The Washington times., 1929-08-24
STOCKS REACH
HIGHEST
LEVELS
By w. 8. COUSINS

NEW YORK, Aug. - Q,N.sl.-
Aeviewing business conditions for
Hha week, 1t Is apparent that the
@ituation is encouraging. Trade in
Nho United States ID on 3 par with
a. year ago and industry Ia more
active than at this time in 1928.
Many Industries are working at full
eapacity ana the outlook. generally
npeaking, IL good.
n In Wall Street, both the invest.
snnent and speculative public have
taken cognizance of the healthy
state Of affairs and stocks Of lead
tnG corporations have been in active
demand in spite Of their prevailing
digh prices.
Today many representative stocks
ARE at the highest levels In their
history. New high ground was
attained late this week in q mum"
Der of high,grade issues, including
United States Steel, Westinghouse
Electric, General Electric, Bethle.
hem Steel, American Telephone and
Telegraph, Woolworth. Eastman
Kodak. Du Pont deNemurs. and
international Telephone and Tels.
graph.
Record For Loans
Despite the high total to which
brokers' loans on securities has
mounted - reaching $6,0s5, 900, 900
this week, new high record for
all time-there has been no COM
plant from any Of the Federal Re.
serve districts relative to credit
etringencies for commercial or ag.
8cultaral purposes.
Bank clearings in the United
States for the week ending August
%, as reported to Bradstreet's
Journal aggregated S12.S46, $40 900,
as against $12,391 ,432 900 last week
and $9,521 ,317 900 In this week last
year, There is here shown an in.
crease of SO per cent over last
week and Of 34.9 per cent over the
like week a year ago.
Referring to business conditions.
Bradstreets says: "Trade II about
on par with q year ago at this
date. while industry, which shows
least effect Of summer conditions,
Ia still much more active than a
year ago"
Retail trade, reflecting @the fag
end of the vacation season. has
quieted down somewhat. Crop re-
ports seem to have deteriorated ow-
ing to continuance of dry weather.
The iron and steel industry is
operating close to capacity. There
have been heavy orders for struc.
tural steel for subway, bridge and
other heavy construction.
Settling Down
The automobile business has
settled down temporarily after a
record breaking half year. The
shoe manufacturing industry is
reported active. both in the East
and West. Buying Of cotton goods
has improved. The wool business
is of fairly good proportions. silk
mill operations have been heavy and
the soft coal trade, according to
Bradstreets, reports increased
activity in mining in southern and
central Illinois.
Freight loadings for the latest
reported week, that ended August
10, show a slight decline Of some
$4,000 cars from the total OF the
preceding week, but the general
high level of loadings 10 being main
tanned.
An important factor from an agri.
Enltural standpoint was the decline
In wheat prices this week, values
having fallen off cents bushel
for the week ended Thursday. Corn,
however, showed q slight gain.
Wheat sold at $1.31 a bushel in
Chicago wednesday. This, of course,
was much better than the 80 odd
cents which was the price late in
May, but it was 10 cents lower
than the price year ago.
sfOrka Advance
The New York stock market con-
4inued to advance all week. There
was q strong undertonO to the
market throughout the week, eSpe-
cially in high,grads stocks. From
time to time there was profit taking
but the demand for the better grade
issues was sufficiently strong to
prevent any marked recessions.
Discrimination, however. was
shown by the investing public. Only
the stable, well-known, well-pub-
1icized stocks which apparently
possess the best economic prospects
were in demand. Others of uncer'
tain merit were left severely alone.
The result was that while many
stocks registered new highs. other
issues held at their low prices for