Evening Star Newspaper, October 31, 1937, Page 57

Classified Ads Pages 4 to 17. Part 4—18 Pages ——— CLEARINGS HOLD ABOVE YEAR AGD DESPITE SOME LAG 10-Month Total $120,187,- 114 Over 1936—0cto- ber Volume Off. ACACIA INCOME RISES T0 $11,600,000 LEVEL Montgomery Reveals New Record. Assets Gain About $5,000,000 in Nine Months. By EDWARD C. STONE. Indicating very definite business im- provement in the Capital in the first 10 months of the current year, the Washington Clearing House reported yesterday that bank clearings totaled $1,047,305,970,10 against a total of $927,118,855.83 in the like period in 1936, making a gain of $120,187,114.27. This increase indicates that business in the full year 1937 will far out- strip the results in 1936. Business in October disclosed a small decline from the corresponding month last year, canceled checks amounting to $102,799,707.26 in com- parison with $103,553,240.70 in Octo- ber, 1936. This was a drop of $732,- 63344 and made October the first month in 1936 when bank clearings have not exceeded the same month in the previous year. Comparisons by months reveal that June clearings reached the highest mark of any month this year, pass- ing $124,000,000. Clearings were also rticularly good in April. The month- &compansons with 1936 follow: 1937. 1936. $100,562,083 $86,990.549 92,192,370 78,024,521 114,782,918 86,355,879 115,715,484 100,389,014 103,997,339 94,295,112 124,009,738 104,841,034 110,590,257 100,333,520 91,750,668 82,745,029 September . 90915380 89,611,954 October 102,799,707 103,532,240 Acacia Reports New Record. The Acacia Mutual Life Insurance Co.’s income in the first nine months of the current year totaled $11,600,- 000, substantially higher than in any previous period, President Montgomery reported yesterday. Assets have risen approximately $5,000,000 so far this year, he added. Insurgnce in force reached an ag- gregate of $377,000,000 at the close of the nine months, it being note- worthy that Acacia’s increase in in- surance in force improved 61 per cent over the same period in 1936, Mr. Montgomery said. Another record was set in the con- servation rate, while the lapsation Month. January ... February March . "FINANCIAL AND CLASSIFIED he Sunday St WASHINGTON, D. C, RAILROAD EARNINGS DROP STOCKS ARE DULL; 15 PER CENT UNDER 1936 Sag of September Net to $59.304,948 Laid to Higher Materials, Fuel, Supplies and Wages. By the Assoclated Press. The Association of American Rail- roads reported yesterday class 1 car- riers had & net railway operating in- come of $59,304,948 in September, a de- crease of 15.4 per cent compared with the same month last year. The decrease was due, the associa- tion said, to rising cost of operation including increased cost of materials, supplies and fuel, as well as & higher wage rate. Operating costs during the month were said to be 5.7 per cent higher than last year, while gross rev- enues were only 1.7 pdr cent higher. September’s return was at the an- nual rate of 1.96 per cent on property investment. Last September the an- nual return was 2.32 per cent. WHEAT 1S BOOSTED BY ADVANGES AT FOREIGN CENTERS December and May Con- tracts Higher—July Steady to 4 Lower. By FRANKLIN MULLIN, Associated Press Market Writer. CHICAGO, Oct. 30.—Advancing prices of wheat at Buenos Aires and Winnipeg, stimulated apparently by reports of frost in Argentina, pulled Chicago wheat values out of a“rut of nervous fluctuations today. December and May wheat here closed fraction- ally higher, but July wheat was un- changed to 1, lower. The Winnipeg market led the upturn which was held in check here by fail- ure of buying power to expand and by scattered week-end selling. Winnipeg closed 114 to 112 higher and Buenos Aires was 1% to 1% up. Liverpool deferred contracts rallied to an un- changed close after starting at a frac- tional decline. Stimulating to buyers here and at Winnipeg were reports of overnight North American export sales of around 400,000 bushels, including 160,- 000 bushels of soft white Pacific Coast wheat to the United Kingdom, to- gether with gossip that some domes- tic No. 3 mixed wheat had been sold to Japan. Chicago wheat closed % off to 7% higher, compared with yesterday's fin- ish; December, 