Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-26
INDUSTRIAL OUTPUT
DECLINED IN July
Federal Reserve Board, Sum-
/ mary Also Shows Drop
In Employment.

Industrial production and factory
employment declined somewhat more
than the usual seasonal amount in July.
while the general level Of commodity
prices remained unchanged, according
TO the Federal Reserve Boards current
summary Of business and finance. Con-
ditions in the money market were said
ton, rs measured by the boards index.
which is adjusted to allow for the usual
seasonal variations, declined l per cent
further in July to SO per cent of the
1o23F1925 average. compared with the
low point Of 80 for last December and
the years high point Of 90 in April.
Output Of iron and steel, automobiles,
lumber, and copper decreased further,
while activity at textile mills and shoe
factories was maintained at high level.
Decline In Pay Rolls.
Factory employment and pay rolls de-
clined by somewhat more than the sea
sonal amount from the middle of June
to the middle Of July
Loans and investments of reporting
member banks in loading cities de-
cltned by about $40. 900, 900 between
July Is and August 10, rejecting
chiefly further liquidation Of loans on
securities and a decrease in all other
loans. which was partly a consequence
OF sales of acceptances to the Reserve
banks. At the Reserve BANS there
was an increase in the total volume of
credit OF $l90,000,000 between July is
and August 10. Demand for Reserve
bank credit during this period increased
IS result Of an outflow of $i44. 000, 900
of currency. which was larger than Is
usual at this season, and further trans
fers of foreign funds from the open
market into balances at the Reserve
banks.
Public Service Report.
Eastern Shore Public Service Co,
subsidiary Of Seaboard Public Service
Co. reports gross operating revenues
of $2,116,o2o for the II months ended
June 80. 1881, compared with $I,814,-
122 for the same period a year ago.
Net earnings. before depreciation,
amounted to $s44,46T. compared to
e72l ,563, and net income was $4T6, 1853,
compared to $399, 263.
For the quarter ended June 80 gross
operating revenues were $708,210 In
1881, compared with $504,270. Net
earnings, before depreciation, were
$274. 634, compared with $182, 76S. Net
income was $l52,s25, as against
SOL, 736.
Railway Reports.
western Maryland Railway Co. re-
ports for seven months ended July 81,
1891, net income of $587, 1854 after taxes
ard charges, equivalent to 1881 a share
on III, 40 shares of Z per cent first
preferred stock on which no dividends
have been paid. This compares with
net income in first seven months OF
1880 Of s1.130.1T9, equal to $637
share on Z per cent preferred stock and
~ cents a share on 526,82O common
shares, after allowing for dividends on
81, 400 shares Of second preferred stock.
Virginian Railway Co. reports for
seven months ended July 81, 1881, net
income of Sl,5T0,225 after taxes and
charges. equivalent after dividend re-
ouirements on 279, $50 shares Of s per
cent preferred stock tc $lS9 share on
STATS shares Of common stock. This
compares with s2,323, 02O, or s4.29
share, in first seven months of preceding
year.
Trading on d. c. Exchange.
Trading was diversified on the local
exchange today with prices holding
generally steady. Liberty National Bank
turned over 10 shares at 100, same as
last prior sale Mergenthaler was &C
tive again, this time at 77l2 and Dis
trict National Securities preferred went
st So. Among the utilities Potomac
Electric 6 per cent preferred sold ut
1i3, WASHINGTON Railway As at $3.50,
Capital Traction at So, and washington
Gas SIS at 1917
washington Clearing House figures
for today: s3.084.55s.53.