Evening Star Newspaper, August 18, 1935, Page 59

News of Markets Pages 1 to 4 FINANCIAL AND CLASSIFIED he Sunday Stae Part 5—12 Pages - CORBY APPOINTED HEAD OF ADVISORY GROUPFOR AL Capital Banker Prominent in Many Financial and Civic Activities. OTHER LEADERS GIVEN PLACES ON COMMITTEE Past Presidents of Both Institute and D. C. Bank Association Included on List. BY EDWARD C. STONE. + Karl W. Corby, member of the firm of W. B. Hibbs & Co., has been named chairman of the Advisory Committee of Washington Chapter, American Institute of Banking, it was learned in the financial district yesterday. Because of his present activities in financial and civic affairs in Wash- ington, he is considered especially well qualified to serve as head of this important committee. Mr. Corby is at present vice presi- dent of the District of Columbia Bankers' Association; vice president ‘Washington Stock Exchange: mem- ber of the Advisory Committee, Riggs National Bank: trustee, George Wash- ington University; director, Lanston Monotype Co., and president, Emer- gency Hospital Board of Directors. It is the duty of this committee to advise with the governing body of the chapter in all matters of policy that involve a departure from the, regular routine. Other members of the committee Just appointed are Other Members Appointed. Francis: G. Addison, president Se- curity Savings and Commercial Bank; Victor B. Deyber, president Second National Bank; Charles H. Doing, first vice president, Washington Loan & Trust Co. and president District of Columbia Bankers' Association; Rob- ert V. Fleming, president Riggs Na- tional Bank and first vice president American Bankers’ Association; ‘Thomas J. Groom, vice president Bank of Commerce & Savings and second vice president District of Columbia Bankers' Association; Robert H. Lacey, cashier Columbia National Bank; Walton L. Sanderson, Hamilton Na- tional Bank; Frederick P. H. Siddons, secretary American Security & Trust Co.; James A. Soper, vice president Lincoln National Bank, and Wilmer J. Waller, vice president Hamilton National Bank. Messrs. Addison, Deyber, ‘Doing, Lacey, Sanderson, Soper and Waller are past presidents of Washinzton Chapter, while Messrs. Addison. Dey- ber, Fleming, Siddons and Waller are past presidents of the District of Columbia Bankers' Association. Officers of the local institute chap- ter are now busy with plans for press- ing Fall activities. J. Earle McGear: W. B. Hibbs & Co.. is chapter presi- dent this year and G. Elmer Flather, assistant treasurer of the Union Trust Co,, is information chairman. Advertising Gains Forecast. Advertising, upon which publishing and allied businesses are essentially | dependent, should expand as con. fidence Teturns and recovery broad- ens, according to a new survey of the advertising, publishing and printing industries pust completed by Poor’s Publishing Co. “Recovery in newspaper, magazine and radio advertising started in 1934,” the survey states. “With the rate of population growth slowing down and competition for the consumer’s dol- lar getting keener, advertising ex- penditures should continue to show an excellent recovery. “Through the depression years.'radio advertising forged ahead with but one comparatively slight recession in 1933. In spite of the fact that radio during the past few years has been taking an Increasingly large percentage of ad- vertising appropriations, newspaper advertising has held up to a remark- able degree. It is significant that newspapers during 1934 secured about the same percentage of the total | national advertising expenditures as in 1929, “Newspaper growth in the United Btates has been spectacular . . . from 8ix newspapers in 1785 to 14,091 at the present time. penditures jumped from zero in 1785 to a peak of approximately $860,- 000,000 in 1929.” New Group Acquires Pathe. Holders of Pathe common and Pathe “A” stock in this city received word yesterday that the plan of re- organization of Pathe Exchange, Inc., has now been consummated by the formation of the new company, Pathe Film Corp, which has acquired the assets of the old concern and as- sumed its obligations. Certificates for shares of stock of the new corporation and scrip will be delivered to stockholders at Pathe Exchange in New York upon comple- tion of registration under the Federal | securities exchange act of 1934. (Continued on Fourth Page.) DOLLAR RAT FOREIGN CURRENCIES British Pound and French Franc Make Slight Week End Gains in New York. By the Associated Press. fnternational dollar rates leaned slightly in favor of foreign currencies against the dollar in exchange trading yesterday. In New, York the British pound sterling gained 3 of a cent at 4.97%, the French franc was .00% of a cent higher at 6.63%; cents and the Hol- land guilder was unchanged at 67.96 cehts. 