Evening Star Newspaper, July 14, 1935, Page 67

News of Markets Pages 1 to 4 Part 5—12 Pages UPTURN RECORDED BY D. . SECURITIES IN ACTIVE TRADING Lanston and Mergenthaler Shares Score Largest Gains of Week. PEPCO PAYMENT SPURS TRANSIT BOND PRICES Interest Grows in Coming Elec- tion of Second Vice President for A. B. A. at New Orleans. BY EDWARD C. STONE. Nine issues on the Washington Stock Exchange sold at higher prices during the last week, one of the liveliest so far in 1935. The list included three senior issues and six stocks. Anacostia & Potomac River R. R. first 5s moved from 91| to 93 on the report that the Potomac | Electric Power Co. had paid the trustees, the Baltimore National Bank, | a $325,000 note which was due July| 1. The payment means that the trustees will retire that amount of the bonds as soon as they have been | purchased. Consequently, the price of | the bonds has already started upward. Capital Traction 5s were in better demand at rising prices. After clos- ing at 97!, on July 5 they closed last Friday at 98 flat, offered at 981. No doubt the strength in these bonds was partly due to the advance in Anacostia & Potomac R. R. first 5s. | City & Suburban R. R. first 5s, 1948, also an obligation of the Capital | “Transit Co., were the other bonds to gain during the week. These bonds, which have enjoyed a good deal of | popularity so far this year, advanced | from 87!, to 88'5. | In the stock division Capital Tran- sit moved from 19 to 19':, Potomac Electric Power 6 per cent preferred advanced from 110 to 111, while the same corporation’s 51 per cent pre- | ferred climbed a half point to 114'.. The largest gains of the week were recorded by Lanston Monotype stock, which jumped from 60 to 62%, and Mergenthaler Linotype, in an upswlngi' from 25 to 271;. Another stock that | displayed extra strength was Capel | Corp., the food distributing company’s shares going from 20 to 217%. All in| all, the second half year on the local exchange is off to a fine start. Election Interest Broadens. ‘The financial press is talking more | and more about the selection of a sec- ond vice president for the American Bankers' Association at the Fall meet- ing in New Orleans. Ronald Ransom of Atlanta, or Rob- | ert M. Hanes of Winston-Salem, N. C., may be put forward by Southeastern bankers as a candidate for the second vice presidency of the American Bankers’ Association, it is hinted in the July 6 issue of the Chicago Banker, spokesman for the Eccles-Bennett in- terests in the resumption of its cam- paign for the election of E. G. Bennett, manager of the Eccles chain of banks, to that office. Mr. Ransom is executive vice presi- dent of the Fulton National Bank at Atlanta, Ga., member of the A. B. A. Bank Management Commisison, and chairman of the A. B. A. Committee on Federal Legislation. Mr. Hanes is president of the Wa- chovia Bank & Trust Co., at Winston- Salem, N. C, and a member of the Executive Committee of A. B. A. State bank division. Both these men are well known to many Washington bankers and are considered very high-type men. Gossip in Financial District. Reports from rece'vers of Wa.hing- ton closed banks, made since the con- troller’s call of Juve 29, indicate steady and substant:al collections. In sonfe cases pending Litigation ties up early payments to former depositors. Yet a good amount of money is now on hand and in time will be dis- tributed to waiting patrons of the de- funct institutions. Encouraging prog- Tess, even if slow. The Morris Plan Banks of the coun- try have granted a twial of 9,481 loans amounting to 34.247862 to property owners for repairs and improvements under the terms of the Federal hous- ing act, President arthur J. Morris reports. The Weskington bank has made its full share of these loans. Mutual savings barks in New York State have added mcre than $122- 000,000 to their d=posits in che past 18 months, according to the State as- sociation. Since July 1 deposits in these banks have 1eached the highest mark since withdrawals preceding the banking holiday. ‘Washington bankers visiting Lees- burg, Va. and nearby sections report that crops are in extra fine shape and predict that the farners will have ex- ceptional buying power this Fall. Similar forcecasts are made for the Frederick, Md., area. — WOOL IS MORE ACTIVE, PRICES ABOUT STEADY By the Associated Press. BOSTON, July 13 (United States Department of Agriculture). — The wool market recovered moderately from the dullness that set in last week after the holiday. Sales comprised iergely of fine and 1, blood grade. Recause of wools having been racher quiet, price ranges showed no material clange, although maximum prices of the range in many cases were difficult tc secure as a result of the limited demand. Strictly combirz Ohic and similar fleeces were quoted at 30-31 cents in the grease on 64s and finer, 58-60s 1, blood and 48-50s % blood grades and at 31-32 cenis on 565 ¥ hlood. CHAIN STORES REPORT SALES ABOVE JUNE, 1934 By the Associated Press. NEW YORK, July 13.