Renewed Retreat

Lights were dimmer along Manhattan's cafe-cluttered 52nd Street last week as "cafe society" showed the pressure of Wall Street's three-month fall. But people in the market are not the only ones feeling the pinch these days. Figures released from Hollywood last week revealed that between 10% and 20% fewer U. S. citizens went to the movies this October than went a year ago. As a result, one studio which had budgeted some $3,000,000 for new construction cut it down to $100,000.

Similar retreat along the economic front last week cut U. S. steel operations to 29% of capacity. Only a 1.4% drop from the previous week, this was the smallest since the present depression became apparent last August, aroused some hope. But car-loadings dropped another 6%, making the total 18% under last year; Barren's business index went to 67% of normal; auto output stood at 58,000 units v. 85,000 last fortnight and 102,000 year ago. And the New York Times business index slid on down, having slumped more in the past three months than in the 13 months following the 1929 market smash With such figures in the headlines, mostly a week to two weeks behind hand and only a further decline in view, there was ample reason for renewed fall of stocks, and week Dow-Jones industrial averages set a new low of 113.6, then bounced back ten points in the customary rally.

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