3 The market was closed in Paris, but the dollar was a trifie lower in Lon- at 4.97%. Based ca the franc at its final New York rate the dollar was at a dis- count of 1-100-of 1 per cent com- pared with a premium of 1-100 Fri- day and a discount of 3-100 a month ago. Ap- Advertising ex- | ES FAVOR Adviser CORBY WILL HELP GUIDE JUNIOR BANKERS. KARL W. CORBY. AUTO CHIEFS FAIL 0 GET PRICE CUTS ONSTEEL ORDERS |Firm Quotations Taken as| Sign of Sustained Fu- ture Demand. BY EDWARD W. MORRISON. .| Special Dispatch to The Star. DETROIT, August 17.—The signing | during the week of ‘steel contracts for | 1936 revealed that automobile com- | panies obtained nothing in the way of | desired price concessions. ! Steel men gave a sigh of relief at | the firmness of prices. It means that | for at least several months there will | be no reductions from current levels. | To the extent, also, that prices nec- | | essarily reflect demand, the prices signify that steel output should hold | up during the next 10 months. The automobile industry, as the largest single user of steel, can be expected | to furnish an outlet that will hardly | cease its present heavy needs before | next June. | Ford Signs First. | The Ford Motor Co. was the first| | of the automobile companies to sign | | the 1936, N‘trsc'.s. d, although a | steel mafl&n turer ell as an auto- mobile, maker, is compelled to go to | outsidg companies for part of his sup- | | plies. When Ford obtained no cuts, the signal was hung up for other companies to fall in line. The N. R. A. steel code provided for fines of $10 a ton on each contract signed below established prices. When |the N. R. A. was thrown overboard | automobile manufacturers, who absorb approximately one-fourth of the Na- tion's steel output, came forth with | | proposals that they be allowed dis- counts for 1936 | They promised that they would pass | along to automobile buyers any price reductions they were able to obtain. Steel men found this hargdly a heavy argument, however. Automobile prices, ‘generally speaking, have been rolling along at bottom figures. 1936 Program Speeded. With steel contracts signed, another | obstacle is out of the way toward getting the program for 1936 under- way. Ford, in fact, has already swung into action. The vacation period that had been | designated as inventory time came to |an end this week. Not all employes were called back the first few days, | but the steady stream of summonses | was sufficient to indicate that Ford is planning for a busy Autumn. Executives at, Dearborn said that final figures for August output would | be surprisingly above previous esti- mates. The two-week lull, they main- tained, had not had the expected | effect on the assempbly lines. Chevrolet Pace Slows Up. Meanwhile, Chevrolet, which is | Ford’s biggest competitor, began to slow up. Chevrolet, like Ford, con- tinues to stress the current models in all sales appeal. There is no doubt, | however, that these two famous com- | petitors have their 1936 campaigns |already in mind and whatever takes place in the next few weeks will be |in the nature of preliminary skir- | mishes. (Copyright: 1935.) TRANSIT REVENUES STAY ABOVE LEVELS OF 1934 Special Dispatch to The Star. NEW YORK, August 17.—“Transit | revenues for the calendar week end- | ing with Saturday, August 19, 1035,” as reported by a representative group of companies,” recorded continued im- provement over last year, as shown by the Transit Journal indicator, which stands at 101.63, as comparcd with the corresponding week in 1934. | “For the week of August 3, 1935, | the indicator stood at 102.37,” the | report continues. “Gains were more widespread than the preceding week, being general | in 5 all gver the country escept in the seaboard cities. One large Eastern | center which has been showing a gain | reversed its trend, resulting in a lower | figure for the indicator than for sev- WASHINGTON, D. C, REGOVERY WIDERS DESPTE TREAT OF HEHER TAYE Persistent Rise in Markets and Trade Also Ignores War Talk Abroad. STOCKS MOVE CALMLY; SELECTIVITY REQUIRED Liquidated Status and Sharp Press of Idle Money Continue to Drive Prices Up. BY CHARLES F. SPEARE. Special Dispateh to The Star. NEW YORK, August 17.