—According to a compilation made by Merrill, Lynch & Co., 23 chain store com- panies, including two mail order com- panies, reported an increase in sales of 932 per cent for June over the § same month & year ago. ) | formly good and producers at no time | | Longer | answer of 92 per cent of the sam® | group was “no.” Boost in Copper Talked on Eve of London Meeting By the Associated Press. NEW YORK, July 13.—Despite rumors of sizable sales at concessions by second hands, copper displayed re- newed activity and firmness last week. Predictions were heard of a possible advance by leading producers early next week. This, it was said, may follow any favorable developments at Monday's meeting of producers at London, where a marketing plan for the world copper output will be dis- cussed. Demand for the red metal has broad- ened, not only for prompt shipment, but_extending over a period of July to October as well. Renewed firmness in the export situation reflects the reluctance of foreign producers to offer, in view of possible impending developments af- fecting the world price. Electrolytic for export advanced to 7.75 cents a pound gif. European base ports, while the domestic price held firm at 8 cents, delivered Connecticut Valley. Lead shared prominently in the gen- eral improvement of the metals, with a further advance of#$3 a ton being recorded. While buying activity tapered off somewhat, the demand was uni-| found difficulty in disposing of their production. Building trades have been the principal buyers. STORES MAINTAIN STANDARDS AFTER RULNGONN.R.A. Hours _in Some: Areas Only Noticeable | Change, Survey Reveals. ;. | BY FRANKLIN MULLIN, 7 | Associated Press Staff Writer. < } CHICAGO, July 13.—A country~ wide survey among members of tht National Association of Retail Clc thiers & Furnishers today disclose. that the Supreme Court decisicy affecting the N. R. A. has not resulte¥l in any material chahge in retail stanc; ards in this field. According to the National Clothie, the association’s journal, questiors | and answers in the survey were: Has there been any attempt i) reduce wages in retail stores since| the court decision was announced? To this 99 per cent of a large groud of representative men's apparel mer: chants replied “no.” Has there been any incréase in un- employment? The answer of 95 per cent of the same group was “no.” Price Cuts Avoided. Has there been any reduction 1r~ prices or any cut-price sales? Tb» Have there been any changes i\ store or working hours? To this 73 per cent of the saime group repliesl “no.” + The association pointed out the| survey provides an interesting comi~ parison with another N. R. A. study | compiled shortly before the courts decision was made public. x In the previous survey more thsn 50 per cent of the merchants reportidg | were shown to be in favor of tie| N. R. A. with certain reservations, the association said. “It is natural that these merchants would be the first to observe any lov'- ering of standards because of the| withdrawal of Government regula- tion,” said National Clothier. “Yet the result that was most expected and most feared—the lowering of wages following the withdrawal of the codes —has not taken place.” Hours Are Lengthened. The one noticeable change that has been brought about as a result of the decision is the lengthening of hours of labor for retail sales help. ‘The association said this is not wide- spread, but in some sections there is a marked trend in this direction, particularly in the Middle West. It was pointed out the retail salesman complained about having his working hours shortened because his sales and commissions were cut down, Some merchants reporting in the survey indicated there had actually been increases in employment. Others noted wage increases. o CLEARING HOUSE ISSUES REPORT AT NEW YORK | By the Associated Press. NEW YORK, July i3.—The weekly statement of the New York Clearing House shows: Total surplus aad undivided profits, $731,624,000 (uncharged). ‘Total net demand deposits (aver- age), $11,493,000 (increase). Time deposits ‘average), $1,273,000 (increase). Clearings week ended today, $3.457,- 867,636. Clearings wee ending July 6 (x), $4,081,399,588. (x) Five days. Top-Heavy Excess of Shipments to Europe Is Reduced by Moderate Increase in I mports BY FREDERICK GARDNER, Associated Press Pinancial Writer. HIFTING trade currents have altered importanily this year the balance in the exchange of goods between the United States and some foreign countries. Outstanding has ocer a reduction in the top-heavy excess of exports to Europe, resulting in pert from a mod- erate expansion in imports from that continent. A few European countries, mainly members of the remaining gold bloc, cut their purchases of raw materials in the United States sharply. But what it lost in exports of raw materials to Europe, the United States has retrieved largely in the sale of manufactured goods to South Ameri- ca, Canada, the Far Easi, Africa and the southern hemisphere lands known as “Oceania”—notably Australis. Most striking in the shift from a .of June. FINANCIAL AND CLASSIFIED he Sundwy Star WASHIN EQUITIES REFLECT GROWING FAITH IN BUSINESS OUTLODK Prices Hit New 1935 Peaks, With Industrial Issues Highest Since 1931, WAGES ARE MAINTAINED, BUT JOBS TOTAL LAGS Between 9,000,000 and 10,000,000 Still Idle—Lower Food Prices Are Predicted. