Evening star., 1933-12-24
TRADE BODY SEES
EXPORTS REVIVAL
Increased Activity in Steel
and Automobile Industries
Also Reported.
BY the Associated Press.

BY the Associated Press.
Increased business activity In two Of
the Nations basic industries was re-
ported yesterday by the Federal Re-
serve Board, while the United States
Chamber of Commerce found signs of
revival of foreign trade in its analy-
sis of exports for the first nine months
of the year.
The board, however, said commodity
prices, as measured by the index of
the Labor Departments statistical bu-
reau, declined from TIT in the first
week of November to 709 in the week
ending December 9, following trend
contrary to that sought by the admin
istration in its gold purchasing plan.
The Chamber of Commerce asserted
that whether measured by quantity or
by value, the export trade of the United
States has shown a pronounced upturn
since last May, with each Of the sue
ceeding months recording a substantial
and sustained rebound from the low
of 1882" 1t added:
Nevertheless, we have a long road
to travel to reach the averages OF the
five years, 1e28-1932, the value being
still SO per cent under the average for
that period.
The Federal Reserve Board reported
that after the declines of October the
total volume of industrial production
showed little change during November
and the first half Of December
Output Of basic commodities, as
measured by the Federal Reserve
Boards seasonally adjusted index, was
73 for November, on the basis of 1928
1925 average as 100, compared with II
for October" the board said.
Steel Activity Increases.
This total for the month reflects the
maintenance during November, with al
lowance for the usual seasonal change,
of the level reached at the end Of Oc-
tober after a continuous decline during
the preceding three months.
Activity at steel mills, after de-
clining from A per cent of capacity in
the early part Of October to Is per cent
In the early part Of November, subSe-
quently increased to a rate OF "a per
cent in the third week OF December.
Output of automobiles, which was cur
tailed sharply In November in prepara-
tion for new models, also increased
somewhat in the early part of Decem-
ber.
Consumption Of cotton by domestic
mills was in somewhat smaller volume
in November than in the preceding
month and activity at woolen mills de-
creased. At shoe factories production
showed a decline larger than usual at
this season. Volume of factory en-
ployment and pay rolls declined from
the middle of October to the middle of
November by somewhat more than the
usual seasonal amount. The boards
seasonally adjusted index of factory
employment for November was 70, as
compared with "a in october and 81 at
the low point in March"
The board also reported a substan-
tial increase in construction contracts
awarded, ref1ecting, it said, the activities
of the Public Works Administration. A
decline is usual at this season. Ship
ments of commodities by rail declined,
it said, as did sales by department
stores.
Exports Show Gains.
The Chamber of Commerce said its
analysis of exports showed that from
January to September, 81 OF l02 lead
ing export items showed increases in
quantity, while so made gains in value.
THE indications of a foreign trade
revival" the chamber said, ARE the
m>re remarkable when one keeps in
mind the continuance Of exchange con-
trols in many markets, the restrictive
effect of foreign quotas and preferences,
the detection of prominent nations
from the world tariff truce and the
tendency Of disturbed political condi.
tions in parts of the world to inject
uncertainty into trade relationships.
General economic improvement in major
world areas appears, however, to have
been strong enough to have overcome
in part such obstacles.
In our own export trade we have
had, on the one hand, lower-value
dollar working to expand export busi-
ness and, on the other hand, u1cer-
tainty of exchange hampering non
speculative long-term commitments.
Higher prices ruling In the United
States would also normally be o re-
tarding factor.
"Out Of the perplexity Of conflicting
factors stands the bald-but welcome
fact that our export trade Is better"