—As ac- tivity in one line of business in this country serves to stimulate and propel expansion in other branches of manu- | facture and distribution, we have to- | day the pleasing picture of a steady broadening of the zones of industrial recovery. . The pick-up in the durable trades, for instance, brings improvement into the markets for consumers’ goods and lends itself to more employment. The response of the markets for securities to larger earnings and more generous corporation dividends adver- tises to those who note such matters that business is on the upgrade, for Wall Street has always been earliest discoverer of industrial change and the shrewdest judge of what this means to the national economy. ‘Then there are the facts of recovery that keep piling up from week to week, such as the continued growth in iron and steel production, now at nearly 50 per cent of mill capacity; building construction in July over the same period last year; a fourfold ex- pansion in group insurance. last month compared with 1934; department stores sales from 10 to 15 per cent higher than last Summer, and the start of a season of rising railroad car loadings. Upttrn Persistent. The effect of these various kinds of recovery is to raise the general aver- age of business activity to the highest point since the Autumn of 1933. The significant thing about it all is that in business in the last three years that has held long enough to justify tbelief in its permanency. 't persists in spite of political and legislative ‘bar- riers in the way of its continuance. It is natural and not forced. It prom- ises to go on through the Fall months and to carry the stock market along with it. It 'has blossomed out while Con- gress has been discussing a tax bill that, sentimentally or actually, is in- imical to “big business” and is sup- posed to curb that adventurous spirit among the well-to-do that leads to industrial expansion and to profits. In spite of Congress, business has moved steadily forward since the end of June. The adjournment of Con- gress, therefore, will not have the same force for recovery it might have had earlier in the Summer. In any forecast of business and of markets, one cannot overlook the pos- sible effect on both of the impending war between Italy and Abyssinia. This situation is too serious for Americans to ignore. The collateral effects are more dangerous than those identify- ing themselves with the narrow zone of the conflict. They include the po- litical and economic life of all the great powers of Europe, to whose fortunes the United States is more sensitive than it was in 1914. Selectivity Necessary. The stock market this week has been moving naturally and sanely. That some sections of it are too high and that more discrimination in pur- chases must now be exercised by buy- ers is admitted. The fundamental causes of its strength and its allure- ment are, first, its liquidated position, which has its counterpart in nearly all directions, including commodities, merchandise inventories, real estate, antiques, rare books, objects of art, etc, and second, the great mass of money seeking attractive employment. ‘When these two factors are present in any speculative or investment sit- uation, there will always be a tendency to drive up prices beyond their apparent or current worth. The Senate Finance Committee at the end of last week undertook to free the Federal tax issue from politics and to suggest a bill that might be based on sound business principles and effect what taxes are supposed to do—balance a budget. But politics interferred and the committee reversed itself on the question of lowering exemptions on small incomes. So the debate has concerned almost entirely the rates which those with large incomes are to pay and what to do with the estates of the wealthy when they cease to administer them. Regarded as “Blackjack.” Whether or not one believes the rich should pay an increasing pro- portion of the cost of government or that the accumulation of great for- tunes is socially wrong, it is no time, in the closing days of Congress, to rush through a bill for which there is no urgent necessity, as the returns estimated from the promised ure eral weeks.” (Continued on Fourth Page) Home Building Over Double Levels of 1934 By the Associated Press. | NEW YORK, August 17.—July build- | ing construction in the 37 States east of the Rocky Mountains amounted to $159,249,900,. against $148,005,200 'n June and $119,662,300 in July, 1934, | according to F. W. Dodge Corp. Thus brought the total for the seven months up to - $855,756,700, compared With $973,764,200 in the same period last year. ‘The July total exceeded the monthly volume for any month since March, 1934, when the P. W. A, was at its peak. The chief item of significance in the July record, the corporation [ Still Climbs, ' stated, was to be found in the cen- tinued activity in the residential field, as distinguished from other classes of construction. For residential building, the July total amounted to $48,371,800, almost 215 times the volume reported for the same month last year. Each of the major geographic areas participated in the improvement with the single exception of the New Orleans' territory comorising Louisiana and Mississippi combined. The largest relative gains were reported in the Middle Atlantic States, the Southeast, the Chicago ter- ritory and the Kansas City district. the | the largest output of electric power | since 1929; the 60 per cent gain in | this is the first of the many swings | SUNDAY BRITAIN REVEALS LOWEST JOBLESS TOTAL SINCE 1530 Smallest Number of Idle Ships Since 1929 Also Held Recovery Sign. ANXIETY STILL FELT FOR GOLD CURRENCIES Guilder and Franc Believed Near Fresh Crisis—Ethiopian Dis- pute Watched Closely. Special Dispatch to The Star. NEW YORK, August 17.