Show I APRIL REP REPORT RT SHOWS STEADY BUSINESS GAIN Federal Reserve Board Says Industrial Expansion Expansion sion and Building Operations Operations Operations Op Op- Lead Activities W WASHINGTON April 27 21 By A A. P. P Continued P.-Continued Continued Increases In Industrial industrial Indus Indus- trial production further expansion In building operations and freight movements heavier each week than thanIn In any corresponding week In four years were reported as among the outstanding features of ot business conditions this month In a a. statement statement statement state state- ment today by the federal reserve board General production the statement announced was vas 8 per percent percent percent cent higher on the boards board's Index ratio than the high peak of ot 1020 1920 and 67 61 per cent above the low point of ot 1921 While the boards board's statement dealt largely with expansion It was devoid of ot comment as to the length to which the expansion may go It was ascertained however that In some official quarters tho the belief belle Is 18 held that pyramiding of ot orders Is developing and some alarm was waa expressed expressed ex ex- ex pressed as to significance of ot this condition There has 8 as yet been no reflection reflection tion in the rediscounts by the federal federal federal fed fed- eral rel reserve banks of ot the heavy borrowings from member banks of ot the re reserve reserve rte system The banks It was was said have been able thus far tar to take care of ot the calls for funds which have become Increasingly great as the Industrial expansion progressed The loans of member banks banka for commercial purposes increased 48 in the thirty days prior to April 11 The Increase however has noi not no- been reflected in the rediscounts re rediscounts rediscounts re- re discounts of ot the reserve banks largely as a result the statement explained of withdrawal of ot funds from investment and the continued Inflow of gold This condition also has resulted in more or less stable money rates March sales by department stores as reported to the reserve banks were about 22 per cent greater than thana a year ago With this went an Increased In Increased Increased In- In creased turnover of stock as shown by the fact that stocks held by tho the reporting stores were only 6 percent per percent percent cent greater than in March 1922 Sales by mall mail order houses were re reported reported reported re- re ported as larger than in any month since November 1920 and 85 per percent percent percent cent larger than March of ot last year |