96%-34; May, 96-96'4; July, 9034-7%: corn was %-1', down, December, 57)2-%; May, 59%-%; July, 60; oats !5 off to 4 up, Decem- ber, 30%2; rye %-% up, December, 737%; provisions u.nchm;ed to 2 cents higher. Grain range at principal markets today: DECEMBER WHIA Prev. Close. Close, Chicago ____ 9534 .06% 06 9834 TR Mfl’ll’l’lpoh! - 105}z 1.4 09‘ 1.05% X Kansas 987 > &= rate is now the lowest in the com- | b pany’s history. There has also been & decline in the number of policy loans. So optimistic is the com- pany’s chief executive that he looks for additional new records in the fourth quarter. Retail Trade Slightly Higher. Retail trade in Washingion depart- ment stores during the week just end- ed was fractionally higher than in the same week last year, the Commerce Department reported yesterday in its survey of 35 cities. Adverse weather conditions caused a drop of 7 per cent from the previous week. Bank clearings for the week to- taled $21,094,961, compared with the Jower total of $19,369,289 in the cor- responding week last year. Building permits in the Capital also advanced, $342,000 comparing with $309,650 a year ago. Heavy rain in the rest of the fifth district slowed up trade in many cities. Baltimore, however, reported that ‘business compared favorably with last year. Bank clearings were up 5.5 per cent, and debits rose over 12 per eent. Trading on D. C. Exchange. The Washington Stock Market elosed the week with Washington Gas Light preferred stock in the best de- mand. Four sales were recorded, all made at 98. The Washington Ex- ehange will observe the New York election Tuesday by omitting the regu- lar session. The New York Exchange will be closed, too. William R. Worthington, superin- Sendent of agencies of the Home Life Insurance Co. of New York, will ad- dress the District Life Underwriters’ Association at the November luncheon at the Willard next Thursday and dis- cuss “Program Selling.” He is con- sidered an authority on the subject. Bank Adopts New Speed Idea. The National Metropolitan Bank has installed an “instantaneous de- pository,” which is intended to save the time of bank patrons. Under the new plan depositors having only ehecks to deposit and not needing any change may place ‘heir checks in an envelope and drop it in & slide with- out waiting in line to get to a teller's window. The next morning's mail brings a receipt showing the amount of the deposits as credited to the pa- tron's account. It is the first time such a plan has been tried here. Building permits in 1,521 cities in September were 0.1 per cent higher than in September, 1936, Secretary of Yabor Perkins announced yesterday. For the first nine months of 1937 per- mits were 13 per cent ahead of last year. September permits were lower than August. —p INVESTMENT COMPANY STOCK AVERAGES GAIN Erecial Dispatch to The Star. NEW YORK, Oct. 30 —-Invutment eompanies’ common stock prices ad- vanced last, week, according to! the averages compiled by Distributors’ Group, Inc. ‘The average for the common stocks for 10 leading management companies influenced by the leverage factor stood ot 1347 at the close of October 29, eompared with 12.57 on October 22. The average of five mutual type in- ‘estment funds closed at 11.80 on Oc- fober 29, eomw-dvm.hudlmOc- tober 22. ) Liverpool Exchangs SO WHEAT: Chicago . 1 4 10014 6% .86 Chicago __ Kansas City_ MA Chicago 58% .55‘,’- -59% B7% EC] Chicago ____ Mxmxxinpoh icago Cash . Cash wheat, No. 3 red, 97%. Corn, No. 1 yellow (old), 64; No. 3 white, 561%. Oats, No. 3 mixed, 32. No rye. No buckheat. Soy beans, No, 2 yel- low, 94%-961;. Barley, feed, 42-60; malting, 60-89. ! Winniper Cash Market. WINNIPEG, Oct. 30 (®.—Cash wheat, n, ;, No. 2 Northern. 1.14 Oats, No. 3 Wwhite, 49%. TOBACCO AVERAGE HIGHER. NEW YORK, Oct. 30 (#).—Price of United States type 12, grade B4F flue- cured tobacco averaged 22.8 cents a pound last week compared with 22.3 cents in the previous week, the Stich ‘Tobacco Index reported. THEFT CLAIMS SMALLER. Claims resulting from theft of freight paid by the railroads in the first six months of 1937 were less than in any corresponding period on record. CALUMET & HECLA EARNS §1.876.434 FOR NINE MONTHS Copper Firm’s Net Com- pares With $478,186 for Same 1936 Period. By the Associated Press. NEW YORK, Oct. 30.