Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-11-01
BUSINESS STILL
PROGRESSING IN NE,
WORD FED. RESERVE

Boston, Oct. 31-Business recovery
in New England continues to make
encouraging progress, the Federal
Reserve Bank Of Boston said in the
monthly review OF Industrial and fin
ancial conditions which was made
public today. Factories are gener-
ally buster, more people are employ
ed than one or two months ago, and
distribution Of merchandise through
retail stores Is showing the usual
autumn increase" the review added.
Production in the leading indus
tries Of New England Is still sub
normal. but it Is expanding at a much
more rapid rate than Is generally ap-
preciated. Output Is considerably
larger than 1t was in June and July.
when business for the larger indus
tries In this district was at its worst.
Quite a large proportion of factory
employees are still working on part
time schedules, but this Is becoming
less noticeable almost every week,
with the result that the total earn
ings Of the workers and the average
earnings per employe are increas-
Ing"
1t Is stated that contracts awarded
for new building construction in Sep
TENDER were larger than in the COR
responding period last year. Car
lOadings of merchandise in Septem-
Der were greater than those in 1923
making the seventh month of this
year in which the figures were great
er than for the came period a year
ago. The volume of sales in depart
ment stores. however, was again
slightly less than in the same period
last year.
With the word that recent devel-
opments in the New England indus
trial situation have given evidence of
further Improvement, fundamental
and broad in scope" the review con-
tinues:
"Production has expanded. in keep
ing with the greater demands of the
markets. Consumption of raw ma
terial In the New England cotton and
wooden textile mills Is increasing,
Employment has increased
further in most OF the important New
England industries and working SCH
edules have been heightened In many
mills and factories. Wages have In
general showed hut little change, yet
there Is a slight tendency down.
ward"
Summarizing conditions in each
industry, 1t said: THE New England
shoe trade developed further i'm
provement during october. and or
ders in hand insure a fairly high
rate of operation for the remainder
OF the year. Manufacturing activity
in the clothing industry exchanged
slightly in September and october.
New England cotton mills are quite
rapidly returning to larger output.
Production during early October was
reported to be about 60 to IS per cent
Of capacity Mill stocks were re-
ported to be about the lowest on rec
ord. The machine tool industry was
generally quiet during September,
but during the early part of October
bookings were reported larger. Out
PIT ST New England paper mills in
September was approximately the
same as August. Mills We're operat-
ing at about Is per cent Of capacity.
Rubber manufacturing schedules
were somewhat under normal. but in
creasing slightly in October. Acti-
witty in silk plants expanded during
September and October under an in
sed demand. A decided improve
ment was note during early October
in the wolen manufacturing industry
Of New England.