Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-03
BUSINESS
ACTIVITY IS SHOWN
Reports to Department of
Commerce Indicate Usual
Seasonal Trends.


Reactions from the alternate col
! lapse and recovery OF the stock markets
overShadowed all other points in the
business picture last week for Washing
ton as well as the rest Of the country.
Leaders of the administration were
drawn along with business men of prom
inence to public expression of faith In
the solidity of the country's economic
structure, and their Judgment was con-
firmed by the sudden change In condl-
tions. which allowed the Federal Re-
serve Board to approve lowering Of re-
discount rates at New York.
A huge decline In the current loans
required by Wall Street, reported by the
boards accountants to total $l,OS6,OOo,-
600. gave the banking world, the Treas
urv and the Reserve system admin
istrators cause for great satisfaction.
The release of these credits which have
been held in maintaining stock prices,
was expected to abate the level OF in
terest rates, and to be marked factor
in restoring business confidence In all
directions.
Department Summaries.
Commerce Department summaries OF
and abroad indicated generally MAIN
tenance of normal activity in the coun-
try, markedly variant from the stock
market showing.
THE volume of money turnovef dur
ing the week ended october 26, as re-
f1ected by check payments, was greater
than during the previous week and
showed an increase also over q week
ago." the official review said.
THE output of bituminous coal dur
ing the latest reported week showed a
decline from the previous week, but was
higher than a year ago. Operations In
steel plants for the latest week showed
expansion as compared with the pre-
vious week, but were on lower level
than at this time last year. Cotton re-
ceipts in sight were greater than q
year ago. Cattle receipts at the prin-
cipal primary markets were lower than
last year. while hog receipts showed a
gain. The movement Of commodities
by rail, as indicated by data on carload
ings covering the latest reported week.
was lower than in the same week Of last
year.
Wholesale Prices.
1.-THE general level of wholesale prices
showed a further recession from the
previous week and was OF about 5 per
cent from last year. Iron and steel
prices aversg ed lower than in the pre-
vious week. but we're higher than year
ago. Prices for cotton showed q gain
over the preceding week and decline
from last year. Bank loans and dis
counts were higher than in either
period Interest rates on time funds
averaged lower than in the previous
week, but were higher than q year ago.
Call money rates showed lower averages
than either period Prices for stocks
listed on the New York Stock Exchange
again declined from the previous week.
but were still above the level of last
year. Bond prices averaged higher than
in the previous week, but were lower
than year ago. Business failures were
larger in number than in the previous
week, but declined from the same week
Of 1928"
Canadian business events, the gov
eminent observers there reported, were
drawn into sympathetic play with the
security price recessions centering in
New York, but it was also found that
"the general trend of current reports is
in the direction of maintaining satisfac-
tory business conditions" Statistics of
Dominion production and foreign trade
held to points recently established.
South American Countries.
Among South American countries,
Argentina was reported as showing bet
tered agricultural prospects. though
American grain producers were most
likely to note that the commerce re-
view carried private estimates of the
Argentine wheat crop for this year at
$4,000 metric tons, against last years
yield Of 1886, 900 tons. Cuban affairs,
while centering around sugar produc-
ton and the chances of better realiza-
ton from that crop next year for the
island. were said to be showing mo
critical developments" Mexico, it was
definitely said had found business
generally improved in October" with
some exceptions.
European affairs for the week showed
no points of particular interest for gov
eminent commercial reports.