Evening star., 1935-09-25
BUSINESS CHEERS
ADVISORY COUNCIL
Federal Reserve SURVEY
"'MoSt Optimistic"
Labor Gains.
By the Associated Press.

BY the Associated Press
The most optimistic summary Of
business conditions since the depres.
sion began" was brought TO Washing
ton yesterday by the members of the
Federal Advisory Council, which gath
cred here for its quarterly meeting
with the Federal Reserve Board.
Announcement of the generally I'M
proved business conditions through
out the country was made by a Re-
serve Board member at the same time
that Secretary of Labor Perkins told
Of pickup in employment and pay
rolls.
Members of the Advisory Council
represent the IL Federal Reserve
banks. Included in their reports
were statements of a general increase
in real estate activity and home build
ing and increasing farm land and
retail sales. They were interpreted
collectively as indicating a mounting
general demand for Reserve Bank
credit.
Industry Hires 10000.
Secretary Perkins, giving figures for
August, reported 10000 workers
added to the pay rolls of the manu-
featuring industries. The pay rolls
themselves, she said, increased by
So, 100000, but with an offsetting de-
cline of $4,000 employed and 100000
in wages in non-manufacturing in
dustries
"InrTnoSnc IN ,v1IA
and pay rolls are usual IN August"
Secretary Perkins said. Increases
in pay rolls have been reported in all
but two instances Q930 and i93D in
the month Of August for each year
since 1919.
THE gain of 2s per cent in factory
employment is slightly more pro-
nounced than previous August gains
and has been exceeded during the
past l6 years only in two instances
1922 and 1889. The increase of 81
per cent in pay rolls has been ex-
ceeded in only one instance. 1893.
The expansion in employment was
widely distributed"
IL Bankers on Board.
The Federal Advisory Council con-
sists Of II bankers. one from each
Federal Reserve district, who meet
periodically with the Reserve Board
to advise it Of trends, sentiments and
conditions in the various commercial
regions.
officials said New England reported
a general improvement in business,
with one factory employing more
workers than in 1929.
The automobile regions representa-
tive reported improved conditions and
satisfactory sales.
From the iron and steel region OF
Pennsylvania and Ohio came a report
Of improved buying except by rail-
roads and large building contractors.
The cattle country reported salts
factory prices and feeding conditions
From the growing States came
spotty reports Of short crops.
The members of the Advisory
Council are; Boston, Thomas NJ.
Steele; New York, James H. Perkins;
Philadelphia, Howard A. Loeb; Cleve-
land, Arthur E. Braun; Richmond.
Charles M. Cohen; Atlanta. H! Lane
Young: Chicago. Solomon A. Smith:
st. Louis. Walter W. Smith; Mime
apolis. Theodore wold; Kansas City,
w. T. Kemper; Dallas. Joseph H.
Frost. and San Francisco, NJ. A.
Arnold.
Never Felt More Confident.
In general, a spokesman for the Re-
serve Board reported. members of the
Advisory Council said they had never
felt more confident and reassured"
at any time in the last several years.
1t was stressed that they thought the
business situation and the outlook for
the future contained fewer factors
OF uncertainty"
There was some discussion Of pork
prices as being too high and "out of
line" with other price levels. The point
also was raised that while in one city
factory employment had returned to
approximately its 1s28-ls2s level, the
total ON relief had not been decreased.
Another spot which ran against
the general trend was cotton textiles.
However, some sections of that in
dustry were reported as keeping to
1929 schedules, although realizing lit
tie profit from them.