The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-10-16

The steel in ms "a
about unchang- S%"<s 's
ed at around Lewis Hane:
Is per cent Of capacity. The
automobile industry curtailed out
put sharply as a step in the
transition to the next season.
Electric power production
changed little, despite the resump-
ton of production in a good many
textile mills.
Carloadings actually declined
more than usual for the season.
Retail trade was fair, taken as
. whole, with volume large in Sec
lions where Government disburSe.
mentS are heavy.
Commodity prices averaged a
little higher, owing to the squirt
in farm products caused by un.
favorable crop reports and infla-
ton talk. The collapse of pc
troleum price-fixing was seen in
cuts in gasoline.
The most interesting develop
ments nowadays pertain to the
various schemes for reform and
stimulation. In this field of
mixed economics and politics,
the following observations seem
warranted.
The much talked Of Tabor
truce seems to make little
progress in any formal way.
Labor organizations and en-
plOyerS express willingness, with
various "buts" and offs" The
main practical factors are the
virtual loss of the textile strike
by labor, and the depressed
condition of the heavy indus
tries. These will make labor
20 slow in striking.
The general attitude is one of
compromise or jockeying for po-
sition. The A. F. of L. came out
for "the 30-hour week." while the
President fixed SO hours for the
clothing trades.
The A. F. of L. stands by the
"trade union" but now author
ICES vertical unions" in some in
dustrieS.
This latter development is i'm
portant, and may eventually lead
to the spread of industrial
unions" and the growth Of a
labor party in our politics.
The housing campaign for
''hO1ne mOdernizatiOn" has gath
cred momentum and threatens
to develop into a ballyhOO 'bOr-
row now" drive. This would be
unfortunate and lead to another
disiIIuSiOnment, as such artifi-
cial drives always do. Actually,
the loans made thus far are
infinitesimal.
The most effective step taken
by the Administration to counter
act rumors of early initiation or
devaluation was the announce
ment that another billion or so
of Liberties will be refunded in
April, This would hardly have
been done if the plan were to
weaken the dollar further.
But Congress may have other
ideas. In any case, these refund
ings" merely mean the switching
of early maturities into short
term debt carried by financial
institutions which have no other
recourse. The reduction Of a few
millions in interest is unimportant
when the principal is growing by
billions.
The sad fact is that our Gov
eminent can't sell long-term bonds
to its own citizens, to say nothing
Of foreign investors.
One reason is seen in the silly
silver buying, which will eventu-
ally lead to serious schemes for
bimetalliSm, symmetalism, etc.
The spectators in silver who
originally put this across loudly
asserted that China would be
helped. Well, last week China
protested that we were hurting
her, and she put restrictions on
her silver exports! Our Admins
tration's answer amounted to say
ing:
eve will try to conduct our
buying so as to hurt you as
little rs possible, but this is our
business"
The Government stepped up its
distribution of funds last week.
and Administration campaigners
are openly pointing to the money
they have spent.
This is borrowed money. Who
Is going to pay? The A. F. of L
says:
"The increasing debt makes
business men hesitate to under
take new enterprises, for they
know that they will be taxed to
pay the debt; and they also
know that unless industry re-
covers more rapidly than in the
past year, we probably cannot
0voId Initiation"
DELINOUENTS DROP