Evening star., 1939-11-26
Retail Volumes
Jump 10 New
1899 High
Industrial Operations
Continue Not Far
Below 1929 Peaks
BY SMITH REAvIS,

BY SMITH REAvIs,
Associated Press Business Writer.
NEW YORK, Nov. 25.-Retail
trade, recording marked gains In
many sections Of the country, stole
part of the business show this week
from the heavy industries, which
have been plugging along at near
capacity rate since the outbreak Of
the European war in September.
Helped by the weather, Thanks
giving preparations and the begin
ming Of the Christmas buying sea-
son. Dun q Bradstreet reported,
store turnover reached q high for
the year.
Mills and factories continued at
level not far under the 1929 peaks,
with slowdowns here and there and
accelerations in other spots. Orders,
however, were not as plentiful as
they have been for the past two and
a half months and many analysts
renewed their prediction Of q letup
after the turn of the year.
Not many felt that it would be
q serious one, because orders on the
books IN many cases will carry
production through at present levels
well into the first quarter of 1910.
Grace is Optimistic.
An optimistic view was expressed
by Engene G. Grace, president of
Bethlehem Steel Corp, who said
that the present upswing is a ma.
tural recovery" after long period Of .
depression. It was brought about,
he said, by realization that shelves
were bare Of reserve supplies, equip
ment In many fields was in need Of
repair, and installations of needed
facilities had been postponed"
In other words" he added, "our
whole industrial structure was
operating on a hand-to-mouth and
minimum requirement basis"
The vast addition to industrial
employment since the war started.
resulting in millions of dollars in
raised pay, rolls. was quickly re.
nected IN consumer purchasing.
Lower temperatures brought out
buying and holiday turnover was
heavier than had been expected.
So good was the response that the
National Retail Dry Goods Associa.
ton was led to predict a holiday
business for department, dry goods.
general merchandise and apparel
stores between now and Christmas
OF something like 81 800, 900 900. or
~ per cent more than during last
years season. That would make It
the best Christmas month since 1929.
Toys in Strong Demand.
Toys and luxury goods sold In
neavy volume. Expanded facilities
1or credit buying were said to have
played an important role In the
more active turnover Of expensive
items.
Wholesale trade was still larsely
IN replacement orders, Dun & Brad
street said in its review, with most
new business coming from stores in
the industrial regions. Country
merchants were said to be making
Few bookings until they could fudge
more accurately the scope of the
Christmas buying.
Industrial activity, as measured bv
the Associated Press index, dropped
q little from its peak of the pre-
ceding period which was the best
since November, 1929. It was At
1888 per cent of the 1929-30 average
compared with 1901 q week ago
and 92.4 last year.
A less than seasonal automobile
production, due largely to labor Diff
aculties in the plants of one Of the
large makers, dip in residential
building and another in cotton mill
output were largely responsible for
the backsliding.
Favorable factors were q slirht
step-up in electric power output for
the week ended November Is and
the fact that railroad freight car
loadings for that period dropped far
less than was to be expected at this
season Of the year. Contrary to the
usual trend, miscellaneous loadings
increased little, indicating the
rapid movement to market Of the
recently intensified production.
AUTO sales increase.
While automobile manufacture
slackened dealers throughout the
country reported sales far ahead of
those last year at this time and
such drive had been put on to dis
pose Of used cars that there was 4
big reduction in those unsold.
Steel mills again attained q record
production of ingots, operating at
939 per cent of theoretical capacity
compared with 93.5 per cent last
week and 619 per cent q year ago.
Iron Age reported the present rate
would probably continue unchanged
to the end Of the year, with few
variations and that January output
likewise would be high. New orders.
as distinguished from old commit
ments, apparently are heavy enough,
the trade journal asserted, to sup.
port operating rates at from 65 to
30 per cent Of capacity, thus assur.
ing strong mill schedules for at least
the first part of the initial quarter.
Orders for finished and semi.
finished steel poured In from neutral
countries and an inquiry for 200,.
600 tons was received from the Brit.
ish government. A feature Of the
week was an order from Britain for
$4,000 tons Of scrap, the largest
such booking on record. Italy aud
Japan likewise bought 10000 tons
each.
Machine Trade Busy.
Heavy demand for machine tools
continued and plants were pressed
for early deliveries. The railroad
equipment workers found bookings
not so numerous as last month, but
the heavy backlog Of orders on hand
was sufficient. it was said, to keep
them busy well into next year.
This activity In the machine tool
and equipment industries, it was a.
serted, steadily pushed steel con.
sumption toward the level Of actual
production, leaving small inven.