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, July 13 (NAN.A) X A Wall Street commentator remarked this week that the gain in confidence was due to the absence of new moves to bring about inflation. If this is a correct analysis, the fact that the stock market touched a new high average for the year, with in- dustrial shares at the best values since the autumn of 1931, gives point to the argument that securities are today, and have been for the last two years, conforming more to business condi- tions than to prospective currency ex- pansion. ‘Wall Street woos the theory of in- flation for a while; then drops it for some more substantial reason for in- creasing its commitments in “equities.” This may be found at present in the current record of industrial activity and in the increasing belief that busi- ness will expand considerably in the Fall. In several lines that had been af- fected by a seasonal slump the come- back has been significant. Thus, iron and steel production this week is at 36'. per cent of capacity—still too low for profitable operations, but comparing with 27 per cent a year ago. Fundamentally, the industry is in better shape than last year, for stocks are low, wherea$ they were high in July, 1934. Railroad equipment purchases are the largest in several years. Electric power output is 6.4 per cent over last year, the highest since the eve of the panic in October, 1929. This dem- onstrates the degree to which the industry has expanded during a six- year period when railroad traffic has fallen 4Q per cent and the average of industrial activity is only about 70 per cent of normal. Automobile production during the first week of the month was nearly double that of the corresponding week in 1934, though' less than the last week in June. Gain in Bank Clearings. Bank clearings for one week are of little use in charting business ac- tivity, so the gain of 30 per cent re- ported in July may be dismissed in favor of the figures for the full month These show increases over last year of from 3 to 18!. per cent in the 12 Federal reserves districts of the country and the largest in those sections whose trade expands or contracts as the fortunes of the producer of farm products are rising or falling. Retail business has been above ex- pectations in the Atlantic States, in the Northwest and Southwest and in portions of the Midwest, as well .as on the Pacific Coast. There is apparently a stability in prices that satisfies the consumer and an absence of the threatened cutting and slashing that followed the downfall of the N. R. A. ‘Wages are being maintained. There are few labor disputes requiring im- mediate Federal attention. Unfortu- nately, the absorption of labor into employment is slow. In New York State, factory employment dropped 1.4 per cent in June. There are still between 9,000,000 and 10,000,000 seek- ing work in the country as a whole. Figures of unemployment in Great Britain, released this week, showed the smallest total since July, 1930." The problem of the wheat crop this year is what to do with it. The forecast of the 1935 yield just made by the Department of Agriculture in- dicates 731,000,000 bushels, compared with less than 500,000,000 bushels last year. This is likely to be re- duced before harvests, as rust and floods are already cutting down the prospects, but the surplus over re- quirements will be heavy and in competition with liberal harvests in Canada and in Europe. The cqrn crop is estimated at nearly 700,000,000 bushels more than in 1934, though 20 per cent under a five-year average. Both of these conditions should bring about more moderate prices of food- stuffs, which have advanced slightly again this week. Money Continues Abundant. It is, then, this general condition of improvement and of anticipated business expansion that explains the confidence expressed in the midweek higher prices for securities. However, the abundance of money and the con- tinual quest for placement of it to advantage is also an important fac- (Continued on Page 2, Column 2.) GTON, BRITAIN EXPECTS ELECTION IN FALL, TRADE HOLBS RISt Outlook Regarded as Best in Five Years—New ls- sues Continue to Boom. D. C, REICH HOPES SPURRED BY ETHIOPIAN TROUBLE Italians Believed Too Busy to Watch German Moves—British Turned Away From 0ld Allies. Special Dispatch to The Star. NEW YORK, July 13.