New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-07-07
Reserve Bank Coyernor
Tells of Gains and Bright.
er Prospects in Industry
at Waist Mems I.uncheon

industrial Improvement. which !.
came marked month ago. ia e4oas,.
anu gives every indication of heinz
based on solid foundation. Coxernar
benjamin H. Strong, of the New Wi.
FEDERAL Reserve Bank yesterd.v +o1a
members of the United Wais. r.osra
OF America at their regular monthly
luncheon meeting at the Hotel Nc.
Aipin. The luncheon was called at th;s
Vi1s to rive the members some ida.
concerning the general outlook j.,
business for the fall, as the wa;.t
manufacturers are just entering tbair
ialt producing and selling season,
great portion of Governor Strony,s
talk was based on figures compiled Iy
the Federal Reserve Bank here from
conndental r2-5rts made to 4 each
and retailers. 10 .
Larger sales in practically all whole
sale and retail lines have peen re
ported during the last two months. he
SAD. IN many instances the gains in
sales figured in money value have
ncen slight, but in view of the lower
prices prevailing this year these sales
when compared with similar reports
OF last year indicate the movement of
much greater quantity eff mer,
There has been steady and very
marked Improvement in the indnstr;a1
SITUATION during the last two months. !"
governor Strong said. II think there
Is very good evidence for believing that
Tor the most part this Improvement is
a real one, is solid. | can't saw how
It applies to all industries. Some lines
nave been in danger Of going too fast.
so there have been occasional set
backs, but for the most part real prog
ress is being made.
Conditions in the steel industry Of
Ter the best barometer, and the pro
duction of steel is double what it was
year ago.
i can speak quite definitely of the
evidence that both the Wholesale and
retail trades in most lines are in a
healthy condition. Twenty of the
largest manufacturers of clothing in
New York and in Rochester have sub
mlttcd confidential monthly sales and
shipments reports. These reports on
women's garments show a 10 per cent
increase over May, 1921. April of
this year was y per cent lower than
1921. hut the figures for the two
months compare favorably with the
same period last year, and since prices
are lower it means that more merchan-
disc has been sold.
The sixtyfour department stores
which make monthly sales reports did
a business of $3.50, 100000 last year, so
they are fairly representative group.
Their figures show that April sales for
1922 were per cent greater than a
year ago and in May they were per
cent greater. The figures submitted
are for sales in dollars, so that with
reduced prices for merchandise they
must be selling a great deal more than
they were year ago.
"The textile trades are showing i'm
provement; prices arc becoming firmer,
showing an increased manufacturing
demand; wheels are turning and en-
ployment is increasing.
In his address Governor Strong
urged the waist men to follow the line
of other industries in reporting sales
,and other statistics to the Federal Re-
serve Bank in order that a more COM
plete and accurate report on general
business could be rendered by the bank
for the common good of industry.
Edmund Wright, of the Edmund
Wright-Ginsburg Company, textile
banking factors. also spoke optimisti-
| cally of the general business situation
and predicted further gains in the
! fall season