Every evening, Wilmington daily commercial., 1921-10-01
TRADE SHOWS GAINS
DURING SEPTEMBER
"AlI In All a Period of Distinct
Encouragement" Says Fed
eraI Reserve View.

washington, Oct. LIN its review
OF the general and business conditions
for September the Federal Reserve
Board makes the comment that taken
all in all. the month has been i'm the
matn period OF distinct encourage
ment and gives promise OF better con
ditions as the Autumn and Winter ad-
vance"
Further decided Improvement in the
credit situation is presented by the
Board as the noteworthy feature OF
business during September. 1t also
calls attention TO the better tone in
the steel industry and the activity in
the wooden industry.
While attention has been largely
concentrated on the agricultural side
of business development during the
MONTH" the review states, ''Manufac-
turing has also continued 10 show a
wholesome Improvement in many
lines. The advance in the iron and
steel trade. first noted in August, has
been sustained during the month OF
September in certain lines, notably in
pig iron and light products, such as
wire and sheets, in which prices ad-
vance~ have occurred. Although orders
ALL in August. an advance has occurr-
ed since that time.
STEADY increase in the numbers of
men employed has taken place In this
connection should also be noted Inn
provements In the railway industry
The net earnings of Class / carriers
Tor August We're about $50. .ooo. 900, and
on many lines the rate earnings are
4so 49,
the transportation act
Textile manufacturing has beer
well sustained during the month. and
the boot and shoe industry has beer
notably ective in Districts CBoston)
IL (Chicago) and s est. Louisa Their,
Is still, however, hesitancy on the par
OF distributors to place forward orders
lalthough large seasonal increase IN
certain lines of wholesale trade. coup.
led with replacement orders, have re.
suited in advances.
Prices continued to advance DURING
August. The index compelled by the
Federal Reserve. Board for interna.
uonal comparisons registered an in.
crSase of two points over the Jul,
hgure, while the trend during Sep.
tember also appears to have been up
ward.
Declines in particular lines Of bust.
ness, such as live stock, are due TO To-
cal marketing conditions. Employ.
ment, on the other hand. has increased
only slightly, although the situation i.
better than at the end Of August.
The end of the harvesting ans
crop-moving season may tend to in
crease the number OF unemployed. bu
such tendency is likely TO be offse. b,
growth in demand on the part of man
ufacturing Industries. Railroads hav,
begun 10 increase the number of thei
employers to some extent. This is es
pecially noteworthy i'm the Far West
and is emphasized in the reports re
ceived from District 12 (San Francis
co.,, Where it holds true also of gen
ersf public utility undertakings. TIL
TACT that building contracts hay
reached record figure for this yea
promises larger employment in tha
direction during the Autumn.
Financially. the month has bee
notable for the decided fall in German
exchauge, the mark at one time goinl
below y of one cent. Easier none,
conditions have grown out Of the grad
ual liquidation in the East and South
and two Federal reserve banks hav
reduced their discount rate to pc
cent. The shrinkage of bills held ha
been natural outgrowth OF the credi
situation. Call money, as well as com
mercial paper rates, has tended lower
In the grain-grol ing districts tn
output has continued to move steadn
TO distributing points. and has ais
gone abroad in considerable amount.
This grain has been practically tn
heaviest on record. Heavy movement
: of livestock have also been noted. an
E prices have weakened"