The Washington times., 1935-11-19
TREATY SEEN
PROBABLE BOON TO
STEEL INDUSTRY
By LEWIS HANEY
Professor of Economies New York University.


An examination of various indexes shows
the whole gains being held and that considering
the further progress being made We that
industrial activity is greater than at any time since the first
initiation squirt of the of 1888 With that exception
it is the greatest since 1880.
Furthermore there is nothing in early prospect to prevent
further gains Plenty of clouds may be noted the dis
tant horizon but they blow AT the worst the
"breahtng spell" is grateful reality
Steel production continues to fluctuate at level well
above so per of capacity number of special siua
and the beer business have helped But back of these
things the gradual expansion in building the increase in
machine tool ORDERS and renewed interest in railway main
and renewals. Probably the Canadian tariff
adjustment will help steel
Steel production likely be we'll maintained
Che last quarter and to start spring from the highest
year-end level since 1880.
The weekly output of automobiles continues to increase
which suggests good volume of sales following the motor
shows. With winter weather and accumuatng trade
ms slowing is to be expected, but the motor
year has auspcous start.
The textile active and last weeks cloth
production figures Wool manufacturers have heavy
filled orders and rushed with Government buying
The lumber manufacturers however find that they have
been overproducng and curtamen is under way The
Canadian adjustment will hurt
The difficult item understand is the backwardness
of railway carloadngs These declined again last week. and
the decline than usual for the period Moreover it
due heavy declines in miscellaneous freight
shipments Unless this condition changes will have
to look for slowing production order keep the
industrial output in line with shipments.
Urban retail trade has shown
able weather. but continued spoty last week. with New York
stores probably behind in their sas
rolls have increased however and farm purchasing
greater As the tardy and messy WPA army gets mobized
therefore, retail trade should pick up
Commodity price movements during the week as whole
evenly divided number between and declines
but the The wholesale prices cotton cotton
yarn worsted lard cotonseed OIL flour higher
Declines occurred in pine lumber and in international
commodities sugar, silk, rubber, tin, and hides.
Certainly signs of active initiation appeared recently
IN commodity prices Even the advertised markp in
steel prices hangs fire.
Outstanding news items follows:
Inc Canadian tariff pact signed This will
some confusion, and necessarily hurt industries Al
though doubling the wisdom of the dctatoral power as
Sumed by the Administration the nation will doubtless ap
prove closer trade relations with Canada hope that the
gains will offset the losses.
kentucky judge recently appointed by Mr. Roosevelt
Issued lower court decision in favor of the ttle NRA
Tor the coal industry This essay in favor Federal
control and social planning. Being contrary to all prior
legal Interpretation of the Constitution and in direct con-
Schechter case it will doubtless be appeal The
interesting point that shows how dictator can influ
ence the courts by his appointments
The bankers convention by it's elections and resolutions
showed that the banks recognize the folly trying to CO.
operate with the New Dealers.
AT the same time, the Administration definitely adoped
the strategy of swinging right agan) Mr. Roper made
campaign speech to breathing
spell and the profits system. And Mr. Kennedy told the
Duis IN the stock market to be careful but go
Inc President reaffairmed his "easy money" policy