Evening star., 1938-01-16
Trade Reports Too Mixed in
Week to Draw Definite
Conclusions.
INDUSTRIAL ACTIVITY
TURNS UP SLIGHTLY
Associated Press Index Advances
for First Time in More Than
Three Months.
BY THOMAS E. FLANAGAN,
Associated Press Financial Writer.

Further revival in the steel industry
provided beacon light for observers
scanning hazy business horizon In
the last week.
Other industrial indicators also
gained, but improvement in such di-
visions as freight car loadings and
electric power output merely reflected
resumption Of activities following holi-
day Interruptions.
For the first time in more than
three months the Associated Press
index OF industrial activity moved
ahead. 1t stood at 742. compared
with TAI the previous week and 1902
in the like 1887 week.
Various business reports are so
mixed 1t would be unsafe to draw any
definite conclusions from the survey
in its entirety" the Commerce De-
partment said IN its report Of 36 cities.
In some cities both wholesale and
retail trade are showing gains over
the comparable period of 1887, while
IN other cities, just as numerous and
important, losses are revealed. In
some Industrial centers reports indi-
cate plants are taking on more work.
ers, while in other cities the number
OF people on pay rolls Is being re-
duced."
Mill Operations Climb.
Steel operations rose to 27.s per
cent of capacity from 25.6 the previous
week. the American Iron and Steel
Institute estimated. A month ago
the rate was 274; a year ago, 1873.
From steel trade outposts came
word the motor industry has been buy
ing less, while the construction sector
has been up against some temporary
abandonment of building projects.
Railroad demand, on the other hand.
looks more promising" experts said.
Training its sights on the expected
spring pickup, the motor industry
stepped on the production accelerator.
Output rose to 65,735 units from 54os4
the preceding week and compared
with 85,703 In the like 1887 period,
Wards Automotive Reports disclosed.
The survey said production would
"hold at approximately this level for
the balance Of January" then added:
The general belief In automotive cir
cles now is that spring will see a def
mite upturn in general business con-
ditions."
In the week ended January 8 rail-
way shipments Of freight totaled 552.-
3i4 cars. an upturn Of 20.8 per cent
over the preceding holiday week, but
total Of 21.1 per cent under the
corresponding week a year ago.
The rise over the previous week was
more than seasonal, traffic experts
said, because Of the heavy movement
OF goods in less than carlot loads.
Power Output Improves.
Electricity production totaled O.
139,582, 900 kilowatt hours in the week
ended January 8. the Edison Electric
Institute reported. This compared
with 1,998,135,00 in the previous
week and 2.244, 1850, 900 in the like
week last year.
Quickening demand for some raw
materials and faster production In in
dustrial lines stimulated demand for
shares on the New York Stock Ex-
change. although profit selling came
into some issues near the finish.
In the bond market, low-yield cor
porate loans took their cue from ris-
ing United States Government obli-
cations. On the other hand, medium
and low priced liens Of those rail-
roads in financial straits continued
to decline.
In textile markets some goods en-
joyed burst of activity which proved
the heaviest since last spring.
Buyers Of such raw materials as
copper, cocoa, rubber and lead were
active. A good deal of this purchas-
ing, trade observers said, was for the
account of Spectators rather than for
professors stocking inventory shelves.
New York Trade Uneven.
Word received by the Commerce De-
partment showed trade irregular in the
Nations retail and wholesale capital
at New York City. Industrial con-
Germs in this area, although throttled
down for the present, were optimistic.
Some observers said they believed the
low point in manufacturing opera
tions had been passed.
Trade in Chicago and Philadelphia
was holding about steady. Retail turn
over at Cleveland was at a low for
the season. Boston reported retail
business slow, but said New England
shoe makers were running at the high
est level in two months, with good
orders still on books.
st. Louis department stores reported
trade about Is per cent over last year.
Good retail activity in Minneapolis
during the past two weeks gave q boost
to wholesalers. Dallas had many stores
reporting gains over last year. Kan
sas City's record was spotty.
San Francisco reported slight i'm
provement in department store trade.
Collections were good. New whole
sale business was brisk and somewhat
better than in the like period Of 1887.