Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-01
Croop Outlook Same.

Prospects of crop production re.
manned practically unchanged during
August, except for cotton, but recent
price advances in cotton and corn
have lifted the purchasing power of
farm products, the Department of Ag.
riculture said today, in its September
review of the agricultural situation.
The crops present as varied pic
ture now toward the close of the sea.
son as they have since Spring." said
the Department 'Of the country's
two greatest cash crops, wheat has
turned out well, while cotton promises
anything but big yield. OF the two
leading feed crops, hay was record
crop, while corn Is a partial failure"
Pay Rolls Are Smaller.
Volume of employment and of total
pay rolls during July was at lower
level than at any time in the past
three years, it was brought out to.
day in the July and August business
review of the Federal Reserve Board,
which reported that more than sea-
sonal decline in industrial production
continued through August.
Volume Of reserve bank credit in
use during the past month";" said the
board, has been at lower level than
at any time in the past two years.
rejecting decreases both in the re-
serve banks holdings Of acceptances
purchased in the open market and
in their discounts for member banks.
Accommodation extended by the re.
serve banks has been in unusually
small volume for the system as a
whole. Factors in the diminished re-
quirements of member banks for re-
serve bank credit have been the con.
tlnued receipt of gold from abroad
tnls year. and the decreased demand
for currency by the public.
volume of member bank credit also
decreased in recent weeks and there
was some decline in the demand for
loans for commercial purposes, re-.
f1ecting a slowing down in industrial
and trade activity. During the month
the discount rates at eight Federal
reserve banks were reduced from q
to 31a' per cent and there was a CORE.
spending reduction in the rates
charged on bankers acceptances.
These reductions in rates were SUP.
ported by purchases Of United States
securities by the reserve banks.
Money rates in the open market,
which had been tending downward
since Midsummer, showed a sharp de.
SAA''O ACAiOWiH6 Tic IGuuCLlOI the
reserve bank rates. and the lower
rates in this country have been an
influence causing funds to be trans.
ferred to foreign money centers where
higher rates prevail, with the conse.
quence that sterling and other ex.
changes have advanced"
Personal Financial Notes.
e. j. Stellwagen, president of the
Union Trust Co., returned to his desk
this morning from an extended vaca-
ton at Poland Springs, Me.
M. d. Esch, assistant cashier of the
Second National Bank, will return
Tuesday from a vacation motor trip
to Niagara Falls.
Frank p. Harmon, vice president
of the Merchants Bank & Trust Co.,
will return Monday from vacation at
Blue Ridge Summit, Pa.
The publicity committee of the Dis.
trict Bankers Association met yester-
day to consider recommendations made
at the convention at Hot Springs.
Indications reached Washington to-
day that counsel for opposing sides
in the involuntary suit of bankruptcy
filed against Dean Onativia & Co., in
New York were holding conferences
with view to composing the case and
preventing interference to the work
ing out of the plan agreed upon by
the creditors committee.