—Calumet & Hecla Consolidated Copper Co. re- ported today net income for the nine months ended Septmber 30 of $1,826,~ 434 after charges, equal to 91 cents a capital share. This compared with a profit of $478,186 before Federal taxes in the like 1936 period. In the quarter ended September 30 net income was $338,886 or 17 cents & share against $707,686 or 35 cents a share in the preceding quarter and & profit of $245,079 before Federal taxes in the September quarter last year, American Bank Note. American Bank Note Co. reported consolidated net income for the quar- ter ended September 30 of $233248 after charges, equal after preferred dividends to 25 cents a common share. This compared with $297,920 or 35 cents a share in the like quarter last year. In the nine months ended Septem- ber 30 net income was $707,700 or 77 cents a common share against $1,053,398 or $1.30 a common share in the like 1936 period. Anchor Cap Corp. Anchor Cap Corp., manufacturer of metal and molded ecaps, jars, bottles and sealing machinery, reported net income for the quarter ended Septem- ber 30 of $236,268, or 62 cents a com- mon share, compared with $283.982 or 79 cents a share in the same quar- ter last year. For the nine months ended Septem- ber 30 net income was $689,117 or $1.79 & common share against $539,777 or $1.24 a share in the like 1936 period. Pathe Film Corp. Pathe Film. Corp. reported consoli- dated net income for the nine months ended September 30 of $276,487, equal after preferred dividends to 40 cents a common share. This compared with net income of $24,687 or $3.07 a share 3 [ on the $7 preferred stock in the like 1936 period. L. A. Young Spring. L. A. Young Spring & Wire Corp. reported net profit for the quarter ended September 30 of $59,741 or 15 cents a common share compared with $192,120 or 47 cents a common share in the like quarter a year ago. For the nine months ended September 30 net profit was $1,261,306 or $3.09 a com- mon share, against $1,358,472 or $3.32 a common share in the like 1936 months. Motor Products Corp. Motor Products Corp reported net profit for the quarter ended September 30 of $318,006 or 81 cents a common share compared with $152,345 or 39 cents & common share in the Septem- ber, 1936, quarter. In the nine months ended September 30 net profit was $1,772,878 or $4.53 a common share, compared with $958,243 or $245 a common share in the like period last year. Revere Copper & Brass. Revere Copper & Brass Co. reported indicated net profit for the quarter ended September 30 of $154,403, equal after charges and Federal income taxes to $130 a share on the com- (See COPPER, Page E-2.) How Is Business? Showing Current Business Activity Compared With the Same Week a Year Ago. revious year. Black te declines from ACTIVITY BY FEDERAL RESERVE g DISTRICTS Check Transactions compared with the same week a year ago LEADING BAROMETERS Showing Trend of Important Factors Business in Dollars (Checks Cashed) Employment (Dept. of Labor) Wapuy(}l)‘ept. of !l,’abor). Sat Cost of Living (Ind. Conf. Board). Wholesale Prices (Fisher’s Index). mlcultura! Prices (Bureau of leor) Goods (Car Loadings; Board, vement Retail Trade (Fed. Res, Failures (Dun’s)........ Bond -Ji Building Contracts (F. W. Dodge) Present Trend hz'-Y-rAlO Upward 4 88 9.3 24.1 40 - Conhsdald abomi LI+14+] [++++ N MANY LEADERS GO SLIGHTLY LOWER Steel Group Is Hesitant, With New Slump in Ac- tivity Forecast. RAIL SECTION MIXED; SOME SPECIALTIES UP Carrier Bonds Stage Advance. U. S. Government Obligations Retreat Quietly. By FREDERICK GARDNER, Associated Press Financial Writer. NEW YORK, Oct. 30.