—Cables and radio dispatches ‘to Business Week give the following survey of business abroad for the week ending today: LONDON.—"Despite the squabble going on in political headquarters, an | Autumn_election still seems certain Judging by the speeches of ministers, the election will be preceded by the announcement of a new ‘five-year plan’ program, including public works, & low tariff, as against a quota pro- gram; the extension of marketing boards and concessions to the unem- ployed in relief grants. There will be an appeal for a new mandate to rearm. “Though the diplomatic situation in Europe is dark, the business outlook at home is brighter than it has been in five years. Unemployment is at the lowest figure in five years. Senti- ment among Manchester cotton men is better. Iron is doing well and there is genuine concern among buyers over the ability to secure supplies promptly during the second half of the year. Consumption of structural |steel is heavy. Steady business is | being done in sheets and useful ex- port orders for rails have been booked. | “New issues continue to boom. One | or two offers have ‘been as impudent | as anything in 1928, which makes it | look as though the sharks think that investors are ready once more to nibble at anything that comes along. Cas- nove & Ackroyd (middle men) made £360,000 in profit on the recent intro- | duction of Bristol Aeroplane ordinary shares. On an offer for sale of a newspaper issue the finance house took 1s 6d a share. This angers both investors and brokers who are not in the inside circle, and may lead to & heavier Socialist vote in the coming election than might other- wise be expected.” Clash to Ald Germany. BERLIN.—“The struggle over Ethi- opia. promises to benefit Germany. In the first place, the Germans, who have had their own experiences in Africa and are therefore realistically familiar with the problems of a cam- paign in Ethiopia, of all places, be- lieve that it will tie the Italians to 2 long and difficult campaign which | will both drain the country of men and money and keep Italy from fol- lowing German moves on the conti- nent too closely. Even more important, the move by Mussolini has already alienated Britain from her old allies | and more or less turned her toward Germany. 2 “Internally, there are both favor- able and unfavorable developments. The crop prospect just now is excel- lent. This cheers the import control authoritles, for it means that Germans will have more of tae things they want to eat without having to use precious foreign exchange to buy it. | This, in turn, should make it possible for Germany to buy more of the essential raw materials for industry. “Whatever feelings there may be over the prospect of trouble, the naval construction _program—127,000 tons this year—offers an impetus to the shipbuilding, steel and machinery in- dustries. “Black spots in the business situa- tion are the slow but steady advance | of prices in spite of the rigid control | measures, and the lack of activity in BRAZIL COTTON CROP JUMPS 32 PER CENT | More Than 1,000,000 Bales Seen | Available for Export for First Time. By the Associated Press. RIO DE JANEIRO, July 13.—Brazi this year is expected to exceed by more than 32 per cent her 1934 rec- ord cotton crop of approximately 1,- 233,477 United States bales, it was of- ficially stated today. Figurés confirmed by the ministry of agriculture showed an estimated total crop of 370,500,000 kilograms in 1935, equivalent in United States terms to 1,633,900 bales. If all that cotton is industrialiy | useful there will be for the first time more than 1,000,000 bales available for export. Brazil's infant textile and by-product manufacturies have hith- erto used not more than 500,000 bales. large export balance *o an import ex- cess, from the standpoint of the United States, is trade with Germany. In the first -five months goods bought from Germany were valued at $31,206,211, compared with exports valued at $26,721,194. Imports from Germany in the comparable period last year were about the same total, but exports were more than twice as great, exceeding $62,000,000. The abnormal decline in sales abroad of American farm products, particularly cotton, accounts in large measure for the shift. At the sgme time trade students look upon Germany 83 a notable ex- by the exigencies of the world eco- nomic crisis to make & conscious effort realign its commerce so as to bal- smaller domestic supply, benefited chiefly Argentina and Canada. Ar- gentina, which shipped supplies val- ued at more than $25,000,000 to the United States in the first five months, had a balance of aboit $5,700,000 in her favor to help maintain service on | her debt in this country. Imports