Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-09
Washington Ticker
BY the Associated Press.

BY the Associated Press.
The year of 1929 should go down in
history as period of notable prosperity
for American business, in the opinion
of Secretary Of Commerce Lamont:
There is no obstacle on the business
horizon which will disrupt the present
high level of industry in the United
States, according to the Commerce De-
partment head, who has become recog-
niZed as one of the Governments keen
est analysts of economic conditions, If
not the most able in surveying as
whole the structure of business and in
dustry. Recognizing that there are at
present certain indications of Slacken-
ing of business activity in several in
dustries, he expressed the opinion today
that none of these signs was sufficient
potency to upset the prosperity level Of
the Nation.
There is no need for alarm over
slackening signs during this Fall in the
belief of Mr.. Lamont, who feels the
recessions are merely that business is
going through breathing" period
after the tremendous and unprecedented
activity of the past Summer.
He cited that the steel mill opera
tons have diminished during the past
month, but pointed out that the trend
of building construction has been down.
WdLO t1lC Ol
had slowed up. The latter two factors,
he said, accounted in part of the steel
decrease, adding that steel production
during the Summer reached unusual
high levels and now is receding to its
normal stage Of output.
In regard to automobiles Mr.. Lamont
asserted that this industry's production
by the end of September had exceeded
the entire output for last year so the
present Slackening would not destroy
its record of prosperity for 1929. Btu
minous coal production, too. according
to reports reaching him, is likely to ex-
coed last years output by the end of
1929, but anthracite coal is behind 1928.
The apparent certainty of a peak rec
ord for all time in railroad freight
movements, as forecast in reports of the
American Railway Association, is view
ed by the secretary as one of the best
indices of the years prosperity" This
is reflection, in his opinion, of the
likely continuance Of wholesale and re-
tail trade activity at about the same
high speed" rate during the Fall as
during the past Summer. Agriculture,
Mr.. Lamont says, also is in firm posi-
ton. Better prices making up for what
ever production deficiencies have &C.
CURED in certain crops.
While no public views on the outlook
emanated from members of the Federal
Reserve Board, 1t was pointed out that
during recent weeks the seasonal in
crease in the demand for currency, a
concomm1ttant rise in the demand for
reserve bank credit ana continued
hrmness OF money rates were factors here
in the credit situation. The troubles of
the tight credit market are expected
by officials to be unraveled through
natural causes and factors of economic
readjustment. These natural factors
also undoubtedly will play a major
role In the correction of the brokers
loans problem.
A new high record in the financing
OF government loans OF Latin American
nations in the United States was es-
tablished last year, with a total of Of
ferings of $344,598 900, an increase OF
$13 100000 over the 1927 financing.
Experts of the Commerce Department
that, in general, 1928 was q
year Of financial progress for the
Southern Hemisphere, despite the exist
ence of unfavorable economic condi-
lions in certain nations. With but few
exceptions, the revenues of Latin Amer
lean governments increased and at
tanned record proportions in a great
many instances, according to Eugene
w. Chevraux of the departments
finance and investment division.
Banking and currency systems of
the Latin American nations, as rule,
were strengthened during 1928" Mr..
Chevraux said. Exchange rates were
relatively stable, although in the lat
ter part of the year declining tendency
occurred In a number of South Ameri-
can currencies, and this became more
in 1929, with a rather Sc
we're decline occurring in Uruguayan
exchange"
While record was set during the
year, the departments adviceS said that
at the end Of 1923 there was an almost
complete cessation of Latin American
borrowings, due largely to the high
money rates prevailing in the New York
money market.
Important developments In South
American governmental finances dur
ing the year were listed in the Com
merce Departments reports as follows:
providing for extensive changes in the
country's financial organization; the
provisional sterilization Of Peruvian ex-
change; the successful maintenance for
the second full year Of the Brazilian
Sterilization program; the continued
increase in the hotation of Colombian
loans in the United States
for the construction of transportation
facilities and other public works; the
effected by Cuba with
American bankers for the financing of
the public works program through the
issuance Of public works serial certi-
ficates, and the negotiations between
Mexico and the international bankers
committee looking forward to a new
debt agreement"
The United States is proceeding to
paint the world red, white, blue and
other colors, according to statistics just
issued by the chemical division Of the
bureau Of foreign and domestic COM
merce on the exports of American paint
products. The paint industry has taken
one of the most startling rises Of any
enterprise in American business his
tory, more than TRIPPING its output value
In the past decade and taking the ex-
port leadership away from the long
leader, Germany.
In 1928 the United States exported
more than 500, 100000 worth of paint
products, compared to its nearest COM
petitors of Germany with about $685.
100000 and England with $4,000, 900.
During the first half Of this year the
industry's exports amounted to $l5,-
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