—Many pivotal issues slipped a trifle lower in an in- decisive abbreviated session of the stock marRet today. No particular trend was apparent, and trading was at a fairly slow pace through most of the day, with the ticker frequently at a standstill. Steel shares proved the most hesi- tant, although one or two closed higher. The rails, in spite of the de- cision of carrier executives to ask a new blanket increase in freight rates, were narrow and mixed. A few amuse- ment and specialty stocks moved higher. At the start the market generally seemed inclined to follow up yester- day’s final hour rally, with small in- vestment buying reported from the floor. But the upswing was weak and short-lived and profit selling soon shaved gains. From then on apathy set the tone. Traders were inclined mostly to even up accounts over the week end. News was not impressive and there was a disposition to await the outcome of talks at Hyde Park between the Presi- dent and Treasury officials over taxa- tion matters before assuming commit- ments. Threats of renewed tension between Great Britain and Japan in China were closely studied. Steel Decline Forecost. Unofficial forecasts of a further mod- erate drop in next week's steel operat- ing chilled sentiment in this division. United States Steel dipped as low as 621, but rallied later to finish at 6315, off 12 net. Bethlehem, on the other hand, ended % up at 55'5. Others down a bit for the day were Inland Steel, 70; American Rolling Mills, 26%; Westinghouse Electric, 104';; Western Union, 3234: General Motors, 41%; American Telephone, 15414; Sears Roebuck, 70%; Mont- gomery Ward, 43%: Anaconda, 317%; Kennecott, 36%; Union Pacific, 99; New York Central, 21'2; Du Pont, 125%: Union Carbide, 80, and Allied Chemical, 163%. Chrysler benefited from a $3 divi- dend on the common, ordered after the close on Friday and finished up 1 at 76l;. Other gainers included R-K-O, 633; Paramount, 153%: Radio Corp, 8'%; Santa Fe, 4233; Northern Pacific, 15; Goodrich, 229 26%; Woolworth, 4134; of New Jersey, 53!2; 46, and Barnsdall, 16%. The Associated Press average of 60 stocks dropped .1 of a point at 50.2. Transfers ' totaled 713,910 shares, against 1,565,020 last Saturday. Railroad Bonds Higher. Some lower-priced railroad liens recorded most gains in a quiet and generally steady bond market. Fed- eral loans were in light demand and tended a little lower, while foreign dollar issues pointed fractionally higher. Principal activity centered in the carrier group, and despite the individ- ual gains the Associated Press average for 20 railroad liens dipped .2 of a point to 77. Pushing up fractions to a point or so were Illinois Central 43;s at 46';, Alleghany 5s of 1950 stamped at 30, St. Paul 5s at 12)4 and Southern Railway 4s at 55. Industrial and utility liens were on a fairly even keel although the list was spotted here and there with minor losses. The averages for 10 industrials advanced .2 of a point to 99.2 while 10 utilities stood at 92.5, off .5 of a point. Curb Gains Erased. Increased selling near the close erased many gains made in early curb market trading in an extension of the recent rally. Final prices were mixed. A few leaders dipped sharply under previous closings as bids were with- drawn. Mining shares were gener- ally steady and utilities and oils held to a narrow range. Aluminum Co. of America finished at 97, off 132; New Jersy Zinc 67, off 1%; Creole Petroleum 25%, off 4, and American Gas & Electric 25%, off Y4 Fractionally higher were American Cyanamid “B” at 26; Hecla Mining at 10%2; Hudson Bay Mining at 2215; Molybdenum at 67%; Electric Bond & Share at 1115, and United Gas at 6. PEVREROER D. C. SECURITIES tations b hnston, Lemon & Co.) (Qt“son:d: :Juflu bid and asked quota- gton securities which are lllfllfl MGX n‘l' euunur 10“0'/ BONDS. ol s Bol deb 4s, due 1945 85 BonecTitt Cootn a‘% gue 1951100 D C Paper Mill 1st 35 1i 23 Hamilton Real gor N pre Pru e Jat -85 1580 5 ub 1st 55 1945 __ 4 Eiverside Apts, 156 75 10322 97 Wash Audi 1st 65 1944 Wash Properties; Inc 75 1953 STOCKS. Anacostia Bank _ Auacostin Finance Barber & Ross pfd (nev) Goilimbia National Bank Columbia idated Title corn a4 Consolidated Tile Corp com t Washingion !mn’n Bank 1 Pedenl—Ammun Co ptd Co com SUNDAY MORNING, OCTOBER 31, 1937. SPOILING THEIR FUN Part . Four «| Now/ ‘flow ABOUT PUTTIN yMOST OF THATESTUFE, BMK WHERE Yol GOT,IT ? 17 A v 7 a 7 BEST YULE TRADE SINCE 1929 SEEN $3,900,000,000 Store Or- ders Expected to Be Placed in Four Months. By the Associated Press. NEW YORK, Oct. 30.