from Canada jumped about $20,000,000 and narrowed the excess of exports. The shift in trade currents has not gone far enough to please most of those who argue the United States mush expand imports to collect debts abroad. ‘While the margin belween ,exports and impprts has dwindled, the visible balance In the first five months still ran in favor of the United States in trade with France, Belgium, Japan, Italy, the United Kingdom and lesser countries, SUNDAY a Bear by the Tail. The President Just Isn’t Happy Unless He Has & N, MORNING, JULY o= 14, 1935. SLOWER PACE SET AT COTTON MILLS June Consumption Exceeds Year Ago Despite Drop From May. By the Associated Press. Cotton consumed during June was reported by the Census Bureau to have totaled 385946 bales of lint, and 61,905 bales of linters, compared with 469,250 and 65,501 during May this year, and 363,262 and 54587 during June last year. Cotton on hand June 30 was held as follows: In consuming establish- ments, 882,947 bales of lint and 206,- 121 of linters, compared with 979,130 and 231,225 on May 31 this year and 1,326,089 and 247,332 on June 30 last year. In public storage and at compresses, 6,077,634 bales of lint and 35423 of linters, compared with 6,560,247 and 49,416 on May 31 this year, and £,984,939 and 30,590 on June 30 last year. Imporis Are Smaller. Imports for June totaled 6,403 bales, compared with 10,423 for May this year, and 9,751 for June last year. Exports for June totaled 344,955 bales | of lint and 19,006 of linters, compared with 278,977 and 21910 for May this year, and 459,226 and 14,263 for June last year. Cotton spindles active during June numbered 22,790,200, compared with 23,027,780 curing May this year, and 24,621,334 during June last year. Cotton consumed during June in cotton-growing States totaled 313512 hales, compared with 378909 during May this year, and 292,576 during June, last year, Storage Data Given. Cotton on hand June 30 in cotton- growing States was held as follows: In consuming establishments, 680,659 bales, compared with 760,847 on May 31 this year, and 1015835 on June 30 last year. In public storage and at compresses, 5,922,454 bales, compared with 6,393t 415 on May 31 this year, and 5.681,~ 112 on June 30 last year. Cotton spindles active in cotton- growing States during June numbered 16,486,278, compared with 16,830,156 during May this year, and 17,107,528 during June last year, TRANSIT REVENUES HOLD WELL ABOVE YEAR AGO Special Dispatch to The Star. NEW YORK, Juiy 13.—Transit revenues for the calerdar week ending with Saturday, July 6, as reported by a representative group of comovanies, continued to record definite improve- ment over last year, as shown bjiithe Transit Journal indicator, which stands at 102.88, as compared with the corresponding week in 1934. “For the week ending June 29 the indicator stood at 102.30,” the report continues. “The past week, with its holiday, not only showed no slackering im ihe im- provement in transit, but the actual increase was greaier than in the pre- vious week. The gains were quite general throughout fhe country and the declines which have persisted in the East were consiJerably reduced.” CODE SUPPORT GROWS. NEW YORK, July 13 (#).—A state- ment issued by the National Knitted Outwear Association says that senti- ment in favor of a voluntary code to govern knit goods is gaining ground. Opposition to such s code, it was added, has been waning since mem- bers of the industry had been in- formed that the contract, if accepted by a majority, can be enforced in the Earnings Reports 1 By the Associated Press. | NEW YORK. July 13.—Corporations | reporting earnings during the last week, reduced to a per share basis, included: Six Months E | Underwood-Elliot-Pisher ___3: nion Oil Co. of California_ ansue liams Steel Forging = 26 Weeks Ended Ji General Baking Year Ended May 31. Dow Chemical ___________ United Light & Power & Elec B! Continental Gas tric *Preferred ' Chemical Prices Tend Downward Special Dispatch to The Star. NEW YORK, July 13.—There was a variety of movement in prices in | the markets for heavy and fine chem- |icals last week, the net aggregate change being a slight reduction, the | Oil, Paint and Drug Reporter will say in its July 15 issue. Business was irregular to quiet. Competitive ac- tivity was noticeable in a few articles in the fine group, with some offsetting influence exerted by diminished supplies. “Scarcity of santonin resulted in the doubling of the price. Current | quotations on potash fertilizer salts | were advanced, but the introduction |of new discounts lowered the prices for Fall and Winter deliveries. Dark higher; the light shades were moved downward. Higher prices were named on red lead and litharge in car lots and on tetrachloride of tin, aloin and superfine shellac. Competition brought | lower prices on iodine and the iodides of soda and potash. There was no change in the price of bismuth metal, but quotations on subnitrate, sub- carbonate and subgallate were re- duced. Barytes was cheaper at East- ern points. Lower prices were quoted on domestic castor pomace, South American bone and dried blood at Chicago.” The Reporter's composite index number of prices for heavy and fine chemicals was lowered from 1253 to 125.7 (compared with August 1, 1914, as 100). In comparison with average prices in 1926 (as 100), the Reporter's index number is now 89.0, against 89.6 at this time last year. GROCERY MARKET QUIET. NEW YORK, July 13 (#).