The Washington times., 1929-03-01
Reserve BOARD
REPORTS ON
INDUSTRY
BY HARRY GUSACK
Financial Editor

H H&NSAdA AINAbVA
Industrial activity during the
month Of January was greater than
: = year ago, it was announced today
BY the Federal Reserve Board In
u it's review .of business and financial
Conditions.
4 The smonthly summary said that
Wholesale commodity prices rose
slightly and that Reserve Bank
credit declined between the middle
90 january and the middle of Feb.
tllaryy reflectfng chiefly d reduction
In the reserve balances of member
banks.
Industrial production increased
and continued to be larger than a
u year ago, with the output of pig
iron, steel ingots and automobiles
In record volume during January
The high rate of steel activity re.
Elected large spurchase from auto
mobile manufacturers and also in
creased demand from railroads.
i The domestic output of refined
copper, while continuing in large
volume, was somewhat lower in
January. than in December. Activ.
tty of textile mills increased consid.
Arably. In the mineral group, the
output of copper ore. bituminous
coal and petroleum was exception
salIy large. while anthracite coal pro
Suction also increased.
" During the first part Of February
preliminary reports indicated the
I maintenance of a high level of in,
Y Fdustrial activity. Steel plants Ope.
rated at a high percentage Of ca
d paditys Employment in Detroit fac
Of petroleum. declined slightly in the
middle of February. 5ss
Building activity declined in Janu,
Ary for the third successive month,
reflecting. primarily a large reduc
ton tn awards for residential build.
earg. Commercial building awards
Increased somewhat. The value Of
building contracts let in the first
six weeks Of the year was substan
TALLY lower than in the correspond
Sing period of either 1923 or 1927. :
Shipments of freight by rail in
creased during January and the
first two weeks sof February. and
were larger than year ago. The
increase during January reflected
primarily larger shipments of coal
and coke and live stock. Sales by
Wholesale firms were seasonally
larger In January and !. above. the
Alevel of a year ago. Department
store sales decline less than is
usual at this season and were con
ssiderahly larger than in January
1928. aas&
j The general level Of wholesale
prices rose somewhat in January
Prices of grains, live stocks and
fmeats also advanced. j. --<ys 3,
s=ak7ss7.- - 2~@
COoiica'n Resigns
The resignation of Oscar Cooli.
can as manager of the Washington
office of G. NJ. P Murphy and
Company was announced yesterday
fbom New York city by Otis A.
Glazebrook, member of the firm.
He issued the following statement:
1.-TWO years ago, Mr.. Coolican be-
came identified with our local or.
AGanization for the primary purpose
of supervising its development and
expansion, Under his management
Four two offices at 1908 H Street
and 1000 Connecticut Avenue have
Abeen opened and our facilities and
services brought to their present
capacity. This work having been
aauccessfully completed Coolican
has requested that he be released
10 devote his time to his personal
affairs. To this request we have
consented with regret & .
I'VE Arnounee the appointment
Of Messrs. Alfred Chester Father,
Robert Copeland Jones and Charles
ECarro1l Morgan as joint managers.
Mr.. Morgan will continue as here
stofore, in charge of our bond and
investment division. Messrs. Fla
4ther and Jones will continue as
managers of our stock departments
at 1000 Connecticut Ave. and 1903
Va ST, respectively.