Evening Star Newspaper, September 15, 1935, Page 79

News of Markets Pages 1to 4 . Part 5—14 Pages BANKS TAKE LEAD INBACKINGF. H. A FINANGE PROGRAM Account for More Mortgages and Loans Than All \ Other Institutions. REDIT VOLUME RISES £ T0 $291,904,337 LEVEL Robert V. Fleming Points toi Vital Part Played by A. B. A. in Stimulating Building. BY EDWARD C. STONE. The banks of the Nation account | for “considerably more of the mort- FINANCIAL AND CLASSIFIED he Sundiny Stae WASHINGTON, D. C., WOOL CONSUMPTION HITS BEST LEVEL SINCE 1918 Goods Markets Absorbing Output of Mills Readily—Retail Stocks Declared at Low Ebb. BY J. G. DONLEY. Special Dispatch to The Star. NEW YORK, September 14.—Mar- kets for wool, both goods and wool tops, are very tight. Wise individual consumers are taking advantage of end-of-the-sealon sales of men’s clothing to lay in one or two light weight suits for next year, for gabar- dines and tropical worsteds are going to be higher. ‘Wool consumption is running at the highest rate since the World War vear 1918, and goods markets are readily absorbing the output of the mills. For several years it had been a case of surplus stocks of wool over- hanging the market, but the shoe is now on the other foot. Retail business has been and is exceptionally good, the general sales manager of ong of the large milling from the Spring clip of 1936. The surplus will be used up this year. Foreign markets are so high that American mills cannot afford to enter them for supplies. The tight foreign wool situation is largely due to entry into that market of Japanese textile interests on a big scale. Japanese, you see, are not only troublesome in cotton textiles, but they are going great guns on woolen fabrics. And their operations in cheap silk goods | also are an unsettling factor. | Prices of wool top futures moved into new high ground early in Sep- | tember, under the influence of de- creasing supplies and increasing con- sumption. Domestic wool production was drastically reduced this year, dropping below 400,000,000 pounds for the first time since 1929, Factors in this decrease were last year's drought SUNDAY QUICKENING TRADE SAID T0 CONFIRM CERTAIN RECOVERY Improvement Substantial and Declared to Carry Ele- ments for Continuance. BROADEST FALL BUYING SINCE 1930 PREDICTED Increased Iron and Steel Produc- tion and Carloadings Among Many Encouraging Signs. BY CHARLES F. SPEARE. | Special Dispatch to The Star, | NEW YORK, September 14 (N.A. gages and modernization loans that | companies told me today. Retailers,| gng heavy slaughter, continuation of | N.A.).—There is a mass of material the Federal Housing Administration | is issuing, than all other classes of | institutions combined,” Robert V. Fleming, first vice president of the | American Bankers' Association and | president of the Riggs National Bank announced yesterday. At the time the Housing Admin- istration began operations a year ago, | the A. B. A. declared its sympathy | with the national housing act and | designated Mr. Fleming to act as its | liaison representative to co-operate | with the Housing Administration. | “I am advised that in this short space of time the volume of credit extended for modernization of prop- erty and mortgages selected ‘for ap- praisal to be insured on dwellings | has reached the total of $291.904.337, and the daily volume is steadily in- creasing,” Mr. Fleming stated. “A very substantial part of the residential construction, property re- pairs, and the manufacture of build- ing materials, equipment and ma- chinery, etc, thus stimulated is due directly to the active participation of A. B. A. members in the insured mortgage plan and the modernization credit plan of the F. H. A" Provisions of the national housing act afford a medium whereby the banks of the country can materially assist in economic recovery and ren- he says, have practically no stocks, by comparison with what they shouldt along with dust storms and poor | business recovery. be carrying. According to this authority, the outlook is for a shortage of 50,000,- | drought conditions early this year, | range conditions, high“feed costs and | lighter fleeces with higher ratio of | wastage, (Copyright. 1935.) 000 pounds of wool next year—that is, CLIMB T0 HIGHEST MARK SINCE 1933 Bookings Not Protective Measures as Was Case at That Time. By the Associated Press. CHICAGO, September 14.