Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1928-02-26
Steel, AUTOS
GAINING, SAYS
GREEN REVIEW
Some Interests Seem
To Be Waiting Upon
Development De-
cIares Writer

WASHINGTON, Feb. 25.-A pro-
nounced forward and upward trend IN
the steel and automobile industries
has been the outstanding feature OF
tne general business situation dur
inr the last thirty days, says Frank
Greene in his monthly buEiness re-
view in Nations Business Magazine,
published by the Chamber Of Com
merce Of the United States.
aIn some other activities, how
ever he writes, "a lack of form and
appearance Of waiting upon events
tended to show that entry into the
new year was more q matter Of
bookkeeping than Of distinct de-
parture In trade ard industry"
Notable features Of January and
early February, other than the rela-
lively fast pick up in iron and steel
operations, noted by Mr.. Greene
were:
"A speeding up Of shoe manufac-
turing, accompanying further sharp
advances in leather and hides.
"A raising Of rediscounts rates by
the regional federal reserve banks
Of seven districts. led by Chicago,
the last to go dow INTO the 3 IL per
cent rate.
Wholesale Gain
"A. very active but none the less
very erratic stock market, with a
moderate downward trend Of the
measuring averages. !.
"a rather slow coming to life OF
Wholesale and iobbing trade after
the year-end quieting.
IAN almost equally slow awaken
Ing Of retail buying which, retarded
by lack Of real winter weather,
seemed reluctant to take advantage
Of intensively advertised sales.
"a continuance Of the unsettled
condition in manufactured cotton
goods, reflecting diverse influences
at announced heavy mill curtailment
with the lowest quotations for the
raw staple since the first days Of
August; and in the first week of
February a sharp rally in raw cot
cor prices which brought out some
better buying of cotton goods.
"A turn in the tide Of pig iron
production after nine months of re-
cession.
"a quite notable easing off in
year-end failures and liabilities.
"A downward trend in the COM
modify price index after six consec-
utive monthly advances.
"The second largest monthly total
Of sales on the New York stock mar
ket. with bank clearings and bank
debts dutifully tagging along with
second largest monthly aggregates.
Mines Slack
"Howeyer, neither trade nor in
dustry for January. excepting auto
mobile. steel and shoe manufactur-
ing, seemed to exceed the totals of
JaEEary of the year before; and m
ployment, although gaining in a few
Instances, appeared in the whole
country little better than in Deem
Der and much lower than in January,
1927. The steel trade uncovered
Eariy in january a very considerable
increase in untitled orders, which
apparently resulted from the IN
@azncement early in December that
prices Of finished steel, and especial
ly plates, shapes, sheets and bars,
would be advanced in the first GuAr-
ter. II saw operations advance
sharply 10 an so TO s5-per-cent-of-
capacity basis. November was dem
o~nstrated 70 have been the low
month Of the last few years.
"In January and early February
mine operations were slack, with n
to three days work a week in mines
the measure of employment in many
areas.
AOne effect Of the great shifting
Of coal mining activity from union
70 non-union fields, for which 1927
was notable, was that West Virginia,
largely non-union, passed Pennsyl-
vsnia. largely union, in the produc-
tion Of soft coal. Twenty-Five years
r Pennsylvania production was
three times that Of West Virginia.
Some years ago Kentucky, largely
non-union, passed union Ohio as a
coal producer.
Plate Glass Stirs
ain gathering up some Of the loose
threads Of 1927 industrial and trade
results. it is found that automobile
outputs for December and for the
full calendar year were the smallest
for five years, and it IL significant
that the sharp up rush of steel pro-
duction came soon after the active
consumption of work by leaders in
the automotive trade.
"Stirrings of life in the plate
glass trade have been reported and
other industries drawing sustenance
from the automobile industry are
showing slightly more activity. The
tire trade has been active after a
year Of increased output and ship
ment. but crude rubber went off aft
er reaching the highest price in nine
months OF January /. This latter
weakness was ascribed to absence Of
expected announcements OF restric-
ticn Of exports from the eastern
plantations.
Building Gains
AN interesting feature that may
proye significant in the building
trade was q small gain in January in
the total value of permits for build
~ In leading American cities, after
ten consecutive months showing de-
clinex from like periods a year ago.
Since January. 1926, only three
months have shown gains. One in
ference that may be drawn from
these figures il that building of
house, office and styre structures in
the larger cities Is now down to nor
nal. The elapsed portion of the
year has certainly shown a percepti-
BE gain In output and new orders
for both hard and soft wood lum-
Der.
"Rstail trade for January, 1928,
allowed sharp contrasts with Deem
Der and January, 1927. Chain store
sales fell 62.6 per cent from Decem-
Ter. but were still Ill per cent over
January, 1927. The combined sales
q mail order and chain storess were
6f.7 per cent off frvm December but
- lper cent above those of January
sThe preliminary report Of depart
Int store sales for January shows q
49, 81 3 per cent from January a
~~sr Ak. In 1927 a. q whole, the