Evening star., 1938-01-09
BUSINESS HALLS
STEEL GAINS AND
RETAIL PICKUP
Motor Production Climbs,
Power Output and Load.
ings Decline.
RECESSION DISPLAYS
LEVELING.OFF SIGNS
Dun & Bradstreet Reports Janu.
ary Store Sales Are Proving
Encouraging Surprise.
BY THOMAS f. FLANAGAN,
Associated Press Financial Writer.


A revival in steel production and
quickening retail sales in some regions
were cited by observers of the ma
tional business scene during the week
just closed as indications of leveling
of in the recession.
The motor industry stepped up op-
erations along with steel makers. Elec-
trio power output and freight carload
ings declined.
The Associated Press index Of in
dustrial activity stood at TAI COM
pared with 749 the week before and
l02 in the like week last year.
The Commerce Department In its
weekly survey of business in 36 cities
said trade moved into the new year
Under somewhat mixed conditions"
In New York City retail trade made
"a very good comparative showing"
Chicago business was spotty although
quality stores reported good volume.
In many cities Of the country, how
ever, trade continued very much in
the doldrums," the survey said.
On the other hand, Dun e. Brad
street said January thus far has been
an encouraging surprise to retailers
Carriers Order Steel.
The steel industry boost in operation
was the first since mid September.
Production was estimated at 25.6 per
cent of capacity, compared with 1872
the week previous, 275 month ago
and 1914 in the like 1887 week.
Trade observers said railroad de-
mand for steel. although subnormal
for this time of year. was . bright
spot. Construction activity afforded
little new business. Despite improved
outputs of automobiles during the
week, it was reported steel men were
not expecting much new business
from this source.
Motor production increased to 54.-
084 units from 1850 the preceding
week. This compared with 92,142 in
the corresponding period last year,
Wards automotive reports said.
Freight carloadings in the week
ended January l totaled 457359, the
Association of American Railroads
reported. This was a decline of OF
Of l per cent from the previous week
and drop Of 223 per cent from the
ike week year ago. The downturn
was more than seasonal, traffic eX-
perts said, caused primarily by slower
shipments of industrial products, par
ticularly in the less-than-carlot Glass;
fication.
Power Output Lays.
Production of electric power in TIE
final week of 1887 was estimated st
1000, 100000 kilowatt hours by the
Edison Electric Institute. This COM
pared with revised total of 2,Os5-
$4,000 in the preceding week and
2,08O, ,954 900 in the comparable period
Of the year before 1t was noted there
were moderate gains in demand for
electricity in the Middle Atlantic, West
Central and Pacific Coast regions, but
that other districts, including the CEN
tral industrial, used less power.
A report in industrial circles that
excessive inventories In many fields
had been worked OF sounded a cheer
ful note. This, business men said.
would help clear the path for the usual
spring production advance.
On the New York Stock Exchange
prices pushed ahead against occasional
selling f1urries. Heavy industry shares
much of the time were out in front
aided by Wall Street expectations of
heavy armaments spending.
The bond market, except for railroad
loans. gave fair account of itself
Carrier issues slumped when the Erie
System omitted interest payments. but
recovered when the Reconstruction
Finance Corp. granted a loan to the
Baltimore & Ohio to tide it over f1nan-
cial difficulties.
Raw material price trends were
mixed.