Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-01
GAINS IN BUSINESS
WORLD INCREASING
Government Agencies Report I'm
usual Rate of Activity.
induces Higher.
BY the Associated Press.

BY the Associated Press.
Continuance of business during the
third week in August at the unusually
high level for this season was mani
tested in indiceS of business compiled
by Federal Government agencies. The
output of crude petroleum for the week
established a new high record and
prices of stocks rose to new heights
during the new period.
While the Treasury Department was
preparing the fotation of its regular
quarterly short-term financing certifi-
Gates, estimated in the neighborhood
of 5000. 000, 900, brokers' loans held by
member banks Of the Federal Reserve
Bank Of New York. touched a new
high figure of $6,217,000,00
In its weekly summary of business
for the week ending August "a, the
Commerce Department reported:
Commercial transactions during the
week ended August "a, as reflected by
the volume of checks presented to the
banks for payment, exceeded that of
either the previous week or the CORE
spending period of 1928, according to
the weekly statement of the Department
Of Commerce. Steel plant activity
showed further recession, but was
still substantially above the level of
last year. The production of bitumi-
nous coal during the last reported week.
while slightly less than during the
preceding week, was substantially great
er than a year ago. The output OF
crude petroleum was greater than dur
ing the preceding week, establishing
another new high record. The receipts
OF cotton increased SeaSonally and were
much larger than at this time last
year. Receipts of cattle at primary
markets were smaller and those of
hogs greater than year ago. The dis
tribution of commodities, through pri-
mary channels, as indicated by freight
car loadings were slightly less than dur
ing the previous week, but were SUBJ
stantially higher than at this time last
year.
1.-THE general index of wholesale prices
showed further decline from the pre-
ceding week and was per cent lower
than in the same period of 1928. Cotton
prices continued to rise, but were slightly
lower than year ago. Prices for iron
and steel were unchanged from the
previous week, but were higher than at
this time last year. Bank loans and dis
counts were the same as during the
previous week and were considerably
greater than a year ago. Interest rates
on time funds showed no change from
money declined, call money rates also
being lower than at this time last year.
The Federal Reserve ratio was higher
than for either the previous week or the
corresponding period of 1928. Prices
for stocks continued to rise, establish
ing another new high level during the
week, while bond prices continued to
decline. Business failures were slightly
more numerous than in either the previ-
Gus week or the same period of 1928"
In its survey of foreign nations the
department said upward trends were
recorded in several principal South
American countries, including Argen-
tina and Brazil, while Canada's indus
trial position appeared well maintained.
It commented on the settlement Of the
cotton wage controversy in England and
the likelihood Of the putting into opera
ton Of q national coal-marketing plan
In that country by the end Of the year.