Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-11
Washington Ticker
BY CLINTON COFFIN,
!sociated Press Financial writer.


Unexpected upward shift in the Fed
eral Reserve Bank rediscount rate al
New York. received as a dennite snocK
nv .ecurity markets, was the outStano-
ing business action out of Washington
for the week The Reserve Board step
was accompanied by neither warning
nor Interpretation, at the end OF
period of several successive weeks OF
increases in brokers loans, and gener-
ally satisfactory business reports.
The regular Commerce Department
review of business indications for the
week noted a large number OF instances
of business expansion.
The volume Of money turnover
during the week ended August 3, as
reflected by debts to individual &C
counts blank checks) was smaller
than in the precedinug week but sub
stantially greater than year ago,
the summary said.
Steel Activity Steady.
Activity In steel plants for this
week remained on the same high level
which. prevailed during the preceding
week and was considerably higher
than a wear ago. The production OF
bituminous coal during the latest re-
ported week showed gains over both
the previous week and the correspond
ing period of 1928. Crude petroleum
output continued to reject increases
over both prior periods. the receipts
of cotton into sight were slightly lower
than year ago. Receipts OF cattle
and hogs at primary markets showed
gains over a year go. Distribution OF
goods through primary channels, as re-
fiected by freight car loadinsS covering
the latest reported week, was sub
Stantially greater that at this time
last year.
The general index Of wholesale
prices showed decline from the pre-
ceding week and was still below the
level which prevailed a year ago. Prices
for cotton averaged higher than In the
preceding week. but were lower than
last year. while iron and steel prices,
showing no change from the preceding
week, averaged higher than year ago.
Interest rates on both time and call
fund averaged higher than in either
the previous week or the same perlou
1928. Bank loans and discounts were
higher than in either prior period. The
Federal Reserve ratio showed de-
cline from the preceding week. but was
higher than year ago. Prices for
stocks averaged higher than in either
period while bond prices, rejecting
higher interest rates showed declines
from both the preceding week and the
corresponding period of last year. Busl-
ness failures were less numerous than
in the corresponding period OF 1928.
Depressed Trade in Cuba.
Considering neighboring countries,
the review noted continuance of de-
pressed business in Cuba. largely at
tributed to low sugar prices, and the
appearance of business trend expressed
as withdrawal from the rural sales
field in favor of the greater concentra-
ton in larger cities and Havana" :.
Midsummer trade recession is lie
ported to be not so pronounced in
Eastern Canada this year the review
continued. In thu prairie provinces
the crop damage has had a retsrding
effect on purchases. The industrial
outlook Is generally optimistic"
In Great Britain, trade was declared
to have fallen off during July, with
unemployment registration remaining
heavy and heavy efhux of gold
continuing"