Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-12
BUSINESS VOLUME
CONTINUES LARGE
Activity on High Level as
Congress Enters Upon
Tariff Task.
BY the Associated Press.

Congress entered most sharply into
the field of business legislation this
week, with the PRONUNCIATION of the
new Republican tariff bill by the House
ways and means committee and the
adoption by the Senate of the debenture
plan for stimulating agricultural ex-
ports as phase of general farm relief
legislation.
The usual preliminary period of con-
test over new tariff schedules was i'm
mediately precipitated with the PROM
Use of attack on the new measure from
Midwestern agricultural representatives,
dissatisfied with the degree of protec-
ton afforded farm products while
spokesman for Eastern industrial CEN
tiers indicated dislike for increased
sugar imposts and desire for additional
upward reviSions to manufacturing
schedules. 1t was generally conceded
that the debenture vote of the Senate
would be negatived eventually by
House refusal to accept its terms, or
an ultimate presidential veto.
Business Volume.
General business volume, by the test
OF railroad freight car loadings, re-
ported from Washington as exceeding
more than 100000 a week for the Sec
ond time this year. was maintaining
its recent high position.
The volume of money turnover
during the week ending Nav 4. as in
dicated by check payments, was larger
tnan IN the previous week. but smaller
than year ago." the Commerce De-
partment summary of the business sit
uation at home and abroad said.
Steel plant activity advanced from
both prior periods. The output of crude
petroleum during the latest reported
week was smaller than for the previous
week, but larger than during the cor
responding period of last year. The
output OF oituminous coal showed gains
over both prior periods. Lumber ont
put. although unchanged from the pre-
cedlng week, was greater than in the
same week OF 1928. Primary distribu-
ton OF goods, as indicated by freight
car loadlngS, covering the latest avail
able week. was per cent greater than
year ago.
The general level of wholesale prices
showed no change from the previous
week. but was lower than a year ago.
Prices for iron and steel likewise
showed no change from the previous
week, but averaged higher than q year
ago. Cotton prices also remained at
IMAM
for the same period of last year. Loans
and discounts Of Federal Reserve mem
Der banks showed slight advance both
from the previous week and from a year
ago. Interest rates on both call and
time loans averaged higher than in
either period. Bond prices showed a
slight recession from the previous week
but were also lower than last year.
STOCK prices advanced, as compared
with both the previous week and the
corresponding period of 1928. Business
failures were smaller in number than
in either the previous week or a year
ago.
Receipts of hogs at the principal
primary markets during the week ended
April q were greater than a year ago.
Wheat receipts during the same week
showed decline from last year. Cat
tie receipts were smaller than a year
ago, and receipts Of cotton also showed
a decline
Situation Abroad.
Abroad, the review remarked on
maintenance of the high trend in con-
struction activity" in Canada. as
whole, which had stimulated demand
for many different products. A contin-
uation of British trade improvement,
particularly in coal and iron and build
ing. was reported from Great Britain,
with continuing. though slight, decline
in unemployment figures in spite of
the close approach of a national cleo
ton. Japanese business was rated as
dull and uncertain" though from
China. where recent outbreaks of mill
tary revolution have been lately en-
phasized, increases in customs receipts
at several important ports for periods
this year. as compared with last, gave
ground for declaring a trade better