OCR Text |
Show of building activity during October has helped further to improve the industrial in-dustrial situation, and as a consequence conse-quence of this improvement little surplus sur-plus of labor was reported. Seasonal expansion of trade and industry was carried on with an adequate ade-quate supply of credit. Reporting city member banks were able to reduce re-duce their borrowing at this bank, even though their loans reached record re-cord levels during the first half of November. Additional loans were made at rates which have prevailed for several months, and which are slightly higher than a year ago. . INDUSTRIAL ACTIVITIES CONTINUE. A month ago this report called attention at-tention to the generally satisfactory agricultural outlook, the large volume vol-ume of trade being transacted, well sustained industrial activity and the ample credit supply, as salient features feat-ures of the business situation in the Twelfth Federal Reserve district. There has been no fundamental change in the situation since that time, agriculture being, on the whole, in satisfactory condition; retail and wholesale trade having been active during October and early November; industrial operations having continued continu-ed at high levels; and the supply of credit having been ample to care for the seasonal needs of business. Total agricultural returns in the district have thus far approximated those of a year ago, but their distribution distri-bution by regions is somewhat changed. chang-ed. Livestock returns have undoubtedly undoubt-edly been well above those of 1927, and evidence of improved pui'chasing power in areas where that industry is especially important if afforded by increased trading activity. Some of the areas producing specialized crops have had a satisfactory season, but returns to producers in certain other sections of the district have been disappointing. dis-appointing. Increases in value of sales during October, 1928, as compared with October, Oc-tober, 1927, were reported by a large majority of the principal retail and wholesale establishments operating throughout the d'strict. Expansion |