The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-07-09

- SSM to be that in.
Lewis Haney dustrial activity
will average a little lower In July
than in June. August seems I'M
likely to show much If any I'M
provement. Develop ents at
Washington, however, seem TO IN
dictate a chance of gains occurring
early in the fall.
It is encouraging that the
passing of NRA has brought al
most no disturbance. Even the
1-cent cut in copper prices
seems to have been kept under
control. Certainly one sees no
more horses and buggies than
before!
On account of the recent holl'
day, steel operations dropped
sharply, but not as much as last
year, and have since rebounded
close to IS per cent of capacity
This is very low, though better
than feared. It is also encourag-
ing to find the steel scrap market
reported as being firmer.
Meanwhile, though automobile
manufacturers are taking less
steel, motor production continues
to hold up surprisingly well. 1t
is down a little more than sea-
sonally. and is now below year
ago. but in view of the great
squirt this spring this was to be
expected.
Curtaihment in cotton manufac'
turing continues. and New Eng
land mills are operating at the
lowest rate in several years.
Lumber production gained a
little, however, perhaps rejecting
the waning of the Pacific Coast
strike.
Carloadings last week were
again influenced by the coal stu
alton. Although 4.3 per cent be.
low a year ago, railway traffic
came back more than seasonally.
The chief factor was a gain of
1000 cars of coal, making the
coal movement 10 per cent above
last year at this time.
June department store sales
are estimated to have run a
little over last year, but as June
this year had one more business
day, the daily rate will not show
much change. Hot weather seems
to have brought a squirt in the
first week of july.
Wholesale commodity prices
continue to show great irreg.
ularity, but averaged slightly
higher again last week. They
still run a little below a month
ago, and only about 3 per cent
over last year at this time.
Last week there were declines
in grain, lard, sugar, rubber,
and cotton goods. But raw cot
ton, lead. tin, and meats were
higher. The fear that Canada
will dump her surplus wheat on
the world market was the chief
factor.
The big news was the revolt of
the House on the utilities bill, and
the changes in the Eccles bank.
ing bill made by the Senate com.
mittee. Mr.. Roosevelt's iva
plans also promise to run into
trouble.
All this suggests less danger Of
dictatorship. The Presidents
serious political errors are lessen
ing his power, and this arouSes
hopes that a basis for greater
business confidence may yet be
restored. That would do much
to put the huge accumulation of
idle funds to work, and with it
would come more employment for
idle labor.
Mr.. Roosevelt, however, has
come out fatty for the Guffey
coal bill, although he has been
advised that it is pretty clearly
unconstitutional. The only sen.
sible explanation of such action
seems to be a. desire to throw the
issue of changing our ConStitu'
ton into the political arena next
year. He may figure that when
this bill land possibly the Wagner
bilD is thrown out by the Supreme
Court, he will have labor with him
in attacking the Constitution.
The "relief" spending pro-
gram continues diSOrganized
and backward. The funds allO-
Gated for Federal Housing
mortgages have been much in.
creased, however, and Govern
ment bonus checks for Western
farmers will soon be pouring
out again.
COTTON GOODS
NEW YORK, July 9 G.N.S0 The