—Feelers of the national business pulse have | found pronounced satisfaction ‘in the most recent reports from various branches of the furniture trade. Particular significance is attached { der a further useful service to their | communities, as well as obtain a safe and sound earning asset, Mr. Fleming declared, adding that a letter had been sent to the members of the bankers’ association calling attention to certain additional measures re- cently adopted by Congress designed to make the original law more work- able and broaden the opportunity for service. Exchange Trading Picks Up. Saturday trading on the Washing- ton Stock Exchange showed marked improvement yesterday. Bonds were popular, $1,000 Washington Gas 5s, 1960, selling at 117, with four $1,000 sales taking place in City & Subur- ban 5s at 92, off a point from the high for the year. Capital Trac- tion 55 appeared on the board at 97, on a $500 transfer. In the stock division, nine shares of National Savings & Trust Co. stock came out at 100, while Potomac Electric Power 5'2 per cent preferred again moved at 113'2. Capital Tran- sit whis the most active issue, closing the week at an advance. It opened with 10 shares selling at 17!; and closed with 35 shares registering 1714, Anitrican Telephone and Peoples Drug Stores preferred are being quoted ex dividend. Regular quar- terly dividends on these issues are due in a few days. Business on the Ex- change held up well during the week and prices were firm. Bank Women Organize. Miss Vivian E. Stokes, Hamilton National Bank, has been appointed chairman of the Women's Committee, Washington Chapter, American In- stitute .of Banking, according to an- nouncement yesterday by J. Earl Mc- | Geary, president of the chapter. | Serving with Miss Stokes on the committee are: Harriet M. Barrett, Riggs National; ‘Theresa Behabetz, Union Trust Co.; 8. Winifred Burwell, National Metro- politan; Anne P. Crawford, McLach- len Banking Corp.; Eileen M. Fin- eran, American Security & Trust Co.; Constance D. Fogle, Riggs National; Myrtle P. Lewis, Liberty National; Katharine W. McCalmont, W. B. Hibbs & Co.; Janet A. McDonald, | American Security & Trust Co.; Etheline E. Parker, Security Savings & Commercial; Mary Pfeiffer, Wash- ington Loan & Trust Co.; Rose L. Royce, Washington Loan & Trust Co.; Alice H. Whitton, First National Bank, Alexandria; Gertrude C. Wick, Liberty National, and Marion Willett, National Metropolitan. Miss Stokes, the new chairman, entered the banking field in Wash- ington in 1928 and has been identi- fled with the Institute since 1929, having served on numerous important committees. For the past three years she has been a member of the ‘Women’s Committee and is a member of the Educational Committee this year. She holds the standard and pre-standard certificates of the In- stitute. The committee has already started preparations designed to interest bank women of Washington in the Insti- tute. Heard in Financial District. Harry G. Meem, president of the Washington Loan & Trust Co., has returned from a vacation passed with friends at the Newport Naval Station, Newport, R. I, and a visit to At- lantic City. Harold G. Cummings has become associated with Auchincloss, Parker & Redpath, Washington investment firm. A resident of the Capital since 1905, he was educated in the public schools, graduated from Central High in 1921 and from the University cf Alabama in 1924. For some years he was with the Chesapeake & Potomac Telephone Co., later entering the se- curities business. Since 1932 he has been with the United States Farm Credit Association. New insurance production in Au- gust in the United States was off 7 per cent from last year, but up 3.2 per cent for the first eight months of 1935. The Washington figures, due to the improved tone in furniture, in- asmuch as trade reports in this in- dustry reflect in an unusual manner. because of its nature, the temper of consumers. Demand in this field is held to be an exceedingly sensitive barometer of general business condi- tions. All Divisions Get Share. The latest statistics available from furniture makers, supplied through the | Furniture | National Association of | Manufacturers, today showed July to | have been the best furniture month | since 1933, resulting largely from the | markets that month. In July, the assoclation survey said, substantial gains in orders were re- | ported in all divisions. Cancellations | were low, indicating that orders were ‘bona fide and not protective meas- | ures, as was the case during the 1933 | Summer market. | The survey said these gratifying ad- | vances were attributed to the restora- | tion of buyer confidence through the | firmness in prices displayed by the manufacturers during the market and also to a real need for replenishment | of dealer stocks. Accounts received showed a relative decrease when com- pared with prior periods, . which, | coupled with steady shipments, indi- cated a more healthy and liquid posi- tion on the part of dealers and re- tailers. Top 1934 by 23 Per Cent. Statistics gathered by the associa- tion represent a general cross-section of manufacturers of all types of furni- ture, located in all sections of the country except the Southeastern States. For the total manufacturing group during the first seven months of this year orders received irfcreased 23 per cent compared with the corresponding period last year, cancellations de- creased 32 per cent, shipments in- creased 18 per cent and unfilled orders were up 3 per cent. Compared with 1931, using