Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-24
UPWARD BUSINESS
SWING IS CITED
Hoover Conference Statistics
Show Many 1880 Gains
Over Last Year.

many branches OF economic enoeaVoI
was laid before the Nation today b.
Julius Barnes, the chairman of tn
National Business Survey Conference
organized by President Hoover.
without presuminS to draw conclu
sions. it set forth the weak spots ant
the strong spots in statistical fashion
giving, when available, comparison
with the figures for the close of 1922
and the corresponding period of las
year.
In assembling the figures, Barne
said, he learned that "the importance
laid upon construction as an influence
in restoring industrial balance has no
been overemphasized" and that for I
revival of construction the first re-
ouirement is adequate and reasonably
priced credit"
The reports we're received, he added
at a "time when we have passed
through a SUFFICIENT portion of the veal
1880 to make possible some formulation
Of reasonable expectations"
Employment Stationary.
At the same time, the Federal Reserve
Board issued its monthly bulletin on
business and financial conditions, say
ing that industrial production had in.
creased, employment had remained
stationary, while wholesale COMMONLY
prices and money rates had continued
TO decline.
The essentials Of the Barnes report
were as follows:
Bond issues for January and February
were found to be SIS per cent larger
than in the same period OF last year
with prices trending upward and In
terest rates lower than year ago.
The general outlook in the investment
field was termed favorable" but the
statement was added that bankers
continue warnings against artificial
stimulation"
A general easing of bank credits was
reported as making its way to the
smaller centers. The total OF bank
loans was found to be increasing
although 1t was slightly less than q
year ago.
New York savings bank deposits are
allowing q steady net increase, sub
stantially greater than last years cor
responding period, the report said,
adding that some districts elsewhere
show moderate increases over last year
and in others declines have been noted.
A 5 per cent gain in life insurance
In February as compared with the same
month last year was reported, together
with a ssmarked increase" in the receipts
of building and loan associations.
slight increase In farm loans and q
marked decrease in farm loan delin.
uuencies and foreclosures as compared
with last wear was shown in the report,
with funds for good farm loans stated
to be reasonably available.
The total of expenditures contem-
Mated by public utilities for new equip
Inent and new construction was set at
SIS. ESQ. 900 900, as compared with $685.
600 900 last year. Other private con-
struction was reported at least as hign
Is last year.
Construction Gains Expected.
Continued signs of improvement were
noted in the construction industries
except the field Of residential building.
Contracts awarded in the week ending
March IA were set at sos, O00, 900, the
largest weekly total in eight weeks.
The construction program OF the rail-
roads. involving an expenditure OF
81 ,O5O 900 900 for the year, was said to
be obviously well under way" Car
loadings were found about per cent
OF so far this year, although mercnan.
disc moving into consumption was said
tn he only 8 per cent under last year.
A slight decrease was found IN the total
of employees of class "a" railroads, but
the pay roll total for February was
somewhat higher than for the same
month last year.
THE total of the years contemplated
capital expenditures by electric rail-
roads was set at $147,0O0,o 900. as against
SlO3 600, 900 last year. This program
was said to be well in progress.
A decreased total tonnage carried was
reported by the shipping industry, while
more men In February of this year than
in February, 1929, and 10 per cent more
than in November, 1929. The yards had
contracts for O total of $95,0OO,00 IN
merchant vessels and $S2,OOO,OOO In
naval vessels.
Telephone construction expenditures
were reported IS per cent greater in
January this year than in the corre-
spending month Of 1929, with good
start made on a capital expenditure
program Of $700,000,000 contemplated
for the year. The total last year was
$685., 900, 900.
Electric light and power utilities re-
ported a capital expenditure program
for the year Of 1855, 900 900, total
Sos, 000, 900 more than last year. Two
per cent more electricity was produced
, in the first half of March than in the
corresponding period Of 1929. The gas
company construction program was set
at $400, 100000. Sales on manufactured
gas in January were reported per cent
under January, 1929.
Coal Production Decreases Slightly.
A decrease in coal production, both
anthracite and bituminouS, was noted,
with moderate weather conditions and
the level Of industrial activity cited as
the causes.
Increased iron and steel production
was predicted, and 1t was said that the
industry operated at rs per cent OF
capacity for the third week of March,
as against "a per cent In the same week
last year. Structural steel orders were
found to be per cent under 1929, al
though rail mills were operating at
capacity. Increased structural steel or
ders were said to be in prospect.
Current reports were interpreted as
indicating increasing automobile pro-
duction. Dealers new car stocks were
found to be low. Pay rolls in the auto
mobile industry were reported rs per
cent greater In February than in jan
uary and % per cent greater than in
December.
Some curtailment was reported in the
farm implement industry.
Normal machinery sales, a IT per cent
decrease In cotton takings, smaller wool
and silk takings, an increase in book
and job printing and drop In adver-
Using also were shown In Barnes
statistics.
Cautious buying in all retail and
wholesale lines was reported, with
stocks of merchandise low, consumes
buying little curtailed and the situation
in rural sections better than last year
Although retail sales for February and
the first half Of March were found tc
be less in dollars than in the same pc
Rod Of last year, the report said that