The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1934-11-14

245 cities, as reported by the
Federal Reserve Board, were eX'
actly at the same rate as they
were in September. That is, these
stores had total dollar sales which,
allowing for merely seasonal fac
tors, we're at the same average
daily rate as in September, name
~, rs per cent of the 1923-25 av-
erage. There was thus no net
gain.
We can say that the preced-
ing tendency to decline was
checked. The sales were about
IL per cent above October, 1888.
But there was one more bust
ness day in October this year
than there was in 1888, which
accounts for about 4 per cent of
the apparent gain. 1t should
also be noted that the total
sales for the ten months, JAN
uary- October have been 13 per
cent above the same months in
1888, which is a relatively better
showing than October made.
Considering the constant effort
to create employment, we next
look to this field for results. Here
we have figures for New York
State factories.
These figures show a nominal
increase in employees Of only 0.8
per cent. This is in itself disap-
pointing, but we also find that en-
ployment in New York usually
gains in october. Judging by the
last II years. the reasonable ex-
pectation would be a gain of over
] per cent.
Most of the industries actually
showed down ward tendencies,
these being offset by sharp gains
in textiles, due to unemployment
since the strike.
Furthermore, total wage pay
ments, or pay rolls. actually de-
clined, and were only 57.2 per
cent of the average for the years
1887. So either lower daily
wages were paid, or the factories
ran on shorter hours. In any
case, less money was put in cir
culation."
Turning now to figures bearing
on national activity in the heavy
industries we find little change
between September and October.
Steel ingOt production in Oc-
tOber was at an average daily
rate about 81 per cent of "nOr-
hal" which compares with
about 30 per cent in Septem-
Der; and with 48 per cent q
year ago. Pig iron production
was about S1.5 per cent, against
31.3 per cent in September, and
As per cent a year ago.
The U. S. Steel Corporations
shipments declined sharply and
were the lowest since January.
and far below October last year.
1t seems clear that stocks of
crude steel accumulated in the
producers hands.
incidentally, we know that I'M
sold stocks of zinc piled UP, ap-
preaching the high of last Janu-
ary.)
Railway carloadings showed
little change in October, con.
Sidering the season. October is
normally the peak month of the
year, and allowing for this, the
best that can be said is that
the declining trend may have
been checked.
II you assume that the long
time trend of traffic was upward
until 1928 and since then has
run sideways, railway freight
tonnage is only so per cent of
normal" If you figure the
underlying trend to be down
ward, the October tonnage was
only "a per cent of normal.
My "P,V Line" in October was
checked in its preceding rise.
Revised figures for the months
beginning with July are: 1888,
1887, ITO, and 117.3 (pre-
liminary).
This, think, reflects the fact
that as costs have risen, sales
resistance has increased, so that
shipments have been curtailed.
It reflects the mixed condition
Of initiation and liquidation which
characterizes these topsy turvy
times. It suggests that a ceiling
has been reached by commodity
prices, and that consumers de.
mand schedules will have to be
lacked up by an inflationary
''shot" if any large expansion Is
to be resumed.