monthly averages as base 100, orders for July were 122, can- cellations 47 and shipments 82. Un- filled orders were 126. NEW MEMBERS ADDED TO BROWN CO. GROUP Special Dispatch to The Star. NEW YORK, September 14— Further progress has been made in the organization of the Protective Com- mittee for Brown Co. first mortgage series A and B bonds, which will be headed by Charles Francis Adams, president of the Union Trust Co. of Boston. Among the additional members of the committee are Lee P. Stack, as- sistant treasurer of John Hancock Mutual Life Insurance Co. who has been recently active in representing bondholders under the exchange offer of the Maine Central Railroad Co., and Storer P. Ware, vice president of Bond & Goodwin, Inc. The firm of Skelton & Mahon of Lewiston, Me., has been retained by the committee to act as their counsel in Maine. Credit Sales Up By the Associated Press. ST. LOUIS, September 14.—Forty- two American cities showed an aver- age increase of 10.2 per cent in credit sales for August, when compared with the same month a year ago, the National Retail Credit Association re- ported today. Collections in the same cities in- creased 6 per cent. An analysis of the report on col- lections listed 36 of the 42 cities with increases. Muncle, Ind, and San Diego, Calif., had the largest gain with 23 per cent each. One city re- flected no change and five had de- creases, the greatest of which was 35 in a few days, are expected to Q88 August increase. per cent in Idaho Falls, Idaho. Thirty-five of the same cities dn- FURNTURE ORDERS BRTAIN PROSPERS AS EUROPE MOVES ;INT[J WAR CLOUDS ‘French Business Situation Calm—Activity Slackens in Security Markets. Special Dispatch to The Star. NEW YORK. September 14 —Cables and wireless dispatches to Business Week give the following survey of business_abroad for the week ending | today: LONDON.—“There are no hopes | now for a pacific settlement at Geneva of the Ethiopian problem, but British stock markets, though sensitive, are unexpectedly firm, with gold shares in demand again. More than 43,000 ad- ditional men were at work at the end of September, making & new high. New automobiles registered in July totaled 36,000, against 29,900 new reg- istrations in July of last year. Gen- erated electricity in August was 12 per cent above the volume for the same month in 1934. Activity in Building. “Behind the nation-wide urge to free the country of its slums, housing is making striking gains. More than 6,000 new homes were started in July, compared with 5,500 in June and 4,700 in May. Permits approved during Au- gust were double the number in July, indicating the rate of increase “London is anticipating a Wall Street boom with a strong flow of | small investment money beginning. | This is attributed equally to Roose- velt's promise of non-interference in business and to fears in Europe over investment stability now that almost all of the continent is convinced that Italy will fight in Ethiopia and that almost anything can develop out of it.” ‘War Industries Boom. PARIS.—"“The business situation as a whole in France is apparently calm, though farmers are still protesting the slow recovery of prices on their prod- ucts. Aid which the Bank of France extended to wheat growers has now been extended to the distressed wine districts and should help to relieve this industry. Unemployment has not changed despite the season. Rents are firm. August retail prices are about 6 per cent below June. Indus- trial consumption of raw materials during July and August has increased considerably, reflecting the boom in the war industries and wider buying by the public. “The Ethiopian question has un- doubtedly helped to divert public at- tention from the domestic economic situation, which still is not bright, but it has also had its bad influ- ence—slackening of all activity on the security markets. As is always the case when war threatens, there is a general groping for liquidity, with the result that credits are reduced, sales are sold in large blocks and short-term interest rates are declining in con- trast with the stiffening of the long- term rate.” Barter Admitted Necessity. BERLIN.—“Business accepted hope- fully this week the pronouncements of the party leaders at the great Nur- emburg conclave. Old arguments against inflation and devaluation were emphatically reiterated. There was an appeal for a world return to stable currencies. Barter was ad- mitted to be a necsssity forced un- willingly on the Germans, and not a form of international trading which was either working out well or to be encouraged. “Echoed in almost every speech was the assurance that the party and the government would work tirelessly against the price advances which (Continued on Third Page.) 10.2 Per Cent, Compared With August 1934 joyed increased credit sales with the peak of 29.6 per cent set at Fort Worth, Tex. Grand Rapids, Mich., with a 7 per cent loss, had the great- x decrease. Six cities were