Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-25
INDUSTRY REMAINS
At HIGHER LEVEL
Trade Barometers Indicate
Gain in Activity Over Same
Period of 1928.
BY CLINTON COFFIN.

Associated Press Financial Writer.
Practically all of the commonly used
business indicators testified to the
maintenance of business during the
midweek in August at a level consider
ably higher over the country than is
usual for the season. Some recession
in railroad freight traffic volume was
reported. but this was regarded as neg
lig.ble in view of recent high records
in car loadings.
The tentative Senate committee re-
port on the new tariff bill wal the most
notable contribution to economic mat
ters from governmental quarters during
the week. Estimates agree that lower
schedules than those voted by the House
are the chief characteristic of the pro-
posals brought forward by Senate Re-
p%ublicans, but the final congressional
shaping of policy is generally thought
to be far away.
Commercial Transactions.
Commercial transactions during the
week ended August II, as reflected by
the volume of checks presented to
banks for payments, showed q decline
from the previous week. but we're con-
siderably greater than in the cor
responding period of 1928" said the
Commerce Departments weekly sum-
mary Of business conditions at home
and abroad.
Steel plant activity showed some re-
cession from the preceding week, but
was still substantially above the level
OF last year" it continued. The pro-
duction Of bituminous coal during the
latest reported week was greater than
in either the preceding week or the
corresponding period a year ago. The
output Of crude petroleum showed the
first decline from the preceding week
reported in about three months. but
was still above a year ago. The re-
ceipts Of cotton into sight were twice
as large as at this time last year. Re-
ceipts of cattle at primary markets
showed a decline from a year ago. while
hog receipts showed a gain. The dis
tribution Of commodities. through pri-
mary channels. as indicated by freight
car ioadlngS, was running substantially
higher than at this time last year.
The general index of wholesale
prices showed a further decline from
the preceding week and q about 3
per cent lower than in the same period
of 1928. Cotton prices averaged higher
than in the previous week. but were
lower than a year ago, while prices for
iron and steel averaged lower than In
the preceding week, but were higher
than last year..
Leans and Discounts.
Bank loans and discounts were
lower than in the previous week. but
showed a gain over last year. Interest
rates on time funds showed no change
from the preceding week. but were
higher than a year ago. Call money
rates averaged lower than in the pre-
vious week, but were higher than a
year ago. The Federal Reserve ratio
showed no change from the preced-
ing week. but was higher than In the
same period of 1923. Prices for stocks
reached a new high level during the
week. while bond prices showed de-
clines from both the preceding week
and the same period Of last year.
Business failures were fewer in num-
Der than In either the previous week
or the same period Of 1928"
In Canada. wholesale and retail trade
was graded as fair for the week. AS to
Brazil, the summary said that money
has been easier and credits much i'm
i proved compared with recent weeks.
Argentine business was quiet.
In Europe. the summary commented
on less than usual Summer slackneSs
of trade" in Holland and neighboring
countries. British conditions were
marked by increasing exports and de-
creasing imports, for the last months
ntprnatiOnal trade