The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-20
JULY INDUSTRY
OUTPUT SHOWS
UPWARD TREND
Numerous Indexes Higher
Than Expected Under
Normal Conditions.
By Times Special

BIZ Times Special
NEW YORK, Aug. 20-Industrial
production during July receded by
slightly less than the usual seasonal
amount, but recovered a consider
able portion of this decline during
the first half of August, the month
ly Business Survey issued today by
the National Industrial Conference
Board.
The only series among the con-
ference boards selected indicators
of production to show greater
than-Seasonal decline during July
were those for petroleum, pig iron,
and bituminouS coal On the other
hand such important indexes as
motor production, building, steel ac-
tivity. and electric power output
were higher than might have been
expected under normal seasonal
conditions. In general, production
continued we'll ahead of that for
the corresponding period of last
year.
Indexes of activity in the field of
distribution and trade declined by
somewhat more than the usual
seasonal amount. but these also
remained we'll above the level re-
ported a year ago. Miscellaneous
carloadings were 81 per cent lower
than in June, but were % per cent
hi iyA IV11y OF
trade, as reflected by sales of de-
partment stores, variety stores, and
mail order houses, declined measur-
ably from the level of the preceding
month.
Store Sales Higher
The value of department store
sales for the country as a whole
during the first seven months of
the current year was per cent
higher than during the correspond
ing period of 1884.
Wholesale commodities averaged
slightly lower in July than in the
preceding month. This was largely
due to declines occurring the first
three weeks of the month. Since
July %, however, the trend in
wholesale prices has been sharply
upward. with several commodities
reaching new high levels for the
year during the first half of August.
Security prices moved upward
throughout the month Common
stocks have shown a steadily rising
trend from the middle of March
to the middle of August without ex-
periencing any important recession.
Bond prices have also advanced
during the past six weeks; govern
ment issues, however, have shown
a tendency to lag behind corporate
bonds in the advance.
Exports Are Lower
For the first six months of the
year merchandise exports amounted
to $1,000, 989 900 and were is per
cent lower than in the first half of
1884. Imports during the same pc
riod totaled 1884 $50, 900. or 1874 per
cent higher than in the correspond
ing period of 1884 The decline of
exports was general in all classes
of goods with the single exception
of finished manufacturers which
showed an increase during the half
year of 1917 per cent, as compared
with the first half of 1884.
Corporation profits during the
first half of 1885 were, in general,
higher than during the correspond
ing period of last year The great
est gains were registered by pro-
ducers of automobiles, machinery
and electrical equipment, and by
the construction industry. Coal
mining was the only important in
duStry to show lower earnings than
year ago.
The gap which existed during the
worst months of the depression be-
tween the annual rate of return in
corporations producing goods for
consumption and those engaged in
the so-called heavy industries has
been considerably narrowed during
the past twelve months.