un- The report said collections were only fair in New York, Pennsylvania and the adjacent area, although sales were good, particularly at Syracuse. Manufacturing activity in the South brought.gains in both collections and credit. A heavy tourist trade in the Den- ver area and in the Far West helped both divisions of business in those | this week confirming the fact of It comes from many industries and from widely separated sections of the country. Specifically, it includes the rise in iron and steel production to 52!, per cent of capacity, the highest since February; a 12 per cent gain in elec- tric power output over that of a year ago; railroad car loadings up 5 per cent and bank clearings 7.3 per cent ahead of this week in 1934; retail trade running above the dimensions | of August, with some of the luxury | lines showing nearly a 100 per cent | increase: national distributors doing 20 per cent more business in August | than the year previous; General Mo- | tors showing the Ilargest sales in August since 1929, and numerous ini- tigl and increased dividends, including several by public utility operating companies that had been compelled to defer payments to their preferred shareholders due to falling gross revenues and rising taxes. Improvement Is Substantial. The improvement in business is | substantial and appears to have those | elements of naturalness necessary to | insure its continuance. It is the belief of students of this situation that the Autumn will witness the broadest buying movement since 1930. There is a sthrring in the capital goods industry that reflects the need to replace materials and equipment, on the cne hand reduced to small volume through years of low pro- duction and low buying power and on the other hand because of worn- out machines rendered inadequate ! by the changes in manufacturing | methods effeeted during the depres- ! sion. The estimated cash income | of American farmers this year is $6,700,000,000, the largest since 1930 This is the basis for a considerable part of the prosperity which the country enjoys and from which it expects to realize a growing volume of trade. Jobless Ranks Thin Slowly. ‘The fly in the ointment is that, with recovery so striking and persist- ent for several months, until more than half of the decline in the busi- ness index from 1929 to 1932 has now been regained, there should be so little recuction in the number of the unemploved and so high a propor- | tion of the families of the country on | relief. In July there were over 10,- 000,000 out of work. The total rose in that month in contrast with a drcp The August figures will reveal a better situation in response to a pick-up in iron and steel, in the building trades and in certain factories in the East. The need continues for supplement- ing the earnings, or reserves, of over 19,000,000 persons with State or Fed- eral relief. And there is little pros- pect of important change in this sit- uation. For, in spite of the fact that building activity is more positive and construction records for August run much ahead of last year, the effect of this on emplod¥ment is not satisfac- tory. Our foreign trade, which gives work to nearly a third of the wage- earners of the United States, is in an anemic state with exports only about 40 per cent of those in 1929. Work-Relief Program Stalled. ‘The work-relief program is more or less stalled. It is doubtful if it will ever be an effective instrument for curbing unemployment in the degree claimed for it, for political opposi- intense. It is now generally admitted that there are conditions in industry that permanently compel a large number of men and women to retire from the ranks of wage - earners and become dependents of the state. Business developed new ways of economizing in labor costs in the stressful years since 1929 and with more skillful management and new machines has everal million workers on the human scrap heap. This compels a social security program, conservative- ly projected and administered, that meets the pattern of a new economic era in this country. Stocks Push Ahead. ‘The impact of manifold evidences of industrial expansion on the market for common stocks has been pro- nounced this week. It is four years to a day since the average of industrial and railroad stocks corresponded to that current. In six months there has been a rise of 40 per cent in this average. In duration and imn the scope of the recovery, the March-Sep- tember period of 1935 has no parallel in the six years since the panic of October-November, 1929. In general, the bond market has followed the course of stocks. There has been a recovery in the high- grade list of corporation bonds and municipels and a more resisting ap- pearance to the United States Treas- ury list. Improvement has also oc- curred in a number of the new is- sues that were friendless two weeks ago. And the improved state of the investment market is further indi- cated in the frequency of real estate purchases and the willingness of in- stitutional lenders to enlarge their portfolios of mortgages on real prop- erty. This latter phase of the securities situation reflects the state of the money market, which is again being flooded with European gold. l(ounlqat. 