Norwich bulletin., 1921-10-29
BUSINESS AND INDUSTRY IN NEW ENGLAND

The progress toward recovery which business has been making since August was somewhat interrupted two weeks ago by the. announcement that a strike of railroad employees was to be called on October 30, and also by persistent ru- mors that railroad freight rates were to be cut, writes Frederick H. Cur tiss chairman of the Federal Re- serve bank of Boston in his Monthly Review Nevertheless it should be realiz- ed that this is probably a temporary hlndrance because. almost any settle ment of these questions is better than continued uncertainty The leading ip- dustFies in New England are in & slightly better condition than a month ago on the whole, and there is certainly more optimism. Very few people are looking for rapid improvement in the situation so of the present rate of pro- gress continues, expectations will be ful- nlied and that in itself will breed further confidence It must be admitted of course. that it is not entirely lack of con- tldence that is holding business down, al- though that is having its effect This is seen in the retail trade, for instance where the outstanding orders for mer- chandise to be delivered in the future are very small. Before the war, this
 
 In reducing seasonal operations of indus try, largely through the custom of plac- 1 ing orders for merchandise months before delivery was desired. The present epi- demic of hand-to-mouth buying has therefore aggravated the depression. Now l that the stocks of finished goods through | out the country are low and there is so 1 much evidence that the average commo- l dlty has at least stopped declining in price, if not actually started to go up, | 1t would appear that the excuse for l hand-to-mouth buying has practically l disappeared.
 1 The Boston wool market, was quiet dur 1 ing October, while New England woolen 1 and Worsted mills. continued to operate 1 at about 80 per cent. of capacity-the 1 rate maintained shoe early, summer. 1 Cotton mills held their own with pro- 1 duction at appro. .imately 80 per cent. of
 normal capacity, but like wool textiles | have reached the point where it is diff 1 cult to increase operations.
 l The boot and shoe industry is not 1 quite as active as It was two months 1 ago, as this iT their quiet period between | seasons Production during September was about 10 per cent. less than that during the corresponding month last year Shipments from the factories following lno USUAL StdSOndI tSHuency are ueclln- ing.
 The paper industry is making sub. stantial progress. Production has beer l increased lately without enlarging fin, 1 ished stocks. This is quite significant 1 because, previous to August, stocks were 1 reduced only by curtailing production 1 The industry is still much below nor. nal but the improvement is encouraging
 The metal trades are showing more life
 They had become so dull the past sum
 mer that notwithstanding the present in creased activity they remain relatively I quiet However. inquiries and order'
 are improving and the industry should
 hold much of it's gain throughout the coming winter.
 The total value of contracts awarded for, new construction in New England
 during September was only three quar
 ters as large as in August according tc
 the F. W. Dodge Company, The physica
 volume of construction which these con
 tracts cover likewise declined. The cos