Evening star., 1923-12-01
BUSINESS SHOWED
GAINS IN NOVEMBER
Reserve Board Reports Jump
I'm Cotton Most important
Change in This District.
By the Associated Press.

By the Associated Press
RICHMOND, Va, December I. Bus
iness in the fifth federal reserve dis
trict during October was fully up to
seasonal average, and in some lines
much of the dullness experienced In
September disappeared, according TO
the monthly review of the business
and agricultural conditions issued
here. The steady rise In cotton prices
was perhaps the most outstanding
development In the district since tho
publica ton of the last monthly re-
view, the report says.
Cotton prices in the fifth district
advanced approximately $25 bale
between the middle of October and
the middle of November, according to
the review, reaching point at least
cents a pound above the price on
November 8. 1922.
More Cotton for Sale.
"Jn addition to the advance In
price" continues the review, the De-
partment of Agriculture's November
2 report credited the cotton growing
states of the fifth district with an IN
crease in production this year over
1872, amounting to 100000 bales, or
81 per cent
Because of these conditions, Joined
with the marketing of tobacco ana
other faTm e
paper is taking place earlier this
fall than usual the review announces,
and member banks are thereby abie
to retire a considerable part OF their
re-discountS at the reserve oank ana
elsewhere.
Simultaneous rise in deposits In
member banks, the report points out:
clearly shows the improved status OF
the banks customers.
"Business failures in OCTOBER, tne
review sets forth, while more num-
erous than In September were fewer
In proportion in the fifth dtstrict tnan
in the nation as whole, and liapln, >,
ties were lower than In OCTOBER 1890
Labor Fully Employed.
Labor continues fully empioyeo at
high wages and sufficient labor Is
available for all purposes except IN
a few scattered industries such as
dairying. Coal production Is sun,
eient to meet all needs ana 70 pIoNlue
some surplus for storage against con-
tingencieS.'
An increasing difficulty In selling
goods at prices that make operations
heing found by the textile industry,
"but fifth district mills have as Ees
curtai,ed operations very llttie anu
during October they consumed more
cotton than in September Oh 1nis edi
or October of last year
Tobacco prices. grades conSioere!ui'
are good, says the review. lnoush
smaller than last years, Vlrsln,d
tobacco crop was raised on a smiheI
acreage and North Carolinas crop IS
the second largest in the history oi
that state.
Crops Turned Out Well.
Other crops are reported to nave
@urn,c out well, the yield OF corn
In Virginia and both Carolinas nav
ing been better than last year, whlie
this years prices averaged hlgher;
Wheat and other grains yielded gooa
returns, while Virginias peanut anu
apple production was larger ana oe'-
ter than in 1922.
loading cities building permlts lssueu
broke all previous RECORDS IN Octooel
for that month in the past, ana were
xreater in number than In September.
| store Sales Increase.
Department store sales reflected the
general Improvement in business con-
Stttons in the retail trade, OCTOBER
| showing an increase of III per GENT
over October. 1922. and over sep
tember of this year an increase ol
AGA per cent. Improvement also was
shown in the wholesale trade on tne
whole and collections showed STEADY
1mnroyement as fall business De.
yeioped and seasonal liquidation OF
Indebtedness got under way, the re-
Yiey says.