The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-12-03
PART III tConciusion,.

PART III tConciusion).
Coupled with the development OF the financial
crisis was the continued drop in industrial pro-
duction and further decline in domestic and
foreign trade. The AnnaIist index for general
business activity moved sharply downwards
throughout the third quarter. The combined in
dex was 1872 in July, 735 in August and ITO in
September. The Annalist's weekly index shows
that this trend continued throughout october
and the beginning Of November, despite the
optimistic propaganda einanating from Wash
ington and Wall Street. The Annalist's weekly
index stood at 68.5 on October 8, $50 on October
TO- 664 on october IT, $50 on October "a, 65,4 on
October 81 and 65S on November z. This unin-
terrupted decline in the AnnaIist's index reflects
the deeping of tn ecrisis In virtually all i'm
portant branches of industry.
Production in the basic industries has fallen
more than so per cent below 1929 levels and
more than 80 per cent below 1880. Steel ingot
production during October averaged 58,977 tons
per day as against 59,523 tons in September and
99,724 tons in october, 1880. October produc-
ton was lowest for any month since September,
1921. Production for the first ten months is
&estimated at 22,o04,il2 tons as compared with
1904 $50 tons in the corresponding period of
1880. There has been virtually no improvement
In the industry within the past few weeks, in
spite of the fact that there is normally marked
seasonal rise in production during this period
With the automobile railroad and construction
and other steel-consuming industries placing few
orders, there is no prospect for any marked rise
i'll steel production in the near future. Rail-
roads, suffering from drastic drop in freight
and passenger revenues, have practically ceased
to order any equipment. During September rail-
roads ordered only three freight cars as against
SOS in September, 1880, and 4,257 in September,
1929; one locomotive as against Is in September,
1890, and "a in September 1929; 1905 tons Of
rails as compared with 10000 in September, 1880,
and $4,000 in September, 1929.
Pig iron production has dropped even more
sharply. Daily average production in october
amounted to 37,848 tons compared to 69,831 tons
in October, 1880, and 745 tons in October,
1929. The daily average for the month showed
a decrease of 20 per cent from the September
rate.
Although there have been continual reports OF
expansion in the automobile industry production
figures continue to drop to new low levels
Eleven of the 20 leading plants in the country
have now ceased production entirely and many
others operating at such low levels that their
output is negligible. Estimated production for
the week ending October 81 was 101H cars and
trucks against 31,s27 In the corresponding week
Of 1880 and 73,O48 in the corresponding week OF
1929. The National Automobile Chamber OF
Commerce places october production at 86,328
cars and trucks, drop OF 40 per cent as COM
pared with September and 46 per cent CON-
pared with October 1880. Production for the
first ten months is estimated at 2283,0l8 or 20
per cent below the figure for the corresponding
months Of last year.
All branches OF construction continue to de-
cline sharply. F., w. Dodge 81 Co. reports that
construction contracts awarded III the 81 states
east OF the Rocky Mountains totalled $242 200
in October against 1885, 7O6, 400 in October last
year. decline of Is per cent. For the ten
months ending october contracts in the 81 states
totalled $1,000 100000 against $4,000, 100000 in
the corresponding months Of 1880
Railroad traffic, an important indicator OF
general business trends, continues to move down.
wards. Freight car loadings for the week end
ing November T. amounted to 717029, q decrease
OF $4,000 from the previous week, and 1644ss
from the corresponding week of last year For
tile first ten months loading totaed only little
over 32,0C0,0O0 cars against nearly 46,00000o
in the corresponding period OF 1929.
simultaneously there has been sharp SHRINK
age in foreign trade. Exports have dropped
more than SO per cent below 1899 levels The
peparaent Of Cocauasrce reports that ezports N