The border vidette., 1933-10-07
ECONOMIC HlGHllGHTS
Oct. 2, 1888

has been q definite-but yet not
overly severe-downward trend
in general business. The usual
seasonal August Improvement
did not materialize. What hap.
pened was that the summer de.
cline, which business avoided
for a number of mouths after 1t
was due, made delayed appear.
ance. Even so, there has been
extraordinary sustained impro
vement over the. preceding few
years. Production in July, &C.
cording to the Department OF
Commerce, was 68 per cent high
or than in 1882. when the abso
lutte bottom of depression was
touched; 20 per cent higher than
10 1881 and 5.4 per cent higher
than in 1880. The Department
of Commerce places the manu-
facturer's index at 80, which is
the highest since May, 1880.
Conditions obtained in various
fields are as follows.
Commodity Prices-Advanced
sharply, and still upward. The
cost of living advanced 8 per
cent from June to July. with an
|8 per cent jump reported for
food prices.
Domestic Trade - This con.
tinues to present puzzling
picture. What expansion there
has been is not commensurate
wife the increase of production,
and the gap between producer
and consumer b as widened.
Most recent figures indicate that
this condition is beginning to be
corrected.
Employment - Definitely up
ward, though somewhat retarded
in August. The N. r. A. has
been prime factor, as have the
special Industrial codes.
Banking-During q recent six
weeks period 200 banks with de
posits in excess of 5000. 600 900
reopened. Since the moratorium
IA 900 b q o K s have resumed
operations on au unrestricted
basis.
Securities-The most severe
break for a long time was that
of the middle of July, which can
celed the gains made in previous
months. So far as stocks are
concerned, the situation is very
uncertain-there are likely to be
a number Of ups and downs with
speculators waiting for short
rises and then taking profits.
Talk of imitation has stimulated
certain classes of issues. Bonds
have been fairly steady.
Foreign Trade-Has continued
the upward trend that started in
May. However, the value of ex
ports and imports has generally
been smaller than in comparable
months of 1882.
Construction-The long await
ed Improvement in the construc
tion industry put in an appear.
ance in early August, contrary
to the usual seasonal experien ce.
The basic state of the industry,
however, is little changed. The
Chicago area has been leading
the country on contract values.
Railroad-Car loading in re.
cent mouths have been we'll
above those of year ago. With
carriers in much better financial
condition. Ia June, for example,
operating revenues were nearly
FIVE times as large as in June,
1882. A slightly decline started
in August.
Automobiles recently the pro.
duction index, with allowance
made for seasonal trends, touch
ed the highest point since June,
1881. In July output was more
than double that for July, 1882.
Agriculture-Wh Wholesale prices
of farm and food products, meats
alone excepted, have been show.
ing substantial and steady ad.
vances.
Lumber-Il's too early to tell
what Lumb Der Code stipulations,
which have aroused a tremend.
Gus amount of dissenting opinion
will do 10 the industry. During
recent months there has been
steady increase ia output.
Steel-Has been expanding
operations. with a recession oc
curing in August. This is an.
other industry which had great
difficulty in formulating code
mainly hecansa Of the fiuht ba.