—Cables and radio dispatches to Business Week give the following survey of business abroad for the week ending today: LONDON.—"The number of insured persons employed in Britain now is |at a new peak of 10,400,000, an in- crease of 20,000 for July. Unemploy- ment now stands at 1,970,000, lowest | since 1930. | “As another indication of business recovery, only 250 ships of a total of 568,000 tons are idle, lowest number of empty bottoms since 1929. “Stock markets are maintaining the marked activity of the last few months, and prices are firm—all this in spite of the exceptional holiday | exodus from the capital. Spending on travel is more lavish this year than since 1929. The general mood is buoyant, with anticipations of strong trading during the Autumn and Winter. Only anxieties are the out- come of the Italo-Ethiopian dispute and the fate of the guilder and franc, both of which are believed to be ap- proaching a fresh crisis. Britain's general election date is still undecided, but there is increasing pressure for | November balloting. | “Many department stores have an- nounced bigger second quarter divi- dends, or, like Harrods, have main- tained the previous rate. Even bet- ter results are expected as business continues to recover. “Note issue is at a new high level | for the latest week reported being 1100 million pounds greater than for the comparable week a year ago.” Paris Decrees Mount. PARIS.—“Decrees follow decrees. | This week there were 83 new ones, all almed primarily to cut the cost of | Uving. And there were cuts in 23 import quotas, designed.as much to| revive foreign trade as to cut the cost !of living. Items most importantly affetted by the import quota reduc- | tions include cotton hosiery, plows, | and razor blades. | “It should be noted abroad that the | Laval government is very much op- posed to the trade quota system. It is the opinion of the small group of | special advisers which surrounds the | premier that customs duties, however | | high they may be, are always pref- | Ftuble to import prohibitions. Rumors | | that the whole quota system would be | abandoned have always stirred so much emotion among manufacturers | that the idea is not likely to be| adopted at one time. There is no | doubt, however, that the import quota | system, like the international clear- ing agreements, is on the decline.| Ultimately, they will disappear. “The wheat crop is slightly below consumption demands, but old stocks are depressing prices. Compared with May, wholesale prices in July were | down 10 per cent, retail prices only | 5 per cent. | “Industry is seasonably slack. Re- tail sales, on the other hand, and travel lines are more active.” Danzig Gives Up Fight. BERLIN—"The Danzig - Polish | compromise over the customs war | means the surrender by Danzig on all essential points. and implies an early introduction of the Polish currency into the Danzig Free City territory. “The London agreement conceding | to Chilean nitrate interests an annual | export quota of 14 million tons com- | pletes the world nitrogen sales. agree- | ment for another three years. “The Reichsbank subsidiary, the Gold Discount Bank, ist developing into a major factor in short-term recovery financing; has absorbed 600,- 000,000 marks of employment bills in the last two months. proportionately | relieving the Reichsbank’s discount | portfolio. The number of jobless work- | ers was further reduced by 122,000 in | July, but the leveling of incomes and rising prices are mainly responsible for a noticeable lowering of the stand- ard of living, already manifested in the declining volume of retail sales.” VIRGINIA TOBACCO PROSPECTS BRIGHT Encouraging Reports Received | From Every County in Belt, Expert States. By the Associated Press. LYNCHBURG, Va. August 17— Prospects are bright for an excelllent crop of dark-fired tobacco in the Virginia belt, John D. Oglesby, to- bacconist, said tonight. In saying that “encouraging” re- ports had been received from every county in the belt, Mr. Oglesby cited the U. S. Government statement as of August 1 showing conditions then were 88 per cent, as compared with 15 per cent on August 1, 1934, “The outlook in the counties around Lynchburg is as good as in any other part of the dark belt,” Mr. Oglesby said. “This is especially true of Appomattox, Charlotte and a large part of Campbell. “Crops in Amherst, Bedford and Nelson are also good, but are about two weeks later than in the other counties mentioned. They still have some dangers and uncertainties to overcome.” STATIONERY BUYERS BUSY. y NEW YORK, August 17 (#).