1838, Noy )Amu! % in England, Germany and France. | tion to many legitimate projects is | MORNING, SEPTEMBER 15, 1935. Classified Ads Pages 5 to 13 WANTED—A DEMONSTRATION YOU SAID You CouLD CATCH HIM IF [ LEFT You ALONE -NOW PROVE | ADVERTISING PEAK, REACHED BY SEARS Company Gratified With Re- sults From Record News- paper Space Used. Expenditures for newspaper adver- | tising last year reached the highest | point in Sears, Roebuck & Co.’s his- | tory, it became known yesterday when a report issued by G. W. Cun- ningham, general advertising man- ager for the company, was received by L. T. Conway, manager for Sears in the District of Columbia. Prepared for and presented at a series of advertising and sales promo- | tion meetings at which preliminary | plans for the company's forty-ninth anniversary celebration, September 19 to October 5, were laid, the report showed an expenditure of $9,178,882| in 1934 with 851 newspapers in the| 43 States in which the company's more than 400 retail stores are located. This was 24.3 per cent greater than the sum spent for newspaper nd\'er-‘ tising in 1933, the year when the largest previous expenditure was re- corded, and 42.7 per cent above the 1932 figure. Sales Show Large Gains. “The response gained from in- creased newspaper advertising appro- priations last year was particularly gratifying,” read Mr. Cunningham’s statement. “Our sales exceeded those of 1933 by 17 per cent. “Consistent newspaper advertising, we believe, has been one of the most potent factors in stimulating the re- turn of better business. In practical- |1y every State where there are Sears | stores more money was spent with | the newspapers last year than in the peak year of 1929. Our appropriation, which in 1934 passed the $9,000,000- mark for the first time, was 63 per cent greater than that of 1930, 31 per cent over that of 1931, 43 per cent above 1932 and 24 per cent higher than 1933.” The Sears report revealed $427,233 has been spent for space bought in District of Columbia’s newspapers in | the past five years and that the total amount spent for newspaper adver- tising here last year was 15 per cent more than in 1933. It showed a total expenditure with the newspapers of the country during the past five years of $35,662,988 or an average of $19,530 for every day, including all of the depression period. “We felt a substantially increased newspaper advertising budget Iast year was justified in the light of a | more encouraging business outlook generally,” Mr. Cunningham reported. “Too, sales resistance during and while emerging from the depression quite naturally has been stronger than | it was some years ago, and more advertising than ever before has been needed to convey our message force- fully to the public. “The fact that our expenditures with the newspapers reveal increases in 33 States from California to Maine and from Washington to Florida, in- dicates, we believe, the widespread distribution of this more generous use of newspaper space in 1934 and again reiterates our conviction that the newspaper, year in and year out, is a most efficient medium for our retail stores.” e BIG INCREASE SHOWN IN BUDD PURCHASES Special Dispatch to The Star. "NEW YORK, September 14.—The Edward G. Budd Manufacturing Co. today reported an increase of 45 per cent in the purchase of ordinary auto- mobile steel and an increase of 33 per cent in stainless steel purchases 80 far this year compared with the corresponding period of last year. ‘The automobile steel was used in the manufacture of car bodies and the Electri stainless steel in the production of | Steel mill activity and electrie power | Residentiai b streamlined, light¢weighy trains. n'" Deals in Auburn, General Bronze Face S.E. C. Prol)e; By the Associated Press. NEW YORK, Seplember 14.—The Sun says it learned today that trading in Auburn sutomobile stock on the New York Stock Exchange is being investigated by the Securities and Exchange Commission. The commission was also reported to be inquiring into recent transac- tions in shares of General Bronze. ‘The floating supply of the Auburn issue is small, and it has long had a reputation in the market as an erratic performer. It turned active last week, and advanced more than 4 points to 38%. This week it was quieter, and it closed today at 37%. General Bronze had a recent burst | of trading activity. ADVANCE IN COPPER | PRICES NOW HINTED Active Demand and Fewer Offer- ings Stir Speculation in Metal Market. By the Associated Press. NEW YORK, September 14.