—The largest dollar volume of holiday retail trade since 1929 was forecast today by the National Dry Goods Association. T. L. Blanke, manager of the asso- ciation’s merchandising division, esti- mated orders totaling $3,900,000,000 would be placed for the last four months of the year by department, dry goods, variety, hardware, gift and other stores directly affected by the Christ- mas shopping. That, he said, was $300,000,000, or 8 per cent more, than last year's busi- ness. Despite the fact that retail sales, because of the current recession in business, are not likely to attain the optimistic percentages of gain over 1936, looked for earlier in the year, Blanke held the outlook was “far from discouraging.” Wages, he asserted, were consider- ably higher in many industries than a year ago, while the income from agriculture had shown a marked in- crease. Because of the latter fact, he held, retail holiday buying in the rural areas would be stimulated con- siderably. In the metropolitan aveas stores are anticipating benefits from distribution of expanded <Christmas funds, he added. Blanke’s survey estimated increase in retail trade for the four months of September, October, November and December * at between 8 and 9 per cent, closely approximating the 9 per cent gain of the first eight months of the year. Because of the present business re- cession, Blanke said he expected de- partment store sales in October would show a country-wide increase over October, 1936, of only 3 to 4 per cent. Blanke estimated the stores would finish the year with larger stocks-on hand than in 1936, although they would be somewhat lower than at present. YELLOW TRUCK PROFIT SAGS AS SALES GAIN Special Dispatch to The Star. PONTIAC Mich,, Oct. 30.—Net sales of Yellow Tfuck & Coach Manufactur= ing Co. for the nine months.ended September 30 were $59,099,226. The consolidated net profit for the nine months ended September 30, 1937, amounted to $2,874,739, after deduct- ing provision for depreciation of $757,~ 300 for plants and equipment and provision for Federal taxes on income of $352,508. The above compares with net sales of $45347,607 and a net profit of $3,788,737 for the nine months ended September 30, 1936. “The quarter ended September 30, 1937, showed & net profit of $1,298,090, which compares with a net profit of $1,614,306 in the third quarter of 1936 e CLEARING HOUSE ISSUES REPORT AT NEW YORK By the Associated Press. NEW YORK, Oct. 30.-he weekly statement of the New York clearing house shows: Total surplus and undivided profits unchanged at $894,916,300. Total net demand deposits (average) decreased $71,508,000. Time deposits (average) decreased $958,000. Clearings, week ending today, $3,391,822,301. Clear- ‘week ending October ings, 3, 83 678,209,468. Exchange Volume Increases Sharply During October By the Associated Press. NEW YORK, Oct. 30.—Completing a month which included one of the heaviest day's trading in exchange history, turnover in the stock ex- change in October totaled 51,064,881 shares, best month’s business since January, this year. In September, 33854188 shares changed hands, while in October, 1936, the total was 43,995,282 shares. Bonds changing hands this month were $227,291,245, face value, the big- gest total since April this year. In September $182,078,000 changed hands and in October last year the total was $337,919,000. The big day of stock trading this month was Tuesday, October 19, when 7,287,990 shares were dealt in, the largest total since July 21, 1933. BUILDING ACTIVITY CONTINUES TO LAG Construction Industry Attains Only 40 Per Cent of Capacity Respite Upturn. By the Associated Press. CHICAGO, Oct. 30.—The construc- tion industry, although benefitted from increased building activity so far this year, has attained only 40 per cent of capacity and is on its seventh year of subnormal activity, E. M. Craig, executive secretary of the Na- tional Association of Building Traders | J Employers, said today. Indications were that 1937 building volume would show a 20 per cent in- crease over 1936, Craig said. Craig said the construction indus- try had not been a stimulus in strengthening the industrial upswing. ‘Whether 1938 and future years Would equal or exceed 1937 business volume depended upon the building public, he Gro consumer resistance against high bullding costs was apparent, said Craig, adding it was the viewpoint of observers that building costs would have to recede to a figure consistent with mass earning power if 1938 volume is to measure up to or forge | jan! ahead of 1937. ANCHOR CAP TO VOTE ON ACQUIRING FIRM By the Associated Press. NEW YORK, Oct. 30.