Progressing at a good rate, says financial review issued to-day by the Federal Reserve Board.
The output of manufactures in June was heavy.
Minerals declined.
The level of commodity prices advanced.
There was the usual seasonal decline in steel.
Automobile production vas under normal for May and June, and silk mill activity also. showed decline.
Production of cement, leather and shoes increased, and the production these industries exceeded that registered in other recent years.
Factory employment payrolls exceeded those in 1928.
Construction contracts showed decrease of 32 per cent. ax com: pared with the first semester of 1028.
During the first half of July there has been some reduction in the out-pat of cotton, textiles, iron, steel lumber and coal, the statement said.
July "building contracts in the United States show an increase ove>
1928—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.