-2- 



livestock products did not fare so well largely as the result of increase. 

 receipts and the vulnerability of beef prices to ceilings below current 

 levels. 



According to the Federal Reserve Bank of New York, further 

 progress tov/ard the attainment of maximum production of war goods was 

 made during April. As a result of the rapid acceleration of the war 

 effort, the President intimated late in April that the war production 

 goals would be raised and the Director of the Budget announced sharp 

 upward revisions of projected war expenditures for the remainder of the 

 present fiscal year and for the fiscal year ending June "^0, 19^3- "^^^ 

 Chairman of the War Production Board stated that the conversion of 

 industry to full war production had proceeded much more rapidly than 

 had been expected and that restrictions on the output of consumers' 

 durable goods would be broadened to include practically the entire field 

 within the next two or three months. 



Industrial conditions in April were similar to those which 

 characterized recent months. Declining production of consumers' 

 durable goods was again offset by further gains in the output of v;ar 

 materials, with the result that the general level of productive 

 activity remained high. The record rate of steel production reached in 

 March aooears to have been maintained in April and the output of 

 bituminous coal continued in large volume. Electric iDOwer production 

 was maintained at the high rate of the three preceding months, seasonal 

 factors considered. Incomplete figures indicate a oronounced contra-, 

 seasonal increase in the movement of bulk freight over the railroads; 

 loadings of merchandise and miscellaneous frel^^ht, however, acpear to 

 have declined slightly. Owing to continued transportation difficulties, 

 output of crude petroleum was further c\ir tailed in April, when the Te::as 

 Railroad Coi.imission issued a proration order shutting down most of the 