—Stockholders of Anchor Cap Corp. have been called for a special meeting on November 18 to vote' on the acquisition of the Hocking Glass Co., in consideration of 441,852 shares of common stock of Anchor Cap Corp. It is proposed to change the name of the company to Anchor Hocking Glass Corp. and to increase the au- thorized common stock to 1,000,000 shares, it was announced today. By the Assoclated Press. Brokers’ loans. Holdings U. 8. ‘Gold reserve - Electric output (kilowatt hours) week ended October 23 (Final three ciphers omitted in above.) Car loadings, week ended Oct. 23. Stock sales, N. Y. Stock Exchange.. Bond sales, N. Y, Stock Exchange... $49,016,175 Call money rate. Time money A e iorriiis Commercial POPEY ccccccnombunonane COTTON FUTURES BELOW 8 GENTS Poor Spot Demand a Factor With Easier Prices on Southern Markets. By the Associated Press. NEW YORK, Oct. 30.—Cotton eased below 8 cents today under liquid- ation and hedging. March sold off from 8.04 to 7.98 and closed at 8.00, with final prices 7 to 8 points net lower. Opening losses of 4 to 6 points re- flected the influence of easier cables, but the undertone held fairly steady early in sympathy with steadiness of the stock market and on trade buy- ing. Reports of an easier basis in the South and of a poor demand for spot cotton influenced sentiment. Al- though trading was more active than in recent sessions, the total volume of selling was not especially large. Outside interest was still limited in face of uncertainties in the crop leg- islative program at Washington. Cot~ ton goods sales for the week were esti- mated at around 60 per cent of the current rate of production. The amount of cotton on shipboard await- ing clearance at the close of the week was estimated at 206,000 bales, against 165,000 last year and 232,000 two years ago. The range follows: Last. 8.04-05 8 01 £.00-01 £.00 December 799 8.10-11 middling. Cottonseed oil was quiet with prices a shade easier tday under week end liquidation, although price changes were narrow with the market closing 2 to 4 points net lower. Sales were only 25 contracts. Bleachable spot nominal; December closed 7.21, Jan- uary, 7.23; March, 7.26; May, 7.30. New om-n- Prices. NEW ORLEANS. 30 (#.—Cotton fullires ciosed barely sueady at net deciines of 7 to 13 points. 3 y . o Close (05-06 0 .07-08 81 8.21b-24a% 00005 ady: bleachable Tominals Fie May, CANADA TO SELL BONDS. NEW YORK, Oct. 30 (#).—Public subscription will be opened on No- vember 3 for a new Dominion of Canada loan of $100,000,000 for re- funding in part the outstanding $122,- 799,800 of unconverted 5%z per cent victory loan bonds maturing Decem- ber 1. The balance of $22,799,800 will be paid in cash, ‘Year ago. $972,000 2,430,227 8,635,831 6,107 5,782,673 Prev. week, $929,000 2,526,190 9,126,389 18,484 6,430,932 This week. $779,000 2,526,190 9,126,391 23,426 5,846,201 2,276,123 2,170,127 816,242 3,083,050 8,539,080 $66,681,000 75,903,400 80.0% 743% 1% 4% %% 713,353 3,613,300 11,190,090 809,944 3,602,150 22,165,791 $84,500,550 10,864,500 80.2% 85.8% 1% 1%-1%% 1% 19,058,000 80.2% 52.1% 1% l%-l%% E BUSINESS SHOWS FURTHER SIGNS OF DOWNWARD TREND Steel and Auto Productions Ease With Loadings. Power Total Up. - RETAIL TRADE SPOTTY BECAUSE OF WEATHER Wholesalers Report Buyers Timid. Rain Curbs Shopping in Lead- ing Eastern Cities. By THOMAS E. FLANAGAN, Associated Press Financia Writer. The Nation's business showed fure ther signs of losing momentum last week. Lower figures were posted for the manufacture of steel, rail shipments of freight and output of automobiles, The electric power industry, alone among the major divisions, stepped up production. Retail trade was uneven, ruled by weather conditions. Wholesalers re= ported buyers timid. The stock market pushed irregularly ahead to the best level since the low of the year touched on October 19, but ‘in the final session of the week gains were cut in some issues. The Associated Press index of ine dustrial activity dropped to 92.6, the lowest since the end of June, 1936. The