Imperial Valley press., 1923-01-03
November Report
Shows Big Stride
i'm Prosperity

The volume of production and en-
ploymcnt continued upward i'll No
vember and prices registered Il fur
thcr advance.
Productions: Contrary to the usual
trend at this season of the year,
production in basic industries in
| November continued to increase.
Since July. 1921, when production
was lower than at any time in recent
! wears, there has been IN almost un-
| interrupted rise month by month.
The federal reserve board index of
| production, in which allowance has
| been maic for seasonal changes, ;,
shows trat reduction in basic in
dustrics d ring November was -
per cent l. gler than in July, 1921.
and : per "c1t higher than in Oc-
tobcr, 1872. The chief advances
from October to November were in
milI consumption of cotton which
reached monthly total exceeded
only once since 19l7, and in the
production Of pig iron which was
larger than at any time in the past
two years. Building operations were
maintained ON a large scale despite
the approach of winter.
Ahead of 1921
Final estimates for the year, plac-
ed the yields Of all principal crops
ahead of 1921, except that Of corn
which was unusually large i'll 1921.
rs Il result of tncac larger yields
and the higher prices rs well, the
total farm value Of crops grown in
1922, based on prices received ut
the farm, rs of December !, is estl-
mated TO be - per cent larger than
in 1927 but Il per cent less than
in 1920.
The total number of railroad cars
loaded during November was sub
stautiaIly larger tbau in thC cor
responding month Of previous years.
The decline in the demand for cars
since the October peak and furth-
er decrease in the. proportion Of
ears out of repair have resulted in
n considerable reduction in the
freight car shortage.
Demand for labor continued 10
increase, as shown bv the voldmc
Of cn'plovn,cut at industrial cstah
| lishmcnts. Local shortages of labor
were reported bv steel mills. textile
mills, aud building contractors IN
| Eastern districts.
Wholesale Prices Higher
Wholesale Prices: Wholesale
prices advanced during November
and reached the highest level since
March, 1921. The rise of two points
in the Bureau Of Labor statistics in
dcx to 1J6 was due chiefly to ad-
vanccs in the prices OF farm pro-
ducts. foods and clothing, which
rose to the highest point of the
wear. These advances more than
offset the decline in the prices Of
fuels and metals,
Volume of Trade: Wholesale
trade in lines reported to Federal
Reserve banks WAS substantially
iafger during November than the
corresponding month last year. Sales
of department stores and mail or.
der houses during November were
also larger than year ago, and rt.
ports on Christmas trade thus far
received indicate sales larger than
in either 1920 or 1921. The volume
of payments by check was per
cent smaller in November than in
October, due partly to the smaller
number of business days, but was
10 per cent larger than in Novcm-
Der, 1921,
Currency Increases
Bank Credit: During the period
from November - to December
%, Federal Reserve banks have
been called upon to supply extra
currency needs Of holiday trade, and
this demand is reflected in an in
crease Of $l57,000,000 in Federal
Reserve Notes circulated, bringing
the total TO the highest point for
the year. A decline OF $f3,000,0G9
in gold reserves WAS also largely due
to increased use of gold for eur.
rcnCy purposes. The total earning
assets Of the Federal Reserve banka
increased during the period SID
00O, 900 partly in response to th"
demand for currency, and partly in
consequence of heavy government
operations on December 18th.