—Current activity in the wholesale food and grocery market here is said to be small. Most jobbers and chain store buyers have contracted for their lines of staple goods for delivery up to the end of August. Construction in By the Associated Press. EW YORK, July 13.—The con- struction industry in June turned in a higher contract volume than was shown for any other month since March, 1934, when activity under the P. W. A. program was tapering from its peak, the F. W. Dodge Corp. announced. According to figures submitted by the corporation, June contracts for total construction in the 37 States east of the Rocky Mountains amounted to $148,005,200. This represents a gain of almost 18 per cent over the total for May and almost 17 per cent over the volume for June of last year. Of the June total, residential build- ing amounted to $49,832,600; this was May and almost twice As Activity Lags shades of cadmium red were quoted | Best Mark Since March, 1934 Classified Ads Pages 5 to 12 DECLINE FORECAST IN FARM INCOME .| Downward Trend of Prices| Cited by Review of Ham- ilton Institute. Special Dispatch to The Star. | fact that total farm cash income. as| compared with a year ago, was 18.7 | larger in May and 13.4 per cent larger in the first five months, the price situation indicates that the annual 1935 income will be smaller than that | of 1934, according to the Alexander | Hamilton Institute’s Bureau of Busi- | ness Conditions. A | “It is also probable that the farmers’ | purchasing power for the year, as a whole, will be smaller than in 1934 despite the increase over last year of | 12.2 per cent in May and of 5.8 per view states. “Since the quantity of farm products marketed in one year always corre- sponds closely to the size of the har- vest in the previous year ft may be estimated that the index of the quan- | tity sold this year will be 67.2, as com- pared with 85.7 in 1934 and 100.0 in | 1929. This estimate is based on the | curtailment of last vear's harvest as | Government's restriction measures. ““The quantity of farm products sold during the first five months was slightly lower than the estimate for the full year. The figure for the last seven months should therefore be somewhat higher than the annual estimate. The figure works out at 67.7. ‘The price index of farm products dur- ing the remainder of the year must consequently average 81.4 in order to provide an income from marketings this year equal to the 1934 income. “The present outlook is that the price average will be considerably lower than that. The highest figure reached during the first five months was 76.0 in April and since that time the trend has been downward. In June the| price index of farm products was only 2. o . “It would not be sufprising if the price average during the remainder of the year dropped below the June figure.” acreage NEW BUREAU CREATED. NEW YORK, July 13 (#).—Estab- lishment of an adjustment bureau to serve both retailers and manufactur- ers has been announced by the United States Testing Co. Retail membership { in the bureau will be limited to de- | partment stores. June Attains the survey stated. The June resi- dential building total was greater than was shown for any single month since October, 1931. Non-residential building awards amounted to $59,035:800, while con- tracts for heavy engineering projects— chiefly highways, bridges and the like —totaled $39,136,800 in June. Residential building awards let dur- ing the first six months of 1935 im the 37 Eastern States as a whole, amounted to $208,173300, as against only $131,762,900 for the corresponding six months of 1934. Besides recording an advance of almost 58 per cent over the half-year total for last year, the volume of resi- dential awards during the initial half of 1935 was greater than has been NEW YORK, July 13.