—Buy- ers have been active in the wholesale stationery market this week purchas- ing goods for immediate as well as boliday delivery., 3 MORNING, AUGUST 18, 1935. Classified Ads Pages S to 11 NOW SEE WHO’S AWAKE DELAY EXPECTED ON RAIL PROGRAM Enthusiasm for Rushing Re- organization Plans Cools Noticeably. . BY FREDERICK GARDNER, Associated Press Financial Writer, Prospects have waned for comple- | tion of important railroad reorganiza- tions this year. While the Eastman bill designed to facilitate reorganizations passed the House early this week, the going has been harder in other directions. Enthusiasm for pushing ahead un- der full steam to reorganize bankrupt roads has cooled noticeably in some quarters. Waiting to be taken out of the hands of receivers and trustees are approximately 60,000 miles of rail- road, a record. Wheeler Probe Awaited. Athwart the path of reorganizations lies the shadow of the forthcoming inquiry inte the financial affairs of a selected group of carriers. Sponsored by Senator Wheeler of Montana, it is expected to reach the public hearing stage by Autumn. Wheeler attributes the railroads’ difficulties in part to “banker control and to bad methods of financing.” The inquiry he proposed was for the avowed aim of “determining to what extent Wall Street control has proved detrimental to the shipping of this country and suggesting to Congress legislation to end these evils.” Meanwhile, Jesse Jones, chairman of the Reconstruction Finance Cox-;x,1 leading _creditor of financially dis- tressed roads, has indicated he was| willing to let reorganization planners take their time while the Interstate Commerce Commission looks into the matter. St. Paul Hearings Held. The commission has tackled the big reorganization job by holding hear- ings on the St. Paul plan, the first to get beyond preliminary talk and ma- neuvering among creditors and secur- ity holders. Senator Wheeler has opposed action by the Interstate Commerce Commis- sion until his committee has qppor- tunity to lift the veil on railroad finance. Considering the time it usually takes the Interstate Commerce Com- mission to study and act on reor- ganization plans, some rail men expect Wheeler’s committee to have plenty of time to air the financial details of railroading. : In his strategic role as head of the Reconstruction Finance Corp., which has outstanding more than $400,000,~ 000 in rail loans, Jones set out early this year to attempt to get the re- organization ball rolling. Such efforts have encountered re- sistance partly because rail traffic has remained depressed. Many creditors and security holders want to wait for further recovery in hope of faring better in the reorgani- zations. TOBACCO SALES HEAVY ON GEORGIA MARKETS By the Associated Press. VALDOSTA, Ga. August 17— Warehouses in the bright leaf to- bacco belt in Georgia reported good sales during the week, as prepara- tions were made at some points to end the auction season. Considerable quantities of tips, or lower - grade tobacco, reached the markets during the week just ended, indicating that the season is nearing a close. The Valdosta Tobacco Board of Trade, reporting 3,025,678 pounds sold during the week at an average of 15.07 cents, said the market would close there next Wednesday. "COTTON PRIC TwgERirs unrr Cins PR p WHEAT PRICE (WEEKLY) UIT I CENTS PER BUSHEL. EE ) NEW YORK, August 17.—Gen- eral commodity prices improved this week, cotton and hogs sharing in the rise. Wheat (No. 2 red at New York) declined from $1.01% per bushel to 98%; cents, new crop, but cotton (middling upland at New York) advanced 15 to 11.75 cents per pound and hbgs touched top for year closing yesterday at Chicago at $12.15 per hundred- weight. ~—Copyright, 1935, by A. P. Wire- photo. {UPTURN RECORDED IN COPPER TRADE Reaches Parity, With Sales at 8-Cent Level. By the Associated Press. NEW YORK, August 17.