The Washington times., 1934-10-30

&O4 Vic OH1 I41SS AGSHSH''A
when the Ad- Lewis Haney
ministration's drive for housing
modernization" and increased
bank loans, will come to a head.
The steel industry was prac-
tically unchanged for the fifth
successive week, but if anything
q little more active than the week
before. Automobile and agricul-
tural implement manufacturers
bought some steel, and a fair
demand for miscellaneous small
lots continued. That is the most
to be said.
The outlook for the new
motor season continues a bit
cloudy, and the more so be-
cause of threatened labor diff.
culties. In fact, part of the
. steel buying by automobile
makers appears to come from
q desire to anticipate labor
troubles. Meanwhile, govern.
ment spending supports
moderate sale of low priced
cars in several sections.
Lumber production declined.
Cloth production recovere
further, and being now about up
to pre-strike levels, shows signs
Of rounding off.
Railway carloadings showed a
small seasonal gain a week ago,
but were below both 1888 and
1892.
Numerous uncertainties, price
weakness, and unSeaSOnably
warm weather in some sections,
slowed up wholesale trade. Re-
tail business showed no marked
change.
modify prices sagged
further, continuing the tendency
which has prevailed since mid
September. Metals, however, have
firmed up, including steel scrap.
(Some observers profess to fear
that this is due to foreign buy
ing for munitions purposes,
which may suggest wars ahead0
Last weeks news brought the
labor problem into the foreground.
In the first place, it was an
nounced by the A. F. of L. that un-
employment increased consider
ably in September, and that the
unemployed now number nearly
100000. The National Industrial
Conference also estimated large
increase, but puts the total nearer
100000.
The A. F. of L. came out with
. renewed demand for the 30
hour week, particularly in the
automobile industry. The rank
and file of labor are said to lack
enthusiasm regarding shorter
hours. but labor leaders will
push the demand, in order to
stress unemployment and to gain
concessions in more representa-
ton on code authorities and
stronger collective bargaining
features.
The serious threat of renewed
trouble in the textile industry ap-
peared. Organized labor is de.
manding reopening of the motor
code in order to gain more power
in collective bargaining. In Cleve-
land and Milwaukee, the unions
picketed and restricted certain
chain store businesses to such ~
extent that one organization
closed down hundreds of stores,
thus throwing thousands of men
out of work.
It became clear that the shadow
of initiation is as dark as ever.
Government spending to make
work" and to win political favor
in various sections, is not to be
checked.
Accordingly the veterans are re-
newing their demand for a huge
cash payment, on the ground that
they will spend it and thus make
work.
Finally, the real inwardness
Of the governments attitude to-
ward the bankers was revealed
In Jesse Jones demand that
commercial banks (D make
long-term capital loans, and
that they ~ bring their cap
ital resources up to a higher
percentage of their deposits.
The former would decrease the
iquidity of the banks. The lat
ter would mean more borrowing
by the banks from the RFC,
which would give the govern
ment more control over them.
In one way or another. the
administration seems bent on
gaining complete control over the
extension of credit, to the end
that it may borrow and spend as
it pleaSes.