The Washington times., 1929-04-06
Check Payment Gain

Check Payment Gain
The volume of money turnover
during the week ended March 30,
as indicated by check payments,
was less than in the preceding week
but greater than a year ago, the
Department of Commerce stated in
its weekly summary of domestic
business conditions today.
Industrial activity, as reflected by
steel-plant operations. remained the
same as in the preceding week but
was larger than in the same period
a year ago. The production OF hi
luminous coal during the latest re-
ported week was smaller than in
either the previous week or the
same week of 1928. The output of
lumber was unchanged from the
previous week but was less than
wear ago, Petroleum output showed
a sizeable increase over both peri DDS.
Freight-car lOadings were slightly
larger during the latest reported
week than in either the previous
week or the spending week
Of 1928.
The general level Of wholesale
prices showed only fractional adj
vance from a year ago, while they
remained the same as last week.
The price of copper continued to
mount. and that of iron and steel,
although showing no change from
the previous week. averaged higher
than a year aso. Cotton declined in
price from the previous week but
was higher than year ago. Loans
and discounts Of Federal Reserve
member banks showed further eX-
pansion. as compared with both the
preceding week and the same period
q wear ago. Interest rates on Call
loans averaged considerably higher
than in either period. Bond PR 'eS
were lOwer for both periods hnSi-
ness failure We're greater than IN
the revious week but less than
wear ago
Receipts Of hogs during the week
ended March % we're lower than IN
the same period Of 1925, while those
FOR cattle were higher. Receipts or
wheat and cotton were running CON
siderablv larger than last year
Trade Outlook Good
With a satisfactory first quarter
at a close, the country's business is
beginning another quarterly period
with confidence The realization OF
the large business done in the first
three months of the year has ten
dencv to make for cheerful views
regarding some of the uncertain
ties affecting trade and industry in
the new quarter.
For one thing, the current volume
of final distribution compares eX-
ceedlngly well with that done in
the like period of the last and pre-
cedng years In most industries,
too, the March and first quarters
outputs set up new high records for
those periods, and the recesslons
visible in A few lines, most of them
seasonable, do not seem to be re-
sarded as seriously as in other
wears. That the net results have
been on the whole satisfactory seem
borne out by the smaller number OF
failure and the lessened liabilities
reported for March and the three
months period by the mercantile
agencies. Another factor in the
situation is that agriculture is
throwing off it's winter lethargy.
Bradstreet's summarizes the cur
ent situation as follows:
LAS to recent happenings, it may
be said that a quite cheerful view
is, and has been. taken of the pro-
posed curtailment of petroleum pro
duction noted in wide areas. Then,
too, the strength in the metal mar
kets and particularly the non-ferous
types. is reflected in another ad-
vance in wages of miners from
Montana south to Arizona. Cotton
planting. owing to weather Condl-
tions. is late, a nd weather conditions
may affect or cancel some of the in
crease predicted in that branch OF
agriculture. Most farm products
are off on the week, this continuing
the tendencies noted in the latter
part of March. Lumber orders still
excel production in most areas.
Wool markets are sluggish, and
there is something like deadlock
reported in the mohair trade as to
prices for the new clip. Cigar and
cigarette manufacturing are active,
and another record year is forecast
in the latter. Something rather new
in the Southern Cotton-gOOis manu-
facturing trade are the reports of
strikes in the CarOlinas against pro-
posed new methods.
"Most. although not all, of the
measures Of movements coming to
hand this week for March or the
earlier months were favorable in
chractcr. March sales Of stocks set
a new record for the month, and eX.
hibited an increase of 35.5 per cent
over the like month of last year,
whereas bond sales showed a de-
crease Of 1913 per cent, and were
the smallest for the month since
1918. The first quarter saw an in.