—Despite the | cent in the first five months,” the re- | | the result of the drought and of the | INDUSTRY REVIVES FOLLOWING SLUMP OF HOLIDAY WEEK Broad Gain Supports Views That Seasonal Decline Will Be Moderate.. TOURIST TRADE NEAR 1929-30 IN SOME AREAS Retail Volumes Slacken, but Fali Orders Spur Activities in Wholesale Markets. BY RADER WINGET, Associated Press Financial Writer. Industry again bestirred itself the last week after many.factories had closed for the Independence day week end, Automobile production for the week ended yesterday was stepped to close to the levels of late June and to the highest level for this season in some time. Cram's estimate of 83,450 cars and trucks was the largest for the week since 1930 and 16,818 over the like week of last year. The post-holiday recovery in steel production provided the first week- to-week gain in that industry since the second week of May. The Steel Institute estimated production at 35.2 per cent of capacity, up 2.5 per- centage points from the previous week. Cotton mills, machinery makers and many other miscellaneous manu- facturing lines resumed operations. Although many did not step up pro- duction to the volume prevailing be- fore the holiday, most business ob- servers thought the record bore out earlier predictions that nothing dras- tic in the way of a midyear slump was in store for this Summer. Retail Trade Slackens. Retail trade naturally slackened somewhat after the surprising spur in the fortnight preceding the holi- day. Volumes equal to or exceedin: last year were widely reported, how- ever. Torrid weather was a draw- back in some areas, and floods dic considerable damage in Western New York and Eastern Pennsylvania. Wholesale markets experiencec fresh inquiry for Autumn merchan- dise, and some reported a substantial volume of orders, notably Chicago. where manufacturers reported furni- ture sales 10 to 60 per cent ahead of recent years at two big home fur- nishing shows. ‘The Department of Commerce weekly survey from 32 cities for the week ending last Wednesday reported unusual activity in vacation and travel activities, saying “in some places reports were to the effect that the tourist business had reached pro- portions comparable to those of 1929-30." Freight Loadings Down. ‘The movement of freight reported for the week ending July 6 was a lit- tle disappointing, but it reflected chiefly a sharp drop in shipments of coal. Some analysts also pointed out that the holiday, falling nearer the end of the week, resulted in more curtailment in some lines than last year, when it fell on Wednesday. The total of 472,421 cars was 48,320 under the same week of last vear., Electric power output for the same week was reported at 6.4 per cent | over 1934, but its drop from the pre- | vious week was a little more than | seasonal. The Associated Press ad- | justed index declined to 99.1 from | 99.3 the previous week. ‘The Department of Agriculture's | crop estimate brought a further slump |in the wheat market, but estimates of this year'’s farm income remained substantially ahead of last year's and the demand for farm {mplements remained urgent, with Minneapolis reporting something of a boom in that business, Residential building continued the market uptrend which started in May, and lumber demand was active. Pro- duction was stepped up on the West Coast F. W. Dodge Corp.’s report of resi- | dential building contracts in 37 States for June showed the highest total since October, 1931, and & gain of 10 per cent over May. It was al- most double June of last year, al- though still far from the levels re- ghrded as normal a few years ago. Detailed Reports Given. Reports of the last week from the 12 Federal Reserve districts follow BOSTON.—Cotton milis, despite some narrowing of demand as the week wore on, were cheered by firm- ness of prices, and large orders of sheets and pillowcases for the C. C. C The sixteenth annual shoe fair brought a large volume of business The wool market was quieter. NEW YORK.—Retail trade was ouieter after the pre-holiday flurry, end extreme heat tended to discour- age shoppers. Part of Western New York State was severely damaged by floods. Steel works operations quick- ened moderately in the Buffalo area. The Department of Commerce re- ported business was mixed in New York wholesale markets, “but the feeling in many quarters was that real buying would start soon.” PHILADELPHIA. — The improved trend in retail trade in the third Re- serve district which became apparent in June was reported continuing into July. The Commerce Department re- ported Philadelphia wholesaling ac- tive in lumber but quiet in silk fab- rics and yarn. CLEVELAND.—Steel production re- bounded to 44 per cent.of capacity in the Cleveland area and 43 per cent in the Youngstown area, returning to approximately pre-holiday rates. The tool industry remained active. Baltimore Plants Active. RICHMOND.—Business responded to Summer enervation in the fifth area this week, but fundamental con- ditions were reported unaffected. Bal- timore reported heavy industry more active, and Charlotte found silk hos- iery mills running full time, while cotton mills did fully recover to shown for any similar period since the rates of activily before the shut- mwum 1934, mwtnm‘mmumx. downs of the previous week.