The Washington times., 1934-10-09

textiles, aut o.
Lewis Haney mobile produc-
ton, and railroad carloadingS
were lower. considering the sea-
son. But bottom was hit by mid
September, followed by increased
activity toward the end. So Octo-
Der figures will probably show
gains.
AS to week ago, we find the
rate of steel production about
unchanged, and clear indications
that accumulations of stocks of
steel during the summer period
Of overproduction are still re-
Stricting demand.
Automobile production held
up a little better than usual
at this season, but very re-
Gently several plants have
closed down as a preliminary
to preparing for new models.
Next weeks figure is therefore
likely to show a drop, but as
the producers prepare for new
cars they will buy more steel.
OF course, a good many textile
plants reopened and cotton cloth
production was stepped up. This
was a chief factor in the gain in
electric power production. Even
so, however, the output of cleo
tricity was under the figure for
q year ago.
Bituminous coal production
showed a good seasonal increase,
and this brought increased rail-
way shipments of coal. But ore
and livestock carloadings Slumped,
and the total loadings failed to
gain as much as usual at this
time. They were the lowest for
the week to be found in any re-
cent year except 1882.
Retail trade was in general
fair, but mixed, depending upon
weather conditions and Govern.
ment spending. 1t is active in
sections where the Government is
doing out funds, and this factor
is seen in the large volume of
mail order sales to farmers.
Wholesale trade was slow, and
unfavorably affected by weakness
in many prices, which tends to re-
tard ordering.
In fact, wholesale commodity
prices averaged lower again for
the fourth week, and were the
lowest in about two months.
There were declines in grains,
hides, cotton and cotton cloth,
silk, rubber, tin, zinc, and steel
scrap, the last item showing a
continued small demand for
steel. Some foods and building
materials were higher.
The growing activity OF the Ad-
ministration in pushing it's "hous-
ing campaign" was one of the
significant developments. AS yet.
this has brought negligible re-
suits. and the soundness of this
borrow now" scheme is very
doubtful. But it shows that the
Government is still relying heavily
upon credit initiation in its ef-
forts to stimulate business.
Total loans for housing improve
ment so far total less than $4,500,-
600. In the northern Illinois Sec
ton, they are 1000. and in this
section building permits in Sep
TENDER were only $4,000, against
$4,000 in August and $644, 900
a year ago. Home owners are now
inclined to be thrifty and avoid
debt.
1t is doubtful if such arti.
ficial drives" can succeed
under present conditions of debt
and monet ary uncertainty.
Prices, having been lacked up
by inflationary methods, are
now tending to recede. If this
tendency continues, people will
want to wait. But if initiation
tactics are resumed. credit will
be further weakened and living
costs be increased.
While the Administration has
begun to show signs of admitting
the failure of its schemes. 1t shows
no sign of trying to get the coun.
try out of debt. It is paying out
rageous prices for silver which it
has no good use for. It is pre-
pairing to spend additional billions
for postoffices, dams, roads, etc.,
which bring in no revenue. So
the public debt grows, and the Sc
curity for the nations currency
is weakened.
As a nation we have not yet
learned that we can't borrow
ourselves out of debt. But I do
not believe that the average
thrifty home owner is going to
Join the Government in any
such attempt.
And surely we don't want to
force our banks to lend TO others.
PAYS ON COMMON
King Royalty Company ha. de-
clared a dividend of IS cents on