Evening star., 1939-03-12
Shows
.Spotty Revival
Tendencies
Retail Trade Quiet,
But Many Cities
Top 1893 Levels
BY THOMAS E. FLANAGAN,
Associated Press Financial Writer.

Associated Press Financial Writer.
Industry showed spotty pickup
tendencies this week.
Modest gains were turned In for
electric power production, carload
ings and automobile output. Steel
operations, on the other hand, we're
shaded.
retail trade lacked driving power.
although the Department of Com
merce reported that volume in many
major cities continued to compare
favorably with this time year ago.
The approach of Easter helped
fatten figures on wholesale business
with apparel lines making the best
showing.
Automobile companies we're the
star performers among major in
dustries. On the basis of statistics
during the week business analysts
we're able to take a fairly cheerful
view OF this industry's probable con-
trlbution to spring progress.
Auto Output Scars.
Wards automotive reports said
automobile production had risen to
04,O95 units, compared with 78.7O5
the previous week and 57,438 in the
like week a year ago. The report
said present anticipations point to
gain OF 80 per cent in factory pro-
duction during the second quarter
OF the year, as compared with the
same period last year"
That public demand for motor
cars has been running we'll ahead of
last year was made clear in the re-
port OF consumer sales issued by
General Motors Corp. for February.
1t showed that sales totaled 83.25l
units, compared with 62,83l in the
like month last year The total,
however, was somewhat lower than
January, 1899.
"A squirt IN new passenger car sales
In the latest week bore out this
trend. Sales in Wayne County,
Mich. jumped to 1927 from lO5O
the week before and 845 in the like
1888 period.
Apparently Wall Street traders
were hopeful over the spring out
look for the automobile industry,
1ney pushed up the price of Cen
eral Motors common to a new high
for the year.
Retail Outlook Good.
Although retail trade generally
won no medals during the week.
analysts had reason to take fairly
bright view of the business pros.
poets.
In its weekly review of business
in 36 key cities. the Department of
Commerce reported tone of un-
DERIVING optimism" in various
branches of trade and industry.
For one thing. 1t was noted that
the wave of textile buying which
got under way last week had con-
tinued unabated. In New York's
Worth Street.-The Nations tex
tile trading center-there was one
OF the heaviest buying tides that has
swept across counters in the last
year.
This trading center is always SEN
sitive to underlying shifts in the
currents Of business sentiment. and
business men said the present burst
OF demand is a symptom of stiffen-
ing confidence. In particular were
| observers impressed by the fact
that the textile goods were bought
at somewhat higher prices.
Commodities Steady.
Another factor which came In for
foUnrohlo
stable behavior of wholesale COM
modify prices. The Labor Depart
ment estimated that wholesale COM
modify prices declined only OIL of
per cent during the week ended
March 4. The combined index, how
ever, was OIL OF l per cent higher
than month ago and 39 per cent
under the level of last year. The
department attributed the decline
mainly to lower quotations for
grains, livestock and lumber.
Miscellaneous items on the busi-
ness ledger which received close
study included: Firmness in prices
on the New York Stock Exchange,
gains in bank clearings and the re-
affirmation OF tin-plate prices by
Carnegie-Illinois.
Industrial statistics issued during
the week follow:
The American Iron and Steel In
stitute reported production at 55.l
per cent of capacity, compared with
55.8 the preceding week, 53.4 month
ago and 299 in the like 1888 week.
Electric power production. accord
ing to the Edison Electric Institute,
totaled 2,244O14.OOO kilowatt hours
in the week ended March 4. This
was slight gain over the previous
week and 1912 per cent higher than
the like week last year.
The Association of American Rail.
roads reported carloadings of 598 SOL
in the week ended March 4. This
was rise of 6.8 per cent over the
previous week and 83 per cent over
the like 1888 week
The Associated Press index of in.
dustrial activity rose to 874. com.
pared with 87.2 the preceding week
and compared with 682 in the like
week a year ago.