Washington, Apr. 14.
The United States has entered upon a new decline in industrial production which is running contrary to the normal seasonal trend. Students of the trend of production fear that the decline is to continue and that the "war boom" is really at an end The Federal Reserve Board index declined from a peak of 128 in December to an estimated 109 in February, the Federal Reserve Board reveals, This drop was mainly due to the decreased output of steel and some other basic materials. The index in January was 119.
According to the Board, high exports during January were sustained mainly by an unusual rise in cotton shipments due to abnormal conditions abroad. It was pointed out that despite the high general totals, many important industrial products declined on the export list during January.
The cotton shipments the Board expects to continue at the same rate.
"Both Spain and China have appeared as large importers of American cotton," the Board's report said. "Cotton goods production in Spai which was depressed during the civil war, is now recovering. Strife in China at first reduced mill consumption below the level of Chinese production and permitted some export of raw cation. Growth of the thre in China, however, has fallen io Such a low level that Imports mill demand." Srt Muni the we become necessary to supply The Department of Commerce issued a statement which, somewhat more optimistic than the Federal Reserve Board's, claimed to see a check in the decline of production during the last few months. The Bureau-of Agricultural Economics has also indicated that while the decline is a fact, the process would be checked and reversed well before the end of the year—Havas, Allies Promise to
Text read from the printed page and cleaned; old type leaves the occasional error.