The border vidette., 1934-05-05
ECONOMIC HlGHLiGhTS
4 80 81

tinued the Improvement t h a
started with Christmas buying
last December. During the last
two months there has been a
pronounced rise ia manufacture
ing output. accompanied by sub
stantial gains in employment and
psyrolls. Excellent signs are
likewise observed in the great
agricultural area3-a recent re
port placed farmers cash income
at $3.50 above that of a year ago.
AS often happens at this time Of
the year. the Increase in distribu
tion Of products has been less
than the increase III their produc
ton. Ratai prices have moved
slightly upward.
| Governmental expenditures
which may fairly be called art
iticial business stimulants-are
still an imposing factor ia the
ind ustrial picture. They have
been declining. buS shey are still
far greater than 10 normal peri
DDS. AS result, any retrench
ment, such as elimination of the
bureaus now providing relief
jobs would necessarily be follow
ed by a drop 10 the business in.
dices.
A review of current business,
largely taken from Department
Of Commerce reports, follows:
Com modify Prices: During
February and most of March, the
Wholesale price level con.in ued
tbs advance that began year
ago and has been held ever since
with few minor recessi0ns.
Early in April there was a pro.
nounced upward surge-result
ing from the movement toward
shorter work-days and higher
wages. and more efficient price
fixing under the protection of
the codes. The general upping
OF automobile prices indicates
the trend.
Domestic Trade: Higher pay.
rolls. and the early arrival OF
. spring weather in many sections
OF the country, have stimulated
retail trade. Large department
stores which had almost become
accustomed to heavy losses are
reporting profits. Mail-order
business seems to be so to 60 per
cent better than a year ago-lE-
dicating that conditions on the
farm are improving fast.
| Electric Power: With adjust
ment made for seasonal varia
tions, sales recently touched toe
highest point since last summer,
which points to q general indus
trial upswinR.
/ Finance: Both bond aud stock
markets were q u t during
March and early April. The in.
pending stock exchange rsgula
tory bill is naturally q danpen-
ing influence. The general trend
Of stocks has been downward,
with bonds going up. showing
that conservative forces are in
command.
| Foreign Trade: Late official
reports show Increases ia both
exports and imports when sea
sonal adjustments are made.
Total foreign business hovers
around IS per cent of the 1928 Is
average.
! Transportation: Carloadines
have remained firm, with March
above February. The financial
position Of the lines steadily
jnproves-It will be remember
ed that two years ago practically y
every company seemed headed
for bankruptcy. Railroad secur
tiles have strengthened, accord
ing to Roger Babson, railroad
stocks since June 1882 have gain
ed 278 per cent in price.
Automobiles: The most sligo
l1ceDt development In this II
dnstry was the regent price ad
vance initiated by ChrysIer aud
followed BY General Motors, A
NUN Der Of smaller prod ucers fell
IN line, with Ford standing out
against Che jump on the ground
that higher prices are inimica! 10
trade. Irrespective Of this con.
flict, which promises to be inter.
estinG and important. sales of
cars continue to expand, and the
industry is the Dation's best ex
ample of recovery from depres-
sion. ''
/ Steel: This industry. through
its code, is artem pting to- sslmu.
late business BY advancing
prices. Results SO far haven's
been particularly imposing. o..