Evening star., 1939-04-30
Industry Continues
To SIacken Pace for
Fourth Week
Associated Press Index
Falls to 81, Lowest
Since October
BY THOMAS E. FLANAGAN,
Associated Press Financial Writer.

Associated Press Financial Writer.
Disturbed by war fears, industry
continued to slacken its pace this
week, marking the fourth consecu-
tive weekly decline. Measured by
the Associated Press index, activity
fell to "a, lowest since October. The
week before it was 85.3, a year ago
683
Steel production slumped. The
motor industry limited that the
spring output peak has been passed.
On the other hand, carloadings and
electric power braced up little
and retail sales got boost from
the weather in some regions.
The undercurrsnts which stemmed
from fears Of war in Europe had
the profound interest Of analysts.
For instance, buying of primary
raw materials and foodstuffs quick
ened. Heavy demand for sugar.
credited partly to accumulation OF
war reserves, lifted the world price.
Britain Needs Steel.
Eugene G. Grace, president of
Bethlehem Steel Corp, disclosed
that American steel makers had re-
ceived their first important big
order from abroad" since the Euro
pean crisis began. Reports were cur.
rent in Wall Street that Great Brit
ain is in the market for steel sheets
suitable for bombproof shelters.
A footnote on the mounting war
threat psychology in business circles
was provided by the announcement
of the Chamber Of Commerce Of
the United States of subjects to be
studied at its annual meeting next
week. One was scheduled address
entitled what the Individual Man.
ufacturer Would Be Called Upon to
Do in Time of War; another, PRO.
viding Strategic War Materials"
The Commerce Department, re.
porting on business in 36 cities, said:
wholesale trade continued at q
fairly stable level though cautious
buying policies were still in eW-
dence."
Reporting the highest first quarter
income since 1929, Alfred P. Sloan,
jr., chairman of General Motors
Corp, told stockholders that in the
latter part of March more than
seasonal" upturn in sales to con-
sumers took place. Whether that
improvement will prove to be only
temporary, or whether 1t indicates
q more lasting reversal of the down.
ward trend, cannot be determined
at the time of this writing" he said.
Sears Sales Set Record.
Gen. Robert E. Wood, chairman
of Sears, Roebuck g. Co., said cur
rent sales are the highest for the
period in the history of the com.
pany. He added that conditions in
Europe might have a considerable
bearing on business the rest Of the
year, but that 1t was rash to look
ahead more than three months.
Stockholders of Montgomery Ward
were told at the annual meeting
that sales in April have been run
ming about 10 per cent ahead Of last
year. A company official presented
charts showing how the company
Jared during and Immediately after
the World War. Sewell L. Avery,
chairman, said the charts might
offer a hint of what might be ex.
pected If another war should come.
A compilation of retail sales re-
ports prepared by the Commerce
Department showed improvement in
the following cities: New York, At
lanta, Chicago, st. Louis, Minneapo-
lis and Dallas. Mixed trends were
reported for Boston, Cleveland and
Richmond. Downturns prevailed in
Philadelphia, Kansas City and San
Francisco
Industrial statistics which ap-
peared during the week included:
The American Iron e. Steel In
stitute estimated production drop
ped to 486 per cent Of capacity
from 500 the week before. In the
like 1898 week the rate was 80 per
cent.
Auto Production Down.
Automobile production, according
to Wards automotive reports. de-
clined to 86,640 units from 90, ,280 the
previous week and compared with
50,755 in the like week last year.
The Edison Electric Institute re-
ported production of power at g.
1879 ,0O2 900 kilowatt hours in the
week ended April %, moderate
upturn from the previous week, and
1877 per cent ahead of the like
week year ago.
Freight carloadings were reported
at 558,7O6 by the Association of
American Railroads in the week
ended April %. This was a small
increase over the preceding week
and 34,958 better than the like week
last year. The total was 814 per
cent of the average for the cor
responding week OF the 10 preced-