State of Trade

BUSINESS & FINANCE

Facts & figures on the nation's business made exciting reading last week. Because for the corresponding week a year ago the bank moratorium was about to engulf the U. S. and most trade teetered close to a standstill, the weekly indices showed enormous gains. But even discounting that factor, anyone with half an eye could see that the usual spring rise was accelerating at more than a seasonal pace. Car loadings were 26.6% above last year, 5.4% above the week before and, for the first time, topped the corresponding week of 1932. Electric power output was 16.5% above 1933--largest weekly gain since the rise began last May. The total of 1,658-040,000 k.w.h. was second highest since the New Deal and equal to 1931. Steel operations continued to expand with new rail orders supplementing the heavy demand from can-makers and the automobile industry. Iron Age estimated operations at 49% of capacity--highest since last August. Production of 4,200,000 tons in the first two months of the year was precisely 100% above the figure for the same period of 1933. Steel scrap prices, which generally forecast the trend of steel activity, rose to a 3 1/2-year high at $14.50 per ton. Brightest spot was the Detroit area where mills were running at 100% capacity. Retail sales boomed again after the quiet interlude brought by storms and bitter weather. New England merchants reported a gain of 8.9% for February but the average gain for the U. S. was estimated to be 20% to 25%. Springfield (Mass.) reported a jump of 62%. ]. J. C. Penney's chain stores reported sales for the first two months up 41%. S. H. Kress sales were up 30%, Great Atlantic & Pacific up 5.18%. Montgomery Ward reported another roaring month in February with sales up 52.2%. Their retail stores showed an increase of 29.9%, their mail order division 80.7%. General Motors' sales to consumers in February topped 58,900 units against 42-280 in the same month last year. Sales to dealers were up from 50,212 last year to 82,222. Foreign sales were up 62.3%. In New York State factory employment registered the widest midwinter gain since 1915--5-8%. Payrolls were up 6.2%. Reflecting the farmer's dogged determination to raise bigger crops on fewer acres, fertilizer sales for the last three months were 110% above the same period year ago. Northbound banana trains from San Francisco to Portland last year averaged 13 or 14 cars. Last week they were running more than 50 cars.

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