Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-31

Boston, Jan. 30.-Textilc manufac-
turcrs in New England are operating
under trying conditions" says the
monthly review of the Federal Reserve
1'ahk OF Boston. made public tonight.
manufacturers in this district" Slfe
review says, "scem to be fairly we'll
supplied with ORDERS so that the out
look for the next few months is COM
paratively good Certain labor unions
in the textile trade are, however. ask
ing for restoration of the cut in
wages which was made late in 1920
generally amounting to 20 per cent
When the industrial depression was
becoming severe. This request comes
at time when the cost of living re-
mains near the lowest point reached
during the recent business depression
with barely any upturn noticeable.
Even disrcgardirg the strike threat
the textile industry is operating under
trying conditions. The supplies in this
country of both raw cotton and wool
are comparatively small and, as a con-
sequence. the prices of both are rela-
lively high. Inasmuch as the product
or both cotton and the wooden and
WorSted industries is used mainly in
the manufacture of everyday necessi-
TIES OF life there seems to be ample
reason for manufacturers to be fearful
OF the results of further increases in
the prices of finished textile goods
Merchants, for example already report
mat housewives are loath to pay high
er prices for cotton goods, and cloth
ing manufacturers doubt the willing
ness OF consumers to pay higher prices
Tor ready-to-wear garments"
Most merchants reported however"
the review adds. that during the few
days of the month when the weather
was clear the volume of trade was
good, tending to show that there had
not been change in the underlying
tendency toward good business. In
tact. car loadings of merchandise on
the New England railroads. despite
poor traffic conditions, are relatively
nigh for this season of the year.
The review says also:
while it is too early to obtain def
mite reports to show the trend of man
ufacturing production in New Eng
land since the first of the year. there
apparently was no noticeable decline
in output other than that caused by
natural seasonal dullness or by inter-
terence both to workers and to ship
mentS from the heavy storms. >
Loans OF member banks in Boston de-
cllncd steadily from the early part of
November to just before Christmas
but between that time and the middle
OF January there was such rapid in
crease that all the loss of the previous
seven weeks was recovered. The trend
of demand deposits in these same
banks was very similar to that of
loans
In spite of the stormy weather the
last part of December. the - reporting
New England department stores show
ed gain of per cent. in net sales
over December, 1921. An cncoura ging
feature of the situation is that retail
crs are continuing to order for future
delivery at better rate than they did
during the corresponding period in
1921. This higher rate of ordering
during the last six months indicates a
gradual return of confidence among
retail dealers. a tendency now clearly
in evidence in some other lines Of bust
ness
employment in New England dur
ing December increased slightly. Az
erage weekly earnings per cmployc in
creased from $3.50 in November to
$23.12 in December. December earn
ingS were over two dollars week
greater than at the middle of October
The greatest number of increases III
wage scales were among manufacture
ers of paper boxes and in the foundry
and machine shop trades" -
Boot and shoe production in New
England during December declined
seasonally, the review says, but now
orders received by firms reporting de-
creased less than is usually the case
and greater volume of untitled orders
is now on hand than at any time since
July. 1920.
The value of building contracts
awarded in New England has been
nearly as large as during January last
year. December contracts, while 21
per cent less than during December
1921. were still over 80 per cent. larg-
or than the previous 10-year average.