thanksgiving Day
interruptions.
The pulse of retail trade showed
signs OF quickening, but the beat was
irregular. Strength in some Southern
and Midwestern cities contrasted
with sluggiShness in various large
Eastern centers. A boost in motor out
put and tter-than-seasonal show
ing by textile makers offset in part
smaller carloadings and slower steel
and electricity output.
Index Down Further.
For the tenth consecutive week the
| Associated Press index of industrial
activity fell. 1t dropped to 791. low
est since February, 1886. A week ago
it was S0.4, year ago 992 The down.
| swing was less than that in the week
| ended November 28
Retail trade throughout the coun-
| try showed a decidedly mixed trend
| during the week" the Department of
| Commerce reported in its weekly sur
vey of 36 cities. Merchants, for the
mistic over the outlook, feeling there
will be heavy bulge in the period
| just before Christmas. Wholesale
markets continued slow, and in many
lines declined seasonally."
Steel operations were of 10 29.6
per cent of capacity, lowest since the
week Of December 3, 1894, the Ameri-
can Iron and Steel Institute esti-
mated. The preceding week the fig
ure was 81 month ago 48.6 and a
year ago 759.
Steel trade circles noted Iron Age
posted slightly higher rate two days
! after the institutes estimate appeared.
There were symptoms it was said, that
the doWnswing in operations had been
checked. Citing demand for rails and
track supplies and somewhat more ro-
bust orders from the motor industry,
experts said the rest of the month
would likely see continued irregularity
in operations followed by an upturn
of less seasonal proportions at the
turn of the year.
Tin Plate Prices Fixed.
Significant to steel quarters was the
decision of Carnegie Illinois, largest
United States Steel subsidiary, to fix
tin plate prices for nine months begin
ming January l. Usually such price
months only. Steel men said the ac-
ton was prompted by desire to in
flict confidence into the trade through
price stability.
The motor industry stepped up pro-
duction to 86,173 units from 1885
the previous week, which included the
holiday, Wards Automotive Reports
estimated. In the like 1886 week out
put was 101 $50. The review said the
industry would be on a slackened
schedule until the end of the year.
Motor men said a key to output trend
would be the reception of new models
during the next few weeks.
In the week ended November %,
rail shipments of freight declined to
558,627 cars, the Association of Ameri-
can Railroads reported. This was a
decrease of 1877 per cent-a less than
normal drop, traffic experts said. 1t
was attributed to colder weather.
Railroad men said the industry was
still pinched between the forces of
higher operating costs and declining
loadings. They noted net operating
income of class l systems in October
was 32.4 per cent under 1886. Operat-
ing costs were up 36 per cent. but
gross revenues had shrunk AZ per
cent, a compilation by the Bureau of
Railway Economics showed.
Rail Chiefs Cheered.
Permission granted Western roads
by the Interstate Commerce Commits
sion to lift fares heartened railroad
men. The step, they said, indicated
willingness of the commission to help
the railroads to higher earnings
Output of electric power in the
week ended November % was $685.
$4,000 kilowatt hours, the Edison
Electric Institute reported. This was
moderate drop from the preceding
week, occasioned partly by the holi-
day. Allowing for the holiday adjust
ment the total was down 80 per cent
from the comparable 1886 period
Share prices on the New York Stock
Exchange moved unevenly forward,
although some issues bumped into
selling at the close of the week.
Motors, specialties, steels and miscel-
laneous manufacturing stocks were in
| demand There WAS a f1,lrry Of EXTRA