Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-12-01
OUR PRESENT FOREIGN POLICY in
KEEPING WITH MONROE DOCTRINE
UPWARD TREND OF
BUSINESS IN n. E.
DURING NOVEMBER

Boston. Nov. 30.-A slight improve
ment in the business situation in New
England and a more general feeling Of
optimism were perceptible during Mo-
vember. says the monthly review Of the
Federal Reserve Bank Of Boston. is
sued tonight.
increasing optimism in the autumn,
however. is a seasonal occurrence"
the report continues, land whether II
followed the improvement in trade or
was partly because Of it is hard to de-
termine.
Commodity prices continued to un-
dergo readjustments between groups
but the large level was fairly well es-
tablished during November. There
We're some important exceptions to
general stability among individual
commodities. Peculiarly the rise in
raw cotton has not necessarily made
Tor more optimistic feeling among
mill operators, inasmuch as it has been
SO great that it has made manufacture
ers and jobbers alike fearful that the
ultimate consumer will not pay a price
Tor cotton goods based on 35 cent raw
cotton. There were reports toward the
latter part OF the month Of increasing
curtallment of cotton mills in several
New england centers on this account.
STOCKS OF raw cotton in New England
mills are low in proportion of current
consumption, considering the season
OF the year, and raw cotton prices are
usually high when this condition pre-
walls.
THE present situation in the cotton
textile industry is an exaggerated in
stance of situation which was true
or business as whole last spring Just
before the business reaction. The cot
ton industry is usually rather sensitive
TO price changes, because the house
wife Is apt to make an instructive
comparison of the general level of re-
tail prices on the basis of the price of
cotton goods, especially insomuch as
she buys so much of them. Represent
alive New England department stores
report that their sales of cotton yard
goods so far this year have been ap-
proxlmately the same as last year,
when allowance is made for the in
crease in prices. On the other hand.
these stores have consistently smaller
stocks of cotton yard goods than in
1922, and have not had as much on or
der
1.-THE volume of distribution of gem
OAoA HhcTCIldHulS6, as represented by
the number of cars loaded with mer-
chandise and miscellaneous freight on
the New England roads, has recently
made moro favorable showing than
during preceding months. During the
first week in November, New England
car loadings of merchandise were larg-
er than in the corresponding week last
year for the first time since early in
August. In fact, when the usual sea-
sonal trend is taken into consideration,
October car loadings showed a marked
increase over those in September. Car
loadings for the United States as a
whole. as we'll as for New England,
have by now passed their peak for the
year. which usually comes in October,
so that decreases are naturally to be
expected until at least the turn of the
year.
zone of the most favorable aspects
Of the present situation is the large
volume of contracts for new construc-
ton which have been awarded this au-
tumn. Contracts awarded during Oc-
tober in this district represented an
unsual volume of building for this Pc
Rod Of the year. Reports for the first
three weeks of November are also ia
vorable.
"Money rates averaged slightly lower
in November than in October. The
general banking situation remains ia
vorable."