Evening star., 1939-12-10
Nation Adds
To Business
Momentum
Virtually Every Group
Shows Coins
During Week
BY SMITH REAVIS,
As6ociated Press Financial WritaR-


Associated Press Financial Writer.
NEW YORK, Dec. 9-The Nationb
business added. to its breakneck speed
of the last three months this wSek
IN aie face OF dwindling orders m
the heavy division and a cautious
buying policy by retailers who are
experiencing the best Christmas
season in years.
Virtually every group benefited
from the momentum acquired in
September, October and November.
Employment again increased as in
dustry reversed the usual seasonal
trend and spurted rather than de-
clined.
While new bookings fell away, most
manufacturers in the heavy lines
saw enough on their books to keep
them pounding away at high rate
through the first three or four
months of 1910, at least. And the
decrease in orders was not sufficient.
ly great to alarm many economists
who believe the Nation needs enough
equipment and plant facilities to
keep things moving for many months
to come.
This was the consensus of MANY
delegates to the annual meeting Of
the National Association Of Manu-
facturers here. Some of them saw
possibility of lag in construction
as public grants are used up but were
heartened by the constantly growing
gain in private building, which
showed an advance this week for the
thirteenth consecutive period and
was 1l9 per, cent ahead of the like
1898 period.
See Slackened Pace.
Most thought the present pace
would slacken somewhat otter the
turn of the year. although orders
from abroad might help to keep 1t
up. So far these have not materials
lied to the extent looked for at the
outbreak Of war. although many for
eign markets have been more gen.
erous in their bookings than pre.
Viously.
Belligerent buying policies, except
Tor machine tools and airplanes,
have been extremely cautious, and
more and more. businessmen look for
French and British purchases to be
made within their respective en-
pires as much as possible. The Brit
ish this week were said to be still
in the market for a certain amount
OF steel and several hundred thou-
sand shells, but no orders had been
placed.
Illustrative of the business carry
over into the usually dull season
preceding Christmas, the Associated
Press index of industrial activity
advanced to ll09 per cent of the
1929-30 average, compared with 1859
last week and $40 a year ago. It
was the fastest rate since November,
1929.
IngOt Production Set Back.
Every component, except steel in
got production. was up. This had
its first setback since the week of
September 4, when operations were
at 506 per cent of theoretical ca
pacity. The latest figure was 928
per cent compared with 94.4 per
cent the preceding period.
A downtrend in new orders was
more definitely discernible, said
Iron Age. but the aggregate back
logs OF steel companies were not ma
terlally reduced. The decline in
bookings had no connection with the
drop in the rate, the publication
added, asserting that it was due to
shutdowns in few districts only,
mainly for equipment repairs.
The return TO production Of
Chrysler Corp. enhanced prospects
for new business after January l,
for while the company has enough
metal on hand for present require
ments it will require more for jan
uary and subsequent months.
Seek Home Market.
Export business to countries for
merly supplied by France, England
and Germany picked up, most of it
for delivery next year. In the
meantime, the mills are striving to
make deliveries to their domestic
customers on the theory it is better
to keep the home market than seek
others, which may be temporary,
abroad.
Resumption of Chrysler operations
caused sharp increase in auto
mobile output, which jumped to
5,488 units from 1888 last week.
Dealers sales were reported heavy
and Wards Automotive Reports pre-
dicted the December production
would be the second best for the
month in history, exceeded only by
the final month of 1886.
Electric power production for the
period ended December 2 was
boosted considerably, almost touch
ing the record peak set in October.
Residential building improved
against the seasonal trend and while.
railroad freight carloadings were in
teffered with by the second Thanks
giving holiday, they showed rise Of
more than 10000 cars.
Ore LOadings Let Down.
Gradual slackening of Great
Lakes navigation caused q letdown
in iron ore loadings, but this was
almost offset by a gain in haulings
of miscellaneous freight, measure
of the movement of goods into con-
Railroads, heavy buyers
of equipment in September, October
and November, centered their pur-
chases on motive power and ~
orders for locomotives were placed.
Cotton textile mills with plenty
of work on hand to carry them at
a high rate through January, at
least, stepped up their pace at q
(See INDUSTRY. Page E-2J