Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-02
SUGAR AND CEMENT
INDUSTRIES AIDED
New Tariff Bill Also Affects
notwithstanding
Proposals Fail.
BY the Associated Press.

BY the Associated Press.
Easily first in the list of National
Government actions touching the world
of commerce this week was the enact
ment by the House of the Hawley tariff
bill and its consignment to the Senate
for completion.
Aside from political controversy, the
measure, as drawn, set forth policy
of higher tariff against imports for
adoption by the country, exemplified in
sugar, cement, shoe leather and food
stuffs schedules, though failing to set
up new principles, demanded by the
farming interest, by which higher rates
would have been levied on by-products
of agriculture now coming in at low
rates or entirely free to be treated as
industrial raw material. Only assent
by the Senate, and by President Hoover,
will confirm the trends which the House
approved for tariff legislation,
Return to Normal Seen.
A cessation, probably complete, in
concern about Federal Reserve influence
on credits for speculation and other
purposes, was noted during the week,
coinciding with a price collapse in the
stock and grain markets that wiped out
supposed demands for increased Dor
| rowings. The Washington view was
that a return to normal had been OBJ
| tanned, and this was confirmed by the
| board report that brokers loans in
New York had dropped 1892 1000, 900 for
| the week.
Commercial transactions for the
week ending May 25 as reflected by
| check payments were higher than either
| the preceding week or the correspond
| ing week of 1922 said the Commerce
Department summary, OF the business
| situa ton at home and abroad.
"Steel plants showed decline in &C.
| tivity from the previous week, but were
| much more active than during the cor
| responding period a year ago. Crude
petroleum output for the latest reported
| week showed an increase from botf
prior periods, the output OF b1tuminous
coal declined from the previous week
but was larger than for the same week
of 1928 The primary distribution OF
goods, as reflected by loading OF freight
cars covering the latest reported week
was substantially higher than a year
| ago.
THE general index of wholesale prices
was unchanged from the preceding
week, but was about per cent lower
than a year ago. Iron and steel prices
were also the same as during the pre-
ceding week. but were higher than for
the same period last year. Cotton
prices receded both from the previous
week and from year ago. Wheat
prices were also considerably lower
than last year. Loans and discounts
of Federal Reserve member banks show
ed a fractional recession from the pre-
ceding week, but were higher than
year ago. Interest rates on call loans
averaged much lower than in the pre-
vious week, but were higher than a
year ago. Ttme-money rates averaged
higher than in either period. Prices
for stocks averaged lower than in the
previous week. but were higher than a
year ago. Bond prices were lower than
in either period. Business failures were
less than for either the previous week
or q year ago.
Depression in Argentina.
Receipts of wheat, cotton, cattle and
hogs during the week ended May 10
were lower than year ago. Receipts
of cattle and cotton were also less than
for the previous week"
In South America, low grain prices
were said to have contributed to a
seasonal depression in Argentine bust
ness, though Chilean conditions were
asserted to be good Eastern Canada
was found to be better than Western,
from a commercial viewpoint on re-
ports available during the period.
Europe and Asia for the week furnished
little material for dealing with in the
official trade observations