The Washington times., 1928-11-10
AUT UNN TRADE
LARGER THIS
YEAR
By HARRY GUSACK
Financial Editor

Autumn activity in production
and trade this year has exceeded
that of previous years, according
to Gov. Roy A. Young, Of the
Federal Reserve Board.
Manufacturing production has
been especially large" he said,
..a1d prices of many important
manufactured goods and minerals
have advanced in value within re-
cent week, in response to the active
demand.
production of crops in the ag-
eregate for 1928 will exceed the
1927 total by about per cent and
t,rices of agricultural commodities,
which had avanced considerably last
year and until September of this
wear. declined somewhat in recent
weeks. Compared with last year
nrices of field crops are generally
lower. while those of livestock and
livestock products continue to be
higher. Building contract AWARDS,
which declined somewhat during
the summer. increased again to high
levels in September and October.
Railroad shipments of commodities
have been larger than q year ago,
and department store sales for the
last two autumn months exceeded
sales for the same months of last
year.
.Commercial loans of member
hanks have increased recently IN
response to seasonal demand for
credit to finance autumn activity
il trade and industry and there has
also been an increase in bank loans
an securities. Volume OF reserve
hank credit has shown a seasonal
growth to meet the usual autumn
demand for currency. Money rates
have been somewhat easier since
early in October but continue at
higher levels than in previous
years, he said.
u. s. Expenditures Rise
a slight decrease in receipts and
. slight increase in expenditures
have marked the financial opera
tions of the United States Gov
eminent for the first four months
Of the fiscal year of 1929, compared
with the corresponding period of the
fiscal year 1928, and the result is
q paper deficit at present. October
receipts were decidedly less than
October, 1927, and expenditures for
the same month considerably above
1927.
Ordinary receipts for the first
four months total $1,973,068, 1853.
against $1,1s7,54S, 1857 for the same
period last year. Ordinary expendi-
lures for the first four months
totaled $1,06S. 524,T23 as against
81 .016, sol, 60T for the same period
last year. Addition of 1859 1926 500
sinking fund operations in extraor-
binary expenditures and other small
items in same class brought about
an excess of total expenditures
chargeable against ordinary receipts
over ordinary receipts Of 1866, 0SS. SO
for the first four months OF the
fiscal year 1929.
Receipts Off
Principal receipt items all show
slight decreases over the four
month period. Customs receipts
total $207, 539, 634 this year against
$214, 490, 2S7. Income tax receipts
are S548, 1883 ,293. against $500, 448,U10,
and miscellaneous revenue SOS, 627 :
Al against $212,S13,891. Interest
on foreign obligations is virtually
the same. Receipts from railroad
securities. however. have decreased
to $1,611 ,070 from $S3,2O2,34f re.
ceived in the first four months of
the 1928 fiscal year.
Proceeds from sale Of surplus
property is about $1,000 900 higher
than for the same period of last
year. Receipts listed as "other mis-.
ce!laneous" have decreased to $685.
165, 4S5 from $73. 798, 44O.
On the expenditures side. general
expenditures for the period total
S6s6,43o.S15. against $653.514,722 in
corresponding period a year ago
interest on the public debt is lower
being 1927 1861, 1856 this year againsf
szoE,SIs,.70 In the corresponding
iiciency has increased this veqr to
$4,000 900. against $4,000 ,OOO. Fly.
penditures for the Shipping Board
total Ss.S53,162. against $i2 S93 a34
isst Year. Expenditures for the
CIvi Service Retirement Fund for
the first four months of the fiscaI
year 1929 total $19,927,254.