—A re- newal of active demand for copper and reports of restricted offerings by producers accompanied rumors of a pending price advance in this metal this week. Although leading producing inter- ests were said to have given assur- ance that no rise in quotations was contemplated, the demand from do- mestic consumers was unabated late in the week despite the heavy pur- chases of July and August when re- quirements through November were said to have been filled. Electrolytic was still being quoted at 8'; cents a pound, Connecticut Valley points, or 12 cent above the Summer low level but still 12 cent under the old N. R. A. code price. Buyers were said to be taking De- cember needs, with purchases aver- aging well over 3,000 tons daily in the latter part of the week. The ex- port market was buoyant on good de- mand. Other metals were moderately ac- tive and steady. Tin, which had eased early in the week, later turned firm to show a net gain of slightly more than 1; cent a pound in sym- pathy with the action of London and a favorable view of the International Tin Committee ruling continuing the fourth quarter production quota at 65 per cent of the 1929 level. Demand for lead increased, and consumers showed more interest in October needs. Sales equaled smel- ters' ore intake. R e 4 C. & E. 1. FILES PLAN FOR REORGANIZATION By the Associated Press. CHICAGO, September 14.—The Chicago & Eastern Illinois Railroad today filed in Federal Court a reor- ganization plan involving the taking up of $30,709,036 in 5 per cent general mortgage bonds with 5 per cent in- come bonds. Index of Industrial Activity Continues on Downward Path By the Associated Press. NEW YORK, September 14.—The Associated Press weekly index of in- dustrial activity continued today the downward movement that started three weeks ago. The most important factor con- tributing to the setback was the sharp curtailment cf automobile output as makers prepared for new models. ‘Other more-than-seasonal declines were registered by cotton manufac- turing activity and total carloadings. Were above sessqpal expectations. FASTER PACE SET . ATCOTTON MILLS August Consumption Tops July, but Remains Un- der 1934 Rate. UPTURN BROADEN AS FALL BUYING GATHERS HEADWAY Both Retail and Wholesale Gains Are Extended During Week. ACTIVITY STIMULATED BY FAVORABLE WEATHER Farm Profits, Building Projects and Improved Employment Conditions Also Cited. BY RADER WINGET, Associated Press Financial Wi Further progress was registered last week in the Nafion’s economic re- covery drive. Both retail and wholesale trade throughout the Nation marked up gains as the Fall buying season gath- ered headway. In the New York and Chicago buy- ing centers, wholesalers were more than satisfied at the response of the rest of the country to offerings. The United States Department of Commerce, in a survey of 33 key cities for the week ended Wednesday, as- serted: “Reports gave evidence that trade was being stimulated by a Fall buying movement which has been gaining momentum since the Labor day holiday. “The forward trade movement is | based largely on a background of the following major influences: “Favorable weather, stimulated | buying power in agricultural sections, sustained activity in building and construction, and gradually improved employment conditions brought about by W. P. A. allotments end increased industrial production.” Auto Output Drops. News from the industrial field was featured by the sharp reduction in automobile production in preparation for the introduction of 1936 models in November. Analysts have predicted such a de- velopment for some time and have been surprised t the production of 1935 models was sustained so long under the influence of siiong sales demand. Largely because of the curtailed motor production. which marked a low point for this year, the Associated Press weekly index of industrial ac- tiyity dropped to 702 from 727 for the previous week. Cotton manufacturing activity was slightly lower for the week, but a steadier tone was induced by reports l B e AmmociaiatPrade: Cotton consumed during August was | reported by the Census Bureau at 408,410 bales of lint and 57.866 bales of linters, compared with 391.771 and of sustained buving. Raw cotton prices firmed following the Govern- ment crop estimate which was 309,000 bales lower than the August 1 predic- tion. | linters, compared with 5,739,197 and 62,137 during the previous month, and | There was a large drop in car- 421451 and 61,808 during August last | joa4ings for the week ended Septem- i | ber 7 because of Labor day, but the Ootton on hand August 31 wes Té- | reduction was only slightly greater ported held as follows: | than expected. In consuming establishments 644.- | Freight Outlook Favorable. 