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Show ntbeToVNaS1"653 cn.d'tion'.in every state in the Union as set forth in the October noer or Nations Business, official publication of the Chamber of Commerce of the United States Washington, October lst-Trade in August reached its lowest ebb since the beginning of the business busi-ness depression, says Franke Greene in his monthly business condition report for the current number of Nation's Business Maga zine. The month was one l strangely mixed conditions, says Greene, with improvements vis ible in some directions and th reverse in others. "The Stock Market," Mr. Green.' reports, "tugged rather idly at a short anchor rope, though utili ties and oils rose while railroad feU off on a talk of dividend r, ductions. The bond market, I. rails leading, was rather weak : a whole and showed more of decline in percentages of price.'; than did stocks. Prices of farm products were at the lowest point in over a generation, with the premier cereal, wheat, reccrdin the lowest pricesin 80 years. Th general price index number wa;. the lowest since 1911. - Foreigi trade was one third less tlian year ago and one half that c 1929, with both exports and ir.i ports the lowest since 1914. "Another side of the picture was seen in continued evidences that lower prices of most commodities were developing a volume, not value, of buying not equalled since the slump. Processes of recuperation and repair seemeu going forward m foreign countries;- activitey in manufacturing of necessaries like foods and wear ing apparel, notably textiles aiiL shoes, was maintained in mos, cases, and there seemed growing recognition that 'a dollar was going go-ing farther' than for many years past. Failures tended to shrink more perceptibly than did liabilities. liabili-ties. The latter, however, wen-smaller wen-smaller than in many preceding months, though 1931 will set up a new high totals of both. "So far as was visible in a statistical sta-tistical way, seasonal and weathei conditions were responsible foi some of the quieting down shown in wholesale and retail distribution distribu-tion and collections. Preparations for fall trade wer.' productive oi a moderate uplift, however, in certain cer-tain industries which, as already-indicated, already-indicated, cater to every-day needs for food and wearing apparel. Late crops appeared to promise fairly weU although gains ovei the rather short yields of the drought year, 1930, were confined to a few great staples like wheat, corn, cotton, potatoes and apples. ap-ples. Only winter wheat and peaches set up new records. Cumulative Cum-ulative effects of the over production produc-tion bred by the War bade fair 1 show a shrinkage in farm-prod uct values unapproached in man years. "It is probably not exaggerating to say that volume of sales i necessaries, where price reduction:: have been, made in keeping with the cuts at wholesale and in manufacturing man-ufacturing lines, is larger than i year ago. It also seems as : present losses must be taken i future gains are to be made. "Depression in trade and Lac. of usual export outlets do not en tirely explain the low prices brought by aU farm Products in the midsummer of 1331. us. yields indicated for some product-had product-had important effects, but eve: here differences were visible whit showed the working out of othe; forces "Dairy products advanced eves more than usual, due to hot dr;, weather and its effect on Pastures New tobacco prices were reallj fair to good. in wheat a record crop of the winter-sown grain was balanced by a phenomenally short spring croP so that the gain . all wheat was not ' large. Gov-eminent Gov-eminent efforts to keep prices up wXthe natural result of accumulating accum-ulating a record stock and cuttm, off export trade, of course bort Sne of the responsibility here a? cotton, which dropped long o ; fore the heavy yield of 15,534,0,, bales indicated by the : August , government crop repoit was l. 8i?.The lowest levels for 80 year reached by wheat and the re newed weakness shown in cotton nincident with listless mar Et' tor securities. Septembc: wheat on August 31 so d at , rents at Chicago, said to be . . ' lowest point reached by spot whra ' stace October, 1852, before tn loaid of Trade was organized . BT prominent contributing f, - rure m depressing both wheat a,. cotton prices m ear.y '-' : was the statement t cf; undeT no deration would th pU1'ChaSfSter two "ears the Bourf rediscovered that Us purchase; ad S cushioned wheat anc ' often producer against pnee de- clines which had also affectad other commodities. "If there is such a thing as an irreducible minimum in grosa revenue and net operating incom. of railways, these public utilities would seem to have hit it las. spring and summer respectively in May in the case of gross earn tags and in January in the cas of net return. Estimates t'o-July, t'o-July, based on reports from seventy-five roads, show a gain ove June oi two percent in grots anil an-il per cent in net for the Cla.ss roads combined. June, in turn gained fractionally in gross atirj 21.5 per cent in net ovr-r M:v. Both gross and net return?, were larger in July than in any p x ceding month this year "This was done on an indieat:. decrease in car loadings of i per cent from July 1930 and declin in grojs earnings of 17.C per cent, which is evidence r the close margins on which th roads worked. Net raUways operating oper-ating income fell off 32.6 per cei: from July a year ago, or at a ra slightly less than double the r cline in gross. Compared with 1929, however, the decline in Ji;.. gross was 32 3 per cent and t!-H in net oprating income was 54.9 per cent. "For the seven months, the indicated in-dicated decreaso in gross and ne: from 1930, this always conceding the correctness of the trends shown by the 75 roads, was respectively re-spectively 18.5 per cent and. 3 per cent. Compared with 1929 in the like period the decreases ir. gross and net were 29.2 and 37.1 per cent. The decreases in car loadings for seven months of year were 18.1 per cent from 193C and 27 per cent from 1929. Thes. decreases seem on a par with declines de-clines shewn in the 'heavy industries in-dustries which are important feed ers of the railroads in norma times. "September 1 returns of August volume were not numerous as tm was written and were mainly i keeping with the July and seven-months seven-months returns. Bank clearirgs and bank debits decreases f August were identical 24.5 per cent below a year ago. Ne? Yc: stock-market sales fell off 37.6 per cent from last year. Pig-iron production dropped 41 per cen' 'cm Aueust 1930 arid 54 per cent from 19-9. Dcpaitment -store sal.-dropped sal.-dropped six per cent from August a year ago." |