New-York tribune., 1922-12-01
Business Gains
ReportedFrom
Coast to Coast
Mine, Mill and Factory
Output Jumps, Wages Up
and Unemployment Is
Almost Thing of Past
Wholesale Prices Higher
Loadings Near Record. Yet
Car Shortage Increases,
Reserve Board Reports

FToW FHs fVChrgs HosHtFfton OeFeot
WASHINGTON, Nov. s0.--Improve.
nent In business and financial eondi-
tons in recent weeks IL shown In a
statement OF the Federal Reserve
Board made public to-day. TIE board
gives summary Of conditions
throughout the Federal Reserve Dis
triets In the month OF November. II
says;
Substantial increases Of productive
activity were reported by basic indus
tries during October. Due principally
to increased activity at anthracite coal
mines. mineral output was 10 per cent
larger than in September. There was
also a larger production Of all other
important minerals. Production Of pig
iron was greater than In any month
since October, 1920, and the blowing
In Of additional blast furnaces during
November indicates a further increase
Of activity. Mill consumption OF cot
ton has continued TO increase, and the
October total 10 the largest In more
than two years, while operations OF
woolep and silk mills are approaching
capacity.
Record Car Shortage
"Ths total number Of railroad ears
loaded was nearly at @ maximum, yet
the car shortage on November was
tbs largest ever recorded. The large
movement Of manufactured goods Is
indicated ~ the fact that loAdings Of
miscellaneous freight by railroads
were larger IN October than In any
month since 1920. Live stock receipts
continue 70 be exceptionally large, as
drought conditions on the ranges dur
ing October necessitated unusually
heavy marketing. During the first two
weeks OF November there was decline
in car loadings and some reduction in
the estimated car shortage.
Increased production In october
has been accompanied by a continued
increase In the volume OF employment
at industrial establishments. The
average pay per worker was larger In
many industries, due IN most cases 70
increases in hours Of work rather than
10 increases In rates Of pay. Railroad
repair shops and equipment factories
made the largest additions to their
forces. Steel mills. metal mines ana
building contractors still report snort,
age Of skilled labor. Anthracite coal
mines. on the other hand report a
small surplus.
Retail Trade Gains
"Wholesalo trade showed compara-
lively little change during OCTOBER
Sales Of furniture. hardware, gro
ceries and drugs showed a general up
ward tendency. Seasonal declines TOOK
place In sales Of dry goods, shoes and
automobile supplies. Retail trade con-
tinued 10 be greater than year ago
and throughout the country was larger
than last month. The volume OF pay
ments by checks also increased In
every Federal Reserve district, com
nared with last months. The total for
il0 cities. not including New York. was
e.ntenober and i3 per cent larger than
in October. 1921. The increase over
} ia.t October Is partly due TO the in
crease in wholesale prices during the
current year. ~
Bureau Of Labor Statistics was lo4 IN
October, as compared with LOB IN sep
tember and 142 In October, 1921. Prices
of farm products and clothing showed
particularly large increases during
October and reached the highest ieVe,
for the year. Fuel prices continued
TO decline sharply and we're ABOUT IL
per cent lower than In August.
Bank Loans Decline
"The increased business activity has
not been reflected In the movement Of
totai loans Of member banks in lead
inc cities. In fact. during the period
between October rs and November 10
tbe loans and discounts OF member
banks In leading cities showed a de,
cline Of more than $70OOO'OOO. OF
which about S32,O00.000 represented
contraction occurring In the last
week. The contraction for the four
week period, however, has been muc
less than the expansion OF s366,OoO'VOo
occurring in the four-week period
ending October 18. Slight loan IN
crease. were registered in the South
ern and Western districts, and also IN
New England, but these increases were
more than Offset by reductions IN other
districts, especially in New YORK ano
Chicago. Rates on various classes OF
loans have remained firm or nave
shown a slight upward tendency. De,
mand and time deposits both increased
during the four weeks, though again
Western and Southern districts re-
corded slight increases.
Little change occurred in the posi-
,ion Of the Federal Reserve banks
during the period from October % to
November %. Earning assets and note
circulation remained at substantially
the same point as a month ago. There
has been. however, change in the
character Of these assets, as invest
ments fell of and bills increased by
SflA 000 OOO'