Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-04-01
NOTE DECLINE IN
MANY INDUSTRIES
OF new ENGLAND


Boston. March 31.-A widespread
decline in business activity touching
the majority of industries of New Eng
land in the month of March was re-
ported today in the monthly review of
the Federal Reserve Bank of Boston.
Despite the decline, business activity
is near the normal level, the report
stated.
brought reductions in commodity
prices. Affected in part by weather
conditions and by the lateness Of Eas-
ter, the volume of business of depart
ment stores showed falling off after
the first of March. Distrit0tion of
merchandise by the railroads continued
larger than at a corresponding time a
year ago. however. the report stated.
Manufacturing conditions, reported far
from uniform. showed considerable de-
preston in the shoe and cotton indus
tries. Money rates were relatively
low
The decline in commodity prices fol-
owed a decrease In the prices of basic
raw materials late in February, the
report showed. 1.-The general whole
sale price level OF all commodities. in
Guiding manufactured goods. as we'll as
raw materials, averaged slightly high
er in February than in January" the
review stated.
According to reports received by the
hank there was larger excess of
wholesale commodities which declined
In price as compared with those which
advanced than in any week since Au-
gust.
Department store merchants did not
report satisfactory volume of bust
ness during the first two weeks of
March although their report for Feb
ruary showed a good margin of in
crease over sales in the same month OF
1923. Beginning about the first of
March. however, the volume of trade
began to suffer. partly because of poor
weather conditions. Practically all of
the Easter trade will come in April
rather than in March. Department
stores as rule have comparatively
ow stocks on hand and are maintaining
a high rate Of turnover.
distribution of merchandise by the
railroads eff New ngland~ continues 10
be iii larger volume than it. was a year
ago at this time:
Manufacturing conditions are far
from uniform in the various indus
tries of New England. There were a
number of reports received during
March from concerns which had been
operating on curtailed schedules that
they were to increase their output. on
the other hand, number Of factories
already on part time schedules report
ed further curtailment One