—More animation marked the copper trade this week, with the domestic and foreign basis finally reaching a parity, selling at the 8-cent level. Purchases improved somewhat in volume, although they were consider- ably under the record-breaking pace for July. Current buying emanates mainly from the motor and capital goods industry, in addition to a good miscellaneous demand. July statis- tics showed an increase of 15,000 tons in world consumption, the United States accounting for 9,000 tons and the rest of the world for 6,000 tons. ‘World stocks were reduced 11,000 tons, totaling 570,500 tons on July 31. Zinc buying picked up late in the week with the talk of a possible fur- ther advance in ore prices stimulat- ing a demand for prompt and Sep- tember delivery. Current sales are exceeding production, with the latter being curtailed owing to an inade- quate water supply. Tin experienced a succession of set- backs, ending the week with an ag- gregate loss of 3 cents a pound. Weak- ness at London furthered the liquidat- ing movement. Lead buying lapsed somewhat, but the basis held firm and unchanged. PIPE LINE PLANNED. NEW YORK, August 17 (#).—Con- tinental Oil Co. is reported in Wall Street to be- planning a new 6-inch ‘welded steel pipe line from the vicinity of Wichita, Kans, to Denver, re- quiring 20,000 tons of pipe. By the Associated Press. NEW YORK, August 17.—The Associated Press weekly index of in- dustrial activity lifted substantially this week. Increased production of automobiles, steel and cotton goods more than off- set the contraseasonal declines in freight movement and power produc- tion. ‘The index, which is based on 1929- | Foreign and Domestic Price Basis | GBS ARE MOVED OUT OF STORAGE | Holdings Pass Year’s Peak. Traders Seek Clue to Market Trend. By the Associated Press CHICAGO, August 17.—The Na. tion’s storage holdings of eggs today had passed the peak for the year, with supplies beginning to move out of storage. Traders on the Mercan- tile Exchange, therefore, were survey- ing the situation in the hope of de- termining the possible market trend in the near future. Of primary interest is the fact that | holdings are 1,000,000 cases under the supply at this time last year. Total United States stocks on August 1 were 7,940,000, the lowest on record on that date since 1921, with the sin- gle exception of 1932. The spread between this year and last year has been narrowed to some extent since August 1. Shortages Reduced. The daily report from 10 cities which are the principal storage cen- ters indicates that alone the shortage has been reduced about 75,000 cases. Withdrawals from storage have been running behind last year, due largely to the fact that | the demand for refrigerator eggs in August, 1934, was practically double the normal movement. The movement outward now is about at a narmal rate, according to market observers. In comparison with last year, how- ever, the daily storage movement has | a slightly bearish aspect. Receipts are holding above last year but have been dropping steadily. Another hot spell in the production area probably would serve to curtail production at a more rapid rate. ‘The number of hens and pullets of laying age in flocks of 25, crop re- porters said, have been averaging about 6 per cent less than last year, but feeding conditions are greatly im- proved. As a result, production has been running heavier than last year, despite the reduced flocks. Market Outlook Good. Even though production of fresh eggs is higher than last year, the rel- atively smaller amount of refrigera. tor eggs competing with fresh eggs may result in the higher prices pre- vailing at present being maintained, according to some observers. Cash market levels have advanced on fresh eggs and this fact has con- tributed to a better demand for re- frigerator stocks. The Chicago whole- sale price of fresh first eggs Friday was 24',-% cents, compared with around 19 cents a year ago. The farmer’'s income, therefore, is higher on a bigger production of eggs. October refrigerators on the Chi- cago Mercantile Exchange have been | selling above 25 cents. A year ago | the price was around 211; cents. The price range this year is the highest prevailing in the futures during August since 1930. Index of Industrial Activity Gains Substantially in Week |pared with 72.9 a week ago, 71.7 a month ago and 65.9 at this time last year. ‘The composite index, with season- ally adjusted figures for its six com- ponents, follow: Latest Prev. Year i Week. Week. Ago. Automobile i Steel mill Els 30 as 100 and adjusted for seasonal | Res wvariation, rose this week to 73.1, com- 3 in those - cities | BUSINESS PUSHES FORWARD STEADLY N SUMNER DRIVE Retail Average Up Slightly Despite Some Signs of Between-Season Lag. LARGEST GAIN SHOWN BY AUTO PRODUCTION Rebound to 56,386 Mark Staged. Steel Output Advances to 48.1 Per Cent of Capacity. BY RADER WINGET, Associated Press Financial Writer Overcoming slight recessions in som> parts of the country, business and in- | dustry last week scored further aggre- | gate gains. | The forward movement added to “zhe cumulative total registered in the Midsummer recovery drive, now in its seventh week. Major lines of industry, as measured by the Associated Press weekly index of industrial activity, reached a level above