Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-24
FURTHER INCREASE
IN INDUSTRY NOTED
Reserve Board Reports Gain
in BuiIding-Prices Off
During Month.
Further increase in industrial activity

Further increase in industrial activity
was reported for the month Of March,
which usually shows little change from
February, the Federal Reserve Board re-
ported today. Factory employment and
pay rolls increaSed by the usual sea-
sonal amount between the middle of
February and the middle Of March. The
volume of building contracts awarded
in March showed considerable growth,
largely of q seasonal nature. The gen.
eral level Of wholesale prices continued
to decline.
Industrial production increased 2 per
cent further in March and the Federal
Reserve Boards seaSonally adjusted in
dex stood at SO per cent Of the 1929
1925 average, compared with 104 per
cent in March, 1880. There was q con-
put OF steel, which ordinarily shows
little change from February to March,
while production of automobiles in
creased by about the usual seasonal per-
centaeA Activity at cotton mills in
creased slightly, contrary to the ordi-
nary seasosai movement, and there was
substantial increase in output Of
shoes. In the first BALI Il April steel
mill activity declined.
Employment Improves.
The number Of men employed at fac
tories increased between the middle OF
February and the middle of March by
about the usual seasonal amount. In
the iron and steel and automobile in
dustries somewhat larger than usual in
creases were shown and at textile mills
and shoe factories, where the number
employed ordinarily declines in March.
substantial increases in employment
were reported. In the agricultural ma
chinery and petroleum refining indus
tries and at car building shops employ
ment declined contrary to the usual sea-
sonal trend and in the automobile tire
and fertilizer industries employment in
creased less than usual.
Volume Of building contracts awarded
in March increased considerably from
February, according to the F. w. Dodge
Corporation, rejecting in large part de-
velopments of q seasonal character
Contracts for residential building in
creased seasonally and were in about
the same volume as year ago, while
contracts for public works and utilities
rose to the high level of March, 1880.
Larger Wheat Crop.
Definite improvement in moisture con-
ditions in the drought area was an i'm
portant development in March and the
first week Of April; supplies of moisture
in the topsoil have been replenished, but
the subsoil continued to bV dry in GER
tain areas, particularly in the Spring
wheat belt. Department of Agriculture
estimates. based on April l conditions,
indicate a Winter wheat crop of 644,-
600. 900 bushels. about 100, 100000 bush
els larger than the five-year average and
Ar InfAn-
lions to plant, as reported March l. In
dictate considerable reduction in Spring
wheat acreage and an increase in acre
age to be planted to corn.
Volume of freight-car loadings in
creased seasonRlly In March and depart
ment store sales increased during the
Easter season by about the usual
amount.
Prices and Bank Credit.
The general level of wholesale COM
modify prices continued to decline in
March, according to the Bureau of
Labor statistics, rejecting chiefly reduc-
items in the prices of petroleum prod
ucts, bitUminous coal and textile prod
ucts. Prices of farm products increased
slightly and there was substantial adj
vance in the price of hides. In the first
half of April prices of many commodi-
ties, including cattle, cotton, rubber and
coffee, declined, while the price Of wheat
advanced.
Loans and investments Of member
banks in leading cities which had in
creased in the middle of March as the
result of Treasury operations, showed
decline for every week between March
10 and April 8, but on the latter date
were still S270, 100000 larger than four
weeks earlier. Investment holdings of
these banks were at a new high figure
en- April 8, owing largely to an increase
in their holdings of United States Gov
eminent obligations, while loans on Sc
curities as well as all other loans showed
decline for the four week period.
Money Rates Steady.
Volume of rserve bank credit has
f1uctuated since the middle of February
around a level of 1925, 100000. Con-
tinued imports of gold, deposited by
member banks with the Reserve banks,
have provided the member banks with
sufficient funds to meet an increase In
the demand for currency. United states
Government security holdings OF the
Reserve banks have remained at the level
of $500 900 900 established last Summer,
while discounts for member banks have
continued to decline and holdings OF
purchased acceptances have huctuated
in response ID temporary changes in the
demand for Reserve bank credit.
Money rates showed little change from
the middle of March to the middle OF
April. Rates on commercial paper de-
clined further from prevailing rste OF
az per cent t. range of 2lA-2l2 per
cent while bond yields increased
slightly.