926 bales of lint and 159,235 of lmlers..: On a long-term basis, the freight compared with 789,373 and 191.682 On | 5utjook appears favorable. Railway July 31 this year, and 1,076,982 “nd,Axe states that if the present im- 213712 0 Acariak 31 lest year | provement continues unabated, “car In public storage and at compresses | joaqings in the last one-third of 1935 5.892,836 bales of lint and 27,778 of yijl pe the largest since 1930." On the financial side of the raile 32325 on July 31 this vear, and 5-|;oaq situation was the decision by 823.939 and 31411 on August 31 last| pastern bankers to sell September 30 year. | Imports for August totaled 8.002 bales, compared with 6,707 during July this year and 10,682 during Au-| gust last year. Exports during August totaled 241.- 484 bales of lint and 10.662 of linters, compared with 276,622 and 18,298 dur- ing July this year and 252531 and| 14,659 during August last year. | Cotton spindles active during Au- | gust numbered 22,046,652, compared | with 22,312,384 during July this year, | and 24,181,776 during August last year. | ASSOCIATED OUTPUT WELL ABOVE YEAR AGO Special Dispatch to The Star. | | NEW YORK, September 14.—An increase in net electric output of 8.2 per cent over August of last year was reported by the Associated Gas & | | Electric System. Units (kilowatt | hours) produced totaled 252,027,520. | This is the largest percentage increase | | reported for any month since April, 1934. For the 12 months ended Au- | gust 31, output was 2,826,156,928 | | units, which was 4.2 per cent above the previous comparable period. Electric output has been improving constantly since last May when com- pared with corresponding periods of last year. This has been due to in- | creases in all classes of consumption —domestic, commercial and indus- | trial. Gas sendout for August was prac- | tically unchanged at 1315512700 | | cubic feet. For the 12 months’ period | it was up 5.2 per cent to a total of 18,718,839,900 cubic feet. IMPORTANT DIVIDEND MEETINGS SCHEDULED By the Associdted Press. NEW YORK, September 14— Dividend meetings scheduled for the coming week include National Cash Register, Otis Elevator, Pullman Co, McCall Corp., Philip Morris and Can- ada Dry Ginger Ale, Inc. | As a result, the index dropped to 70.2 from 727 last week and 59.1 & year ago. The index, based on 1929-30 as| 100, and adjusted for seasonal varia- | tion, follows, with the corresponding index figures for its componeqt parts: Latest Prev. Year week. week. ago. 702 727 59.1 497 Mwlw‘ index Automobile prod. X Bteel mill activity 5 247 | mfg. aetivity 2 | way. e activity in whol collateral representing control of the Van Sweringen brothers' railroad em= pire. There were many Who believed the step would clarify the reorganiza= tion situation for the carriers. Activity of steel mills rebounded sharply from the holiday let-up and production last week was at 49.7 per cent of capacity as measured by the American Iron and Steel Institute, an increase of 3.9 pereentage points. Such a condition was regarded as foundation for the belief that heavy industry currently is in a healthy con- dition despite the erratic action of some indices which analysts interpret as due to temporary influences of lit- tle moment. Both electric power production and residential building have been sus- tained at high levels m recent weeks and general construction during Au- gust was reported by the F. W. Dodge Corp. at the highest level for the year. Heartening to mail order firms, farm equipment makers and the farmers themselves was the estimate by the Bureau of Agricultural Economics that 1935 farm income would be the largest in five years. = Detailed Reports Given. Detailed reports by Federal Reserve districts follow: BOSTON. — Demand for colored goods featured the textile market in New England. Prices were strong and production normal. Leather quotations were higher, but lagged behind the hide and skin markets. Movemen$ of wool into consuming channels con« tinued at a high rate. NEW YORK.—Retail trade in the metropolitan district gained over the previous week and was 10 to 12 per cent higher than the 1934 week. Weather favored shoppers. Buyers in the market reached a Fall peak and mail reorders were reported heavy. Demand in both the wholesale shoe and food centers was marked. PHILADELPHIA —The Department of Commerce reported Philadelphia business activity resumed its forward expansion after the holiday interrup- tion. Despite heavy rains early in the week, retail sales increased and most wholesalers reparted improve- ment. CLEVELAND. — Business in the fourth district generally made impres- sive advances. Several sections re- ported department store sales up 8 per cent from the previous week. Strong support for general business came from steel, machine tools, auto parts and clothing industries. RICHMOND—AnR Autumn tang in the air stimulated retail trade in the fifth district, while wholesale buying continued in pleasing volume and industry generally pressed ahead. Charlotte textile sources reported a general pick-up in all lines, with silk hosiery mills at capacity. CHICAGO.—The Fall business upturn in the Chicago, distriet was reported undef ! Com: 5 ssociation o lesale clrcles wi Tt larly satisfactory. A significant pick-up rded in industrial employment ai ing hmm.' was stated.