The Washington times., 1928-11-28
|EEPECT | Ar GE:
CHRIST MAS
TRADE
BY HARRY GUSACK
Financial Editor

Continued activity in industr.
during October and November. ant
somewhat easier condition in tn
money market, is reported in th'
survey OF business and financia
conditions made public by the Fed
eral Reserve Board today.
All indications point to q continu
alton of good conditions for the re
ri1ainder of the year. with probably
4 record breaking Christmas trade
the report states, with another good
industrial and commercial year II
1929. The report, in part says:
Industrial production continued
III October at the high level of Sep.
fember and considerably above the
level Of q year ago. Output Of min
erals increased over September,
while the production of n1anufac-
lures declined slightly. Factory EN-
pl0ynent and pay rolls increased 10
the highest level since early in 1877.
The production of pig iron was par
ticularly large In October and hte
first half Of November, and the out
put Of steel continued in record vol
unae.
Automobile production declined
considerably in October after excep-
tional activity in Septembers and
showed further reduction in NoYem-
ber, as is usual at this season. Ac+
tiVity increased in October in meat
packing and in the textile industries,
with the exception Of silk. Copper.
mining and smelling continued at
high level, and the output of coal
and petroleum increased by more
than the usual seasonal amount,
while the production of zinc. de-
clined. There was also decline IN
the output OF lumber and building.
materials.
Building Contracts Increased
ssBuilding contracts awarded con.
tinued to increase in October and
were larger than in that month of
any previous -ear, but declined
sharply during the first two weeks
Of November. he increase in
October was due principally to large
contracts for engineering and indus
trial projects.
The November cotton.crop esti.
mate of the Department of Agri-
culture was slightly larger than the
October estimate and Indicated 4
yield of 14.133,000 bales, 1,17S 900
more than the production Of 1927.
Ginnings of the current crop prior
to November IA totaled IL .329. .302
bales. compared with 10,S94,9I2 In
the similar period Of year ago.
Indicated Yields of wheat, corn.
oats, potato and tobacco were
larger than the 1927 crops, while
estimates of hay, rye, and flaxseed
were smaller.
Department store sales in October
were in about the same volume as
ii the same neriod In the preceding
year. but showed somewhat less
than the seasonal increase FROM the
high of September. sInven-
tories Of these stores Increased
during the month, but continued
smaller than We ago.
On the banking sitaation, the re.
port said that between October "A
and November FL there was a, con-
siderable increase in loans and in
vestments of Enember banks in the
leading cities, although at the end
Of this period the total was still be-.
low the large volume outstanding at
the middle OF the year.
Loans Show Growth
Loans chiefly for commercial pur-
poses remained at a high level dur.
ing the period and loans on securi.
ties showed further growth, reflect.
1ng marked increase in the volume
Of loans to brokers and dealres in
securities the board said. Invest.
nnents showed further decline.
During the four weeks ended No.
vember II, there was little change in
the volume of Reserve Bank credit
in use. Reserve Bank holdings of
acceptances increased further and
discounts for member banks de.
clined."