Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-10-19
BUSINESS GAINING
ASELECT|ON NEARS
Industry Fails to Show let
up Often Noted in Former
Campaign Years.
STOCKS HOLD ADVANCES,
Plenty of Money for Loans-Coal
Orders Improve-Retail Trade
Reported Good.
STOCKS HOLD ADVANCES,
BY HARDEN CoLFAx.

Inc long anticipated prediction
showdown of business has failed this
year to materialize. With election
day but little more than two weeks,
away, industry continues as uncon |
sciously on the upgrade as II this
were not 1924 and change OF ad-
ninIstration among the disabilities.
All reports to Government and private
agencies here indicate that the tinle-
honored prophecy Of a business let
up has been refuted
Reports from the American Rail
way Association state that the fourth
largsst volume of traffic in hist0r,
was hauled by the railroads of t.lc
I.iited States during the last weell
for which figures have been compiled
that of October 1. The number Of
loaded cars moving over the rails
that week was 1,077.006. about 90 .n66
fewer than the high mark set last
year. Five 1000, 000-car weeks hav.
succeeded one another and the out
such weeks will continue through The
remainder of the year.
Stocks Near 1919 Pinnacle
Wall Streets reported election
scare" has turned out not to be an
election scare at all, but the normal
profit taking of traders who had
pOOSbl low, IIOHlnS before. Na!IeS
on the stock exchange have beer
climbing steadily for several months
and at their height. a week or 50
ago. had almost reached the pinnacle
of 1919 in many stocks. The mark
was due for recession.
More money than investors kno.t
what TO do with lies in the bank
today, according TO Federal Reserve.
Board reports, and bond offerings.
both domestic and foreign, are bein.
snapped up with such avidity thai
brokers are hurrying some offerings
that they had expected TO hold till
later. Notable in this respect is the
forthcoming offer of French bonds
Because of the heavy oversubscrip-
ton of the s110,000,000 issue of Ger
man bonds allotted TO the United
States. the French bonds will be put
out in advance of the expected time
Banks Hunting for Loans.
So plentiful is the supply OF nom.
that the banks are having difficult.
in making loans. The Federal r.
serve Banks, for instance. ACCORDING
to the boards current report, hal
1854 100000 outstanding in loans It
year ago, but today have only s2s@.-
100000 outstanding. Few memher
banks want reserve, bank none.
nearly all being bountifully supplied
with funds Of their own. AS a result.
the Federal Reserve Banks as .
whole, will hardly earn much more
than their operating expenses this
year.
In business circles there is reported
to be a continuation of the stead
upward climb, although here and
there specific Industries are expert
enciaR 2 lull. in that categor7 RS,
fallen the automobile industry. fhe
big Fall market has not yet material
lied as the manufacturers expect il
to materialize. Preliminary reports
indicate that October output will
show a still further decrease, whcI.
compared with that Of q year ago.
Coal Demand Picks Up.
Under the spur OF deferred demand.
both anthracite and bituminous coal
Industries have become decidedly &C
tive. One of the largest coal com
panies III Virginia, for instance, has
recently resumed dividends on its
common stock after a lapse of Is
months The railroads are beginning
to haul coal in boom time quantities.
Anthracite production. after Sum-
mer lull. again is virtually at ca
pacity. according to geological sur
vey figures.
Retail trade continues in excellenr
condition, with buyers somewhat
timid about purchasing more than
immediate needs, according 10 -
ports received here by the Depafs
ment of Commerce and Labor. L.
the textile industry this has been a.
year of violent fluctuations, due t.
uncertainty as to the size of tie
cotton crop. This situation has hurt
the cotton goods trade, but a SOM
what unusual amount of activity has
been reported lately.