Evening star., 1935-04-08
BUSINESS REPORT
CHEERS INDUSTRY
Upturn Reported for Quar-
ter, but A. A. A. Reveals
It Runs in Red.

A rosy picture Of business upturn
painted by the Department of Com
merce cheered the industrial world
today, but the optimistic outlook was
somewhat blighted by A. A. A. ad-
mission that its struggle to raise farm
prices was a money-losing proposition
for the Government.
At the same time the Bureau OF
Foreign and Domestic Commerce re-
ported that industrial production dur
ing the first quarter of the year was
higher than at any like period since
1880, it hailed dollar devaluation as
the chief factor in leading foreign
purchasers to spend 80 per cent more
money in this country last year than
in 1888.
Gold worth ,870,000,000 poured
into the United States in a steady
stream last year. to set an all-time
record not exceeded even on the old
dollar value basis existing before jan
uary 81, 1884.
Merchandise Flow Greater.
The large export balance of $478,-
900 900. greatest since 1880, Influenced
the gold flow in part, the bureau de-
clared, and added:
Merchandise exports Of 2.l33,-
0O0, 900 exceeded those in 1888 by 27
per cent in value. and even on the
basis of physical volume were 8 per
cent larger than those of the preced-
ing year
Merchandise imports. which were
about the same in quantity in 1898
were valued at 81 ,655 .000. 900. or IA
per cent higher than in the preceding
year"
The domestic industrial rise reached
its peak in February. the bureau re-
ported. but stated the level of activity
for that month has been pretty stead
lily maintained.
Automobile and glass manufactur-
ing lead in big industry's prosperity
march but steel and iron lag.
A. A. A. Runs Into Red.
A debit of sl55. $50 .O66 for two years
operation of the farm program up tc
March /. shown yesterday by the
A. A. A., added fuel to the fiery con-
troversy over the processing tax.
This levy on cotton, wheat. corn
hogs and few other major commod-
tiles brought in s73l ,982, ,189. but ad-
ninistration of the adjustment pro-
gram and the total of benefit payments
came to 1887 SIP ass in this supposedly
pay-itS-own-way plan.
The expenditures were split be-
tween the $630.606, ,962 paid partic-
1pantS in the adjustment program
S2l4,65l for handling surpluses and
S42 .254, 4,09l for administration.
Corn-hog farmers benefited most
from the program, with 1928 ,453 ,054
paid them. Cotton farmers received
S22l 1858. wheat men $l58, ,625, ,962
and tobacco growers s24,053,1S4
Meanwhile, the Farm Credit Admin
tstration announced the offering Of a
new issue of s162000.0O0 worth OF
I0-20-year consolidated Federal land
bank bonds at 81 per cent interest
and dated May /, 1885.
Backed by First Mortgages.
Security for the bonds. offered to
refund S per cent individual Federal
land bank bonds called May /, is an
equal principal amount OF first mort
cages on farm properties or obliga-
tions of the United States Govern
ment, held mainly by the Credit Ad-
ministration.
The report on the balance of in
ternational payments issued by the
Bureau Of Foreign and Domestic
Commerce showed:
International service transactions,
Including interest and dividend items,
left this country a creditor on bal
1ance of approximately S375 900 900 on
trade and service account, as COM
pared with slightly more than $780,
100000 in 1888.
Preliminary estimates of the coun-
tIy's receipts and payments on ac-
count of international freight and
shipping transactions show increases
over 1888 of l8 and As per cent, re-
spectively.
A comparative marked increase was
noted in United States tourist travel
abroad in nom European areas.
Estimated immigrant remittances
OF Sl05 100000 in 1884 show a COM
paratively small decline as compared
with 1888.
A decline of approximately IA per
cent in interest and dividend pay
nnents on United States investments
abroad. amounting to 1890, 900, 900,
took place.