Norwich bulletin., 1921-10-01
BUSINESS CONDITIONS IN NEW ENGLAND.

Business is a little better in New
 England than it was a month ago, says
 Frederic H. Curtiss, federal reserve
 agent in his monthly review for the New England district. The larger in-
 dustries are more active and are get
 ting more orders and there is slightly
 improved feeling in industrial circles Retail trade, however, is losing ground
 slightly a condition not unexpected in
 view of the fact that it has been so good ali this year and that unemploy-
 ment has so materially reduced the pay
 envelopes of the workers. Retail trade has made it's contribution toward end ing the period of depression by having distributed the surplus stocks of finish
 ed goods which had accumulated. Put
 ting them into the hands of the ulti-
 mate consumer has cleared the way for a resumption if manufacturing when general conditions permit 1t. How long this improvement will last is problem atieal, but there are several reasons for believing that, barring some unfore- seen event, it should continue through the Christmas season. In the first
 manufacturing activity ih the spring and fall of the year when factories making seasonal goods change their production from one kind to another 1 The usual trend of retail sales indicates l that November and December are the best months of the year. Another req son for expecting a general improve l ment in New England this fall is that thet the leading industries of this dis 1 trict are among the most active in the Sountfy. Ihe mai1ufacttre of cotton | textiles has shown considerable i'm i provement since last December, and at &1-- 1 ing at approximately 75 per cent. of ca pacity Woolen and worsted textiles have pursued about the same course The production of boots and shoes has l improved greatly since last November although this industry has not attained i such a high degree of maximum produc- 1 tivity as the textile industry The pa per-mal1ing industry Is looking better now because paper is being consumed | faster than 1t Is being produced. The credit situation in this district is quite 1 satisfactory, and ample funds are avail able to carry on a normal volume ot business Money rates are relatively ! easy despite the usual demands fol funds to finance the marketing of the crops. The banks in this district are il 1 as good a position as those in any othe section of the country Another facto making for better business this fall i! that the exchange values of commodi ties are moving toward their pre-wai 1 level. This does not necessarily meal that commodity prices are moving to l ward the 1913 basis, but that the powe of one commodity to command anothe in exchange is approa ching the forrne l balance This is of tremendous import tance because the reduced Durcfiasins power of the farmer was undoubtetil, 1 one of the prime contributing causes 0 this depression The stability in tfs general price level and cost of living
 evident the past three months, has als
 created some confidence
 Ii should not be inferred from thi
 that there is necessarily or even prob
 ably. to be rapid return to prosnerity
 because there are still many seFiou: problems and obstacles to be overeomt
 But on the other hand these latte
 should not cause too much pessirnisu
 EFor instance, the European situation 1 will undoubtedly continue to have considerable effect on the trend of ai , fairs in this country Business ssnti snent may be fekle until the tariff an ; taxation progFa mnnes are at least def , hitely known, if not actually in opera ) tion. The conference for the lirnitatio ! of armament is fraught with tfen1en | dous possibilities It is hard to fore ] See the effect of the German reparatio