The Washington times., 1935-11-13
BUSINESS IN OCTOBER
SEEN BETTER DESPITE
SOME HESITATION
By LEWIS HANEY
Professor Of Economics, New York University

Sufficient statistics at hand to enable us to size up
the trend of business in October rather definitely
would saw that October the whole made good showing
Clearly as have noted in my weekly summaries there
considerable hesitation here and there When allowance Is
made for the usual seasonal movements both department
store sales and steel production fell off little and commodity
prices reacted during most of the month But the
total picture is of rising activity temporarily halted at
points, - ,..,.-
the confusion the New Dealers spending program and the
change in automobile amply explain such hesitation
as occurred There also lu in the forward buying of
metals which after squirt in September
With seasonabe weather in prospect and the Admins
ration stepping oupourng of funds the prospects
favor increased business activity
The average daily production of pig iron sharply in
October while the steel ngOt output at lower rate con-
derng the Boh average close to 90 per cent of
the old long trend This divergence is interesting 1t
usually marks either for the better the and
under present conditions probably further spurt
gain blast furnace activity was shown both by number of
furnaces and by percentage of total capacity
Final figures for automobile production not available
but of course will show sharp rise.
Nonferous metals did we'll notable fact is sharp
cline surplus stocks of zinc to the lowest figure since
October 1888 This resulted large Shipments while pro-
ducton held down 1t improves the position of this in
duy There also good steady demand for lead and
copper.
production and by the steady IN building activity
Building permits rose sharply in October the highest level
since October, 1881. That is still pretty low but it
tnued progress the right direction. The largest gain
in New York The only declines IN the South Atlantic
and the mountain sections.
Construction zoomed" The largest item was big
engineering projects mostly public works. Next
residential building But residential building 80
September and double the volume of October 1884
The building and construction industries appear to be in
sustained upward trend.
AS to trade and Shipments find railway caroadngs up
than seasonaly. The volume of freight moved in
October about rs cent of normal against IS per
September and sc per cent year ago.
The steel corporations shipments the largest the
squirt in early 1884
Retail trade, however, "spoty' and on the whole
quiete Over 500 department stores sales which
at rate only II per of the 9235 average against
50 cent in September This only per
year ago. Unquestionaby the weather had much to do
with this and the showing in the Northeastern
section.
There nothing in the factory employment situation
however, to boost department sales In New York
State, employment at ia per of the 192527 average
increased only or cent Factory payros only
cent of the for 1925 and practically unchanged
from September.
But this employment showing fairly good The gain
though small, is little than usual in October
The strongest showing made by employment figures in
New York State in steel works and rolling mills brass
teras Employment increased considerably in paints and
coors lime and cement cooking, heating and ventiating
appliances, and furniture manufacturing.
While wholesale commodity prices declined in the latter
part of October this chiefly in food stuffs and the
wholesale commodities that could have been bought
$1O176 IN the beginning Of the month"; $10293 the
end
And don't forget tis bank loans turned up little both
In September and October This change that should be
watched.