the previous week and the same period of a year ago. Retail trade, which has moved for- ward steadily in most communities in recent weeks reflected a between- season tendency, with reports from some sections indicating slowness. The total for the country, however, appeared to be slightly above the pre- vious week and still well ahead of the 1934 period. Greatest gain of the week was credited to motors. With Ford back in production after a shutdown, out put reported by Cram's was 56.36 units, compared with 48.067 for th previous week and 53,854 for the 193: week. Material for 1936 Models. ‘That favorable showing was su ported by steel production, whic mounted to 48.1 per cent of capacit | from 46 per cent in the previous wee | the sixth consecutive rise. | A factor in that movement we ~ | the demand from motor makers fc | material to go into 1936 models. A the same time miscellaneous sale | broadened and steel centers declarzc | the farm implement and tool manu- facturers still were taking supplies o metal in good volume. Cotton manufacturing activity, sft- er curtailment in July, expanded last week in a marked manner, contrary \(o expectations, and some sources | stated the upturn appeared to be the beginning of the long-awaited Fall rise. Retailers were hampered and aided alike by Summer weather in various parts of the Nation. A few reports were characterized’ by the phrase “holding its own"” to describe the status of trade. | Wholesale Trade Expands. | Wholesalers, on.the other hand, ex- panded sales in anticipation of the opening of Fall business, and attend- ance at merchandise shows continued | high in the secondary market centers | From Washington came reports on | the possibility of a 12-cent loan to cotton producers, an action considered 8 market peg by traders. Futures ex- changes reacted sharply and then | hesitated pending announcement of a definite policy. President Roosevelt signed the se- curity bill, which was considered a | boon to those facing economic ad- versity, but some industrialists with large pay rolls had misgivings over | the imposition of the tax which would enable fulfillinent of the pro- gram. Nevertheless there were optimistic | statements on economic conditions | by business leaders, and General Mo- | tors Corp. announced a $50,000,000 | expansion program. Several large employers announced pay increases and upward adjustments during the week. Verifying previous estimates, build- ing construction in July was at the best level since March, 1934, a period when the Public Works Administra- tion program was going strong. For the week ending August 10 electric power production declined slightly, and carloadings fell as a result of lower shipments of coal. Individual Reports Given. Individual reports from Federal Re- serve districts follow: BOSTON.—Showing confidence in the market, textile manufacturers hiked prices on blankets. Hides and skins continued their advance, and isome shoemakers stepped up, produc- tion recently. The movement in wool | was reported broader. NEW YORK —Retail trade’s expan- sion was checked by high tempera- tures in the metropolitan area, but wholesale markets were crowded by buyers for Fall lines. Both classes were optimistic on the outlook. Buffalo steel production declined 3 points to 34 per cent of capacity. PHILADELPHIA. — Industrial and trade reports showed the Philadelphia area holding slightly above the nor- mal seasonal level, but improvement has been evident lately in several im- portant lines. CLEVELAND. — Retail trade was stated to be “advancing some,” with officials expecting an irregularity be- fore the opening of Fall business. Cleveland steel production was off and Youngstown was up. Employment statistics were fairly steady. D. C. Trade Brisk. RICHMOND.—A Summer decline slowed the advance of business in the fifth district, but there was evidence that renewed activity would follow the lull. Washington retail trade was brisk, but other centers suffered con- traction. Wholesaders marked time. ATLANTA.—Retail trade held its own in the sixth district at a level considered good by merchandise exec- utives. Bank clearings continued the recent upward surge. Birmingham steel production remained unchanged at 35.5 per cent of capacity. CHICAGO.—Moderate Summer weather stimulated advance buying for Pall, it was Teported by retailers in the Chicago dis- trict. ~ Clothing sales were nrg cularly at_the i . A survey showed foreign trade for representative groups in the 1935 first half 40 per cent over 1034 3 —Whalesale trade picked up in the St. Louls district, and retail sales attained a large volume Beverage inter- ests. favored by weather. reported the larsest turnover of recent vears. = Rural rade remained brisk. No change was noted in employment. .