week previous it was 94.4, a year ago 95.7. “The general trend of retail trade in the final days of October was not changed materially from conditions that have prevailed throughout the month,” the Department of Commerce reported in its survey of business in 35 cities. Gains Over 1936 Held. “The reports indicated that for the entire month of October substantial gains will be registered, as compared with the same month last year, as was the case in September. Weather con- ditions continued to be the dominant factor in buying. “Rain put a damper on shopping in Philadelphia, Pittsburgh, Boston, Detroit and New York. On the other hand, crisp, cool weather resulted in definite upturns in Chicago, Cleve- land, St. Louis, Cincinnati, Birming- ham, Savannah, Louisville, Dallas and New Orleans. “Wholesale trade -continued quiet, with buying, for the most part, marked by extreme caution.” The steel industry slowed down op- erations to 52.1 per cent of capacity from 558 the previous week, the American Iron and ‘Steel Institute estimated. A month ago it was at 74.4 and a year ago at 74.3. Steel trade observers said the drop of recent weeks had been so steep and so fast as to suggest the bottom of the slide had been reached. Look- ing back at the record, they said it was becoming clear steel on consum= ers’ shelves at the close of the sum- mer was larger than realized by the industry itself. ‘Uneven Trend Expected. Some said demand for steel during the rest of the year would likely be spotty. It was noted the motor in- dustry had been leveling off output in order to await the reception of new models before going full steam ahead. Possibly for this reason, it was said, buying from this quarter has been somewhat disappointing. Although purchases of steel for heavy construction perked up, signs of fresh life in the building industry whs unimpressive. ' Consumption by the railroads was said to depend on rate increases asked by the carriers. At the close of the week the Asso- ciation of American Railroads decid~ ed to ask permission of the Inter- state Commerce Commission to boost freight and passenger rates. Request~ ed upturns, it was estimated, would bring an additional $500,000,000 an= nually to the roads. This in turn would doubtless loosen the purse- strings of many systems for new equipment. A prime beneficiary of such a development would be the steel industry. It was noted that in the week ended October 23, railroad freight loadings had suffered a sharply contra-seasonal decline. In that week the total of 773,~ 353 cars was down 4.5 per cent from the preceding week and 5.3 per cent under the corresponding week of 1936. It was noted heaviest losses oc curred in the movement of miscel- laneous freight and ore. This, experts said, bore witness to general slacken= ing of trade and to the slower turne over of heavy industry. Normally, the week reported is the best of the year. This year's total was 90.9 per cent of average loadings for the corresponding week of the pre- ceding years. Outturn of automobiles was 90,155 units, compared with 91,905 the week before and 71,095 in the like period last year, Ward’s reported. Well-in= formed motor circles said the outlook was dim for any broad upswing in production soon. Most companies, 16 was said, were expected to hold the production lever about steady until they had a chance to see how the con- suming public had reacted to higher prices. Power Rate Higher. ‘The electric power indusiry pro- duoced 2,281,636,000 kilowatt hours in the week ended October 23, the Edison Electric Institute reported. This was a somewhat better showing than nor- mal at this time of year in that it represented a modest gain over the previous week. The total was 5.1 per cent ahead of the like week last year, or about unchanged from the rate of gain over 1936 which has ruled in recent weeks. Along the financial front were seen symptoms of contraction in business. Business loans continued to decline, while currency in circulation fell con- siderably more than usual at this time of year. The bond market swung’ back and forth irregularly during the week to close generally higher. Commodity prices slid off on the average to the lowest since October, 1937, with vire A