Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-25
INDUSTRIAL OUTPUT
GAINS IN FEBRUARY
More Than Seasonal In
crease Reported by Re-
serve Board.
BY EDWARD C. STONE.

.
ploynent advanced at a less rapid rate,
the volume Of wage payments at fac
tories also rose more than seasonal
amounts, according to the Federal Re-
serve Boards business and financial
summary for February and March.
Industrial production, measured by
the boards index, increased 4 per cent
in February from to- .ST level OF De-
cember and January.
The value of building contracts
awarded In February was slightly high
er than in January, according to F. w.
Dodge reports. In the first half OF
March there was an increase in the
daily average Of contracts awarded.
The rate of increase in factory pay
rolls was larger than usual in autono-
bile, shoe, wooden goods and color1ng
industries. Sales by department. stores
increased slightly.
Increases in Silver Prices.
Wholesale commodity prices declined
further In February, and the Bureau OF
Labor Statistics index, at 75.5 per cent
Of the 1926 average, was ABOUT 10 Fer
cent below the level of year ago
Prices of many agricultural products
decreased considerably, while the price
of cotton advanced further. In the tirst
half of March there were considerable
meats and hides and declines in the
prices Of petroleum and cotton.
Loans and investments OF member
banks in leading cities changed rela-
lively little between the end of Janu-
ary and the middle of March. Total
loans on securities declined, notwith-
standing the growth in brokers loans
in New York City. and all other loans
showed considerable further liquida-
ton, while the banks investments con-
tinued to increase.
Volume of reserve bank credit tended
downward in February and showed hit
tie change between March and March
10. Funds arising from gold imports
in February were largely absorbed in
meeting q seasonal demand for cur
rency, while in the early part OF March
there was an increase in member bank
reserve balances.
Montagu NOrman's Visit.
Unusual interest Is being manifested
here and In New York in the news that
Montagu Norman, governor OF the Bank
of England, win arrive in this country
very soon.
On his last visit here he had one
or more conferences with Secretary Mel
lon and is expected to see the Treasury
head again this time. It has been
stated IN Federal Reserve quarters that
his visit viii have mo special signifl-
canoe" In Wall Street IL is considered
that the trip Is q rather long one II
the head of the Bank of England has
nothing financial on his mind that he
wants to talk about
It is suggested that one of the things
which viii at least be discussed while
he Is here will be the sterilization of
silver. The silver situation has puzzled
world fi1lanciers no little Of late, so that
unofficial conversations about it are at
least believed most probable AS the
representative Of the odd Lady of
Threadneedie Street." he will almost
certainly discuss the future OF inter-
national money rates with Treasury
of1cials and United States bankers.
InstaIIment Buying Stands Test.
Installment buying. which is declared
% have been tremendously overdone in
some quarters, appears to have wealth.
cred the business depression, according
70 Department Of Commerce oficials.
As the result Of a recent survey Com
nerce onlcials say that business men
have had to mark on q few more bad
debts than usual. take back few more
radios, diamond rings and automobiles
During the period covered, however,
there were no disturbing changes in
the proportion Of business done on
credit basis.
The survey disclosed that the Ameri-
can people actually have increased
business Of this sort, and despite the
depression, they are paying their debts
Furniture stores did q larger proper
ton Of business on the tnstallment plan
than any other type. The figure for
1880 was H. per cent compared with
63.3 per cent in 1929.
Vote Regular and Add Extra.
At q recent meeting Of the Executive
Committee Of the Carpet Corporation
the regular quarterly dividend Of STA
cents per share with an extra Of 1914
cents was declared payable on the COM
mon stock of the company, April /, to
stockholders of record March rs.
The president reported that the earn
ings for the first two months Of 1881
are expected to show considerable in
crease over the earnings for the same
period last year.
Carpet Corporation stock Is listed on
the washington stock Exchange and
was quoted yesterday exdividend at
2lM bid and "a asked. 1t Is q local
concern engaged In the food distr1pu-
ton business here and IN several other
cities.
d. C. Exchange Trading Active.
Trading was more active on the
Washington Stock Exchange, business
being about equally divided between
stocks and bonds.
washington Railway g. Electric pre-
ferred sold 70 the extent Of so shares
at eBh, Capital Traction figured in
5O-share sale, ex-dividend, at IS, and
20 shares Of Lanston Monotype moved
at 1O8. Potomac Electric Power per
cent preferred came out at 1i2.
The only bank stock sale was In
e1ar..wf44 H Tsy1fof NTH ff4rea
shares changing hands at 346. The
first bond sale was in Capital Traction
S., 81 900 moving at 01H. Later $500
more sold at Sih.
washington Gas IS appeared on the
board at ie5h and 81 900 Washington
Railway q Electric As moved at B93a.
After cell another 81 900 sold at 3d. A
81 900 sale was also recorded in Column
bia Country Club SIS at par and q.
In four transactions there was a
9e 600 turnover IN National Press Build
ing 5iks ct so.
West virginia Bonds offered.
Interest IS being manifested here in
a public offering Of 100000 State OF
west Virginia 33z per cent and AZ
per cent bonds, Issued for road purposes,
being made today by a banking syn
The Offering consists Of s3.57e 900
49, per cent bonds, due 1912 to 1856,
priced at ee3S. and 1921 900 Al per
cent bonds. due 1892 to 1912. priced
10 Weld from 225 TO $50 per cent
The assessed valuation Of the State
OF west virginia is oficislly reported as
5000, 1888 ,002 and its total bonded debt,
including this issue. At $S2,9l4,700.
Financial district Comment
THOMAS J. Groom, vice president and
eashIer Bank Of Commerce g. Savings,
who "a chairman Of the Committee on
Standardized Forms Of the District Of