Evening star., 1923-05-28
TRADE IS REVIEWED.
BY RESERVE BOARD
Let.Up in Business Called
Not Wholly SeasonaI-0ther
Financial Notes.

With trade and production con-
tinued in large volume at present,
reports to the Federal Reserve Board
show that there was lackening of |
business activity, although in COM
parison with the situation prevailing
a year ago general conditions are
regarded as far better.
The reserve board attributes part
of the slowing up in business to sea
sonal influences" but these, 1t was
declared in other quarters, could not
be wholly responsible
The reserve board noted decreases
IN the production of lumber, ANTHRAX
cite and mill consumption of cotton%
On the other hand, there are inn
creases reported in such basic lines
as the output of pig iron and petrol
cum.
Car Shortage Disappears.
While car loadings are much larger
for the period covered than for cor
responding weeks in 1922. the short
age of freight cars evident few
months ago has almost entirely dis
reserve board to mean more than az
season decrease in shipping. Tho
heavy volume of trafic appeared to
be constituted mainly of manufac-
tured goods.
The weather is charged by the
reserve board with responsibility for
some of the reduction reported In de-
partment and retail store sales.
augmented that months total sales.
but unreasonable" weather held
down April purchases
Accompanying the decline in sales
which. although not substantial in all
lines was evident everywhere wereN
modities such as fuel and farm prod
ucts. Clothing, metals and building
materials, however. were slightly
higher In price at the beginning Of
May than a month previously.
Money Rates Lower.
Continuation at practically the
same level for several weeks of the
volume OF bank credit gives some
hope. according to the board, the .
board. that there Is nothing Of serious
tendency in the situation. CONNER
cial banks continue to care for the
loan requirements of their respective
localities without seeking additional
accommodation from the reserve
banks. the board reporting that some
what easier money conditions are
indicated throughout the country. 1t
called attention to slightly lower
rates on commercial paper together
with the heavy oYersubscription OF
the recent Treasury note issue which I,
market.
Pennsy's Freight Records.
Loaded freight cars hauled on the
Pennsylvania system continue to run
at record breaking figures for this
season. The first three weeks OF
May total was 513 500, compared with
3s6.S98 in 1922 Gncrease of 295 per
429.921 in 1920
From January 1 to May 10 loaded
cars handled totaled 3,165.23. as com
pared with 2.565,49S in 1922, an in
752 in 1921. an increase of 1888 per
cent. Present prosperity is reflected
in figures of cars of miscellaneous
freight handled, totaling 76s,7o7 for
the period from January 1 to May
10. as compared with 543.335 in 1922.
with 4So,3s7 in 1891 and 642.oo5 in
1920.
Due to the continuation of peak
volume of traffic and necessity to
maintain a maximum amount OF ,
equipment in repair for efficient serv-
ice the number Of employees on the
Pennsylvania system reached a new
high level on May Is at 239lf2, to
compare with 232.718 on April 10,
with 231.170 on March 10 and 22s,774
on February Is.
ceived 175 of the AIS locomotives or
dered from the Baldwin Locomotive
Works. They are being put into serv-
I've as fast as received to replace en-
gines of smaller type.
Record April OIL Output.
The United States geological sur
rey estimates crude oil production in
the United States during April at
l.s57,767 barrels daily, the highest on
record. compared with 1,s1o,710 bar
rels daily in March. Imports were at
the rate of 165,500 barrels daily, Civ
ing total available supply of 2,I03,-
267 barrels a day.
Domestic consumption decreased
slightly, with the result that for the
first time since April, 1922, domestic
| production of crude oil was greater
| than consumption plus exports. Do
mestic consumption in April is estf-
mated at 1,S56,900 barrels a day COM
pared with 1,S57,774 barrels daily in 1
March. Exports were 50,074 barrels
daily. Domestic consumption and ex-
ports thus totaled 1,s06.s74 barrels
daily.