The Washington times., 1928-12-18
FINAL QUARTER
To SET NEW
RECORD
BY HARRY GUSACK,
Financial Editor

The last quarter OIL 1870 tWtA
reach record figure for volume or
trade and industry according to
present figures reaching the Depart.
naent of Commerce, it was an.
nounced today by Secretary Wliilam
+. Whiting. Retail trade, he said,
Is showing a remarkable expension
over recent months. due to holiday
demands.
The recent fluctuations in the
stock market. Mr.. Whiting believes,
has strengthened business by bring
ing stock prices nearer to their in
trinsic value. Mr.. Whiting said, IN
part:
Available statistics show that
trade and industry generally are In
record volume with retail trade
showing an expansion over recent
months. due largely to the holiday
demands.
All of the basic factors which
have contributed to the healthy
state Of business during recent
months. among which may be men
toned more efficient production and
distribution with a smaller accumu-
lation of stock and the generally
well-sustained confidence in the
stability OF existing conditions. are
stin present with no visible signs
Of receding. A slight recession in
the output Of some commodities
may be expected as the time for
inventory taking nears.
Industries Active
ANY forecast of future conditions.
Of course, can only be based. upon
the forces in motion. Most of the
basic industries for which statistics
are available have been active
throughout the entire year.
Automobile production, estimating
for the month of December, will
doubtless exceed the previous high
record Of 1926, when 4.299,00O pas
senger cars and trucks were pro
duced. Steel production during
! the year promises to increase over
1927, when the output totaled
43 ,041, 900 tons Available statistics
indicate that the output of copper
will advance over last year, when
mine production amounted to 829,
97S short tons.
Record Exports
Exports Of merchandise during
the first IL months of 1928, ac-
valued at 81, 655 ,459, 900, being
higher than for any corresponding
period since 1920 and $197,724,000
in excess of exports for the cor.
responding period of 1927. This
larger volume Of export trade has
contributed greatly to our domes-
tic activity.
a further note of stability is
added by the fact that exports of
merchandise for October and
November of this year, $3.50 0.866, 900
and $546, 100000 (prelim ary
figures). respectively. We're larger
than for any previous month since
January, 1921. when exports were
valued at $654,300, 900.
Reserve. Bank Statement
The Federal Reserve Boards con-
dition statement of 629 reporting
member banks in leading cities as
Of December IL. made public by the
board today, shows decreases for
the week of $50 900, 900 in loans and
discounts, of $12 000, 900 In invest.
ments, of $12 100000 in net demand
deposits, and of Sic, 100000 in Gov
ernment deposits. and an increase
OF $7,0O0,000 in borrowings from
Federal Reserve Banks.
Loans on stocks and bonds. in
cIuding United States Government
obligations, were $131 900 900 be.
low the December total at all re-
porting banks, II reduction of $751;
900 900 at reporting banks in the
New York district being partly off.
set by increases of $13,000,00 in
the Cleveland district, Of $8.000,0 900
in the Boston district, of ss.OO0,00o
in the Chicago district and smaller
increases in most of the other dis
tricts.
''All other" loans and discounts
increased $25, 100000 at reporting
banks in New York district, 49,.
900 in Cleveland district, and $43,-
900 900 at all reporting banks.
Government Securities
Holdings of United States Govern.
ment securities declined $1,000, 900
at reporting banks in the Chicago
district, $6,000.00O in the Boston
district and $16.000,000 at all re.
porting banks, while holdings of
other bonds, stocks and securities
declined $s,000,000 in the New York
district and increased $4,000,000 at
all reporting banks.
Net demand deposits declined
S196. 100000 at reporting banks IN
the New York district and in.
creased $44,000.O00 in the Chicago
district, $15,000,0OO in the st. Louis
district, $11 ,000, 900 in the Kansas
City district, and $9,0OO.000 in the
Atlanta district.
The principal changes in borrow
Ings from Federal Reserve banks for
the week were increases of $50, COO,
900 at the Federal Reserve Bank
of Cleveland and $4,000, 900 al