The Washington times., 1928-12-08
RECORD X N 4 5
TRADE LOOKED
FOR
By HARRY GUSACK
Financial Editor

money from the Treasury ana the
Federal Reserve Banks at a high
circulation and expected to in.
crease, business results thus far
in December have been largely
favorable and all indications point
to the year ending in satisfactory
manner, according to weekly trade
reviews.
The Treasury Department an
. 1ounced today that the outflow OF
money which developed in Novem-
Der has increased to a total of
S4,9S7. .499 900 at the end of the
month, an increase of $3.50 900, 900.
Circulation, which was $41.93 per
capita November 80, will continue
to increase rapidly until the last
shopping day before Christmas. The
amount of money in circulation De-
cember "a will be somewhat higher
than usual for the date, owing to
the fact that weekend requirements
also must be taken care of.
The amount outside the Treasury
and Reserve banks at the end of
November was $36, 900, ,000 greater
than the same date last year.
The country's population was
estimated at 1887 900, gain OF
about 1,423,O00 in a year.
Money stocks November so were
Ss,27s. .397 900, a $26,080.O00 increase
over October 81, due to some in
ward movement of gold. The
stocks were $2S4,000.000 under last
year.
The Treasury held s3,741, ,5e2, 900
and the Reserve banks S1,419,194,-
l1o Federal Reserve notes amount
ing to $1,770,159,000 were the
largest single class of money IN
circulation, closely followed by gold
certificates in the amount of $780,
6O4, 900.
According to the trade reviews
among the weeks developments
are the beginnings of what prom
ises to be an unusually heavy
Christmas trade, and added employ
ment.
Discussing the industries, Brad
street says:
''In the industries, more season
able weather has helped household
buying of COAL with, in some
areas. a slight stiffening of prices
noted. There does not seem to be
any lack of supply, however, soft
coal output in Ohio and Illinois
having expanded, while the closing
of lake traffic has tended to to
throw additional supplies into lake
and nearby markets. In the steel
Industry. new buying has tended
to slacken somewhat, but produc-
ton schedules still range between
so and S5 per cent. Automobile
manufacturing still feels the effect
Of new model work, but the largest
single maker continues active at
the best outpust of the year.
r. G.. Dun & Company point out
in their review of the week that
record Christmas buying is in pros
pect, backed by employment on a
greatly improved scale when com
pared with earlier in the year. The
review says:
''The sustained high level of busi-
ness activity is confirming the
previous conclusion that the year
would end satisfactorily in many
instances. the situation holding its
various elements of strength. Thus
far. December results, il naturally
revealing contrasts in different
lines. have been mainly favorable.
and a continuance of this condition
il foreshadowed Even with annual
inventorying now engaging wider
attention, the volume of trade as
whole discloses less than the normal
shrinkage to be anticipated at this
time, and in some quarters shows
unexpected gains.
"It is a period when a desire to
keep down stocks of goods in
yariably causes a deferment or
numerous important commitments,
yet most supplies have been SO well
aligned to actual consumption that
a frequent repeating of orders IS
40
Requirements. Despite the draw
back of recent mild weather in some
sections. ordinary retail distribution
has been quite full, generally con-
sidered. and Christmas shopping al
ready has attained proportions sug
gestive of a record turnover.
Whereas business a year ago
was undergoing a recession that
was not wholly accounted for by
seasonal influences, the underlying
tendency now is upward. and
stability in commodity prices is
among the significant constructive
developments.
Variations in monthly index
numbers of wholesome quotations
have been unusually narrow, show
ing that steadiness has been the
chief characteristic of most markets,
margins have been exceptionally
close a gradually advancing trend
gives encouragement to sellers. One
OF the results of the keen cOmpeti-
ton that has existed in most
branches of enterprise has been the
putting into practice of more eco.
nomical methods of operation. both
In the producing and distributing
fields, and many corporations have
made satisfactory reports of net
earnings. The fact that trade has
been on an enlarging scale without
an accompanying appreciable in
crease in prices has continued to be
an interesting feature of the com.
mercial situation"
SiddOns Named Chairman
Frederick p. II. Siddons, of the
American Security and Trust Com
pany, proponent of the plan EN-
bodied in the new fiduciaries sectior
Of the District, of Columbia Bankers
Association, yesterday was elected
chairman of this group, when thu
section was formally organized at i;
meeting OF bank executives at asso
ciation headquarters.
Delegates from 19 Of the % Wash
ington banks asking representation
in the trust unit attended the see
sion, and from their number al
executive council of five was elected
Those named were MIR. Siddons
Erskine Gordon, trust officer, FED
eral-American National Bank; Bruc
Baird, assistant trust officer. Ma
tional Savings and Trust Company
George M. Mckee. assistant trust o.
ftcer, Riggs National Bank, and Wi
ifam H. Baden, trust officer, WASH
inzfnn Ilnan and Trust Company.