The Washington herald., 1922-05-02
GAINS In
BASIC INDUSTRIES
IN MARCH, 1922
Federal Reserve Boar d
Reports Cheerfully-A.
/. B. Committee Named


and financial conditions throughout
the several Federal Reserve Dis
t-ict- during the past month. the
department nnds pronounced in
r. crease of activity has been charac-
tertstic of many basic lines of in
dustry during the period.
This has been particularly notice.
able in the metal working indus
tries, while metal mining operations
have also reelected the tendency
to an upward movement. In steel
and iron manufacture it is now esti-
mated that. taking the industry as
a whole, about 30 per cent of plant
capacity Is being utilized. The re-
opening of many of the important
copper mines is partly the result
OF the great reduction in surplus
copper stocks and partly the OUT
come of increased demand. both do
mestic and foreign. There has been
decided increase in physical out
put of zinc and some advance in
lead ore prices.
Active demand for building mate
rials has had a favorable effect, not
only upon the metals but also upon
other lines of industry. The total
value of building permits for MaTcn
was almost twice as great as that
for February and more than twice
as great as that for March, 1929.
The lumber industry has notably
expanded operations.
Employ menr Better.
Leaving out voluntary unempIoy-
ment. the result of strikes. a de-
cided increase in the number OF en-
ployes at work is noted. There has
been a % per cent increase during
H. l. -.
employed by firms reporting to the
United States Employment Service.
The improvement noted will, how
ever. be offset to some extent by
the widespread unemployment in the
coal mining industry as we'll as in
the New England textile centers.
Wholesale and retail trade have
reflected to some extent the i'm
provement in industrial conditions
Such Improvement is in part sea-
sonal. but also contains an element
of growth due to better business
conditions. Figures compare favor
ably With those of year ago. par
ticularly in hardware lines. which
are affected by the greater activity
in building. In the retail trade
also a very general advance has
taken place. in spite of the late
roads in the rural sections.
AgricuIturally. the month has not
been altogether promising. Spring
planting has bzeen retarded by the
cold weather and continued rains
Prices continue relatively stable.
The wholesale price index for the
month advanced one point. but few
conspicuous changes in the prices
of entire groups of commodities are
indicated.
The Month Financially.
Financially, the month shows the
same tendencies as during March
and February. Foreign exchange
has been much more stable. Interest
rates have continued on a very low
basis with slight tendencies to Ge-
cline An apparent shrinkage of
commercial credit has been indl-
Gated by further falling off in the
rediscOunts of the Federal Reserve
banks, although an upward move
ment Is again to he noted in the
loans and discounts of member
banks in many parts OF the country.
A more promising outlook in ex-
port trade is apparently Indicated
by another growth in our favorable
balance, although it is still uncer-
tain whether this is due to tenn
rorary causes or to a general re-
vival Of European demand.
Appoints Committee.
Mrs Helena Is. Reed. chairman OF
the womcn'S committee Of the Amer
lean Institute of EankiuE. has ap-
poipted the following assistants:
Ruth T. Burr. Mildred f. Kettner.
Marjorie Eidwell. Elizabeth BILLIARD
Louis Mitchell. Mabel b. Royce,
Lois y White and Mildred Wood
cock.
Plans for an active membership
drive among the women in local
financial Institutions have been dis
cussed. and as means toward in
surinS the success Of this BODY. il
was decided to hold a get-toGcther
dinner Tuesday. May .. at the Grace
Dodge Hotel at 6 y. M. to bc at
tended by all members of the clm-
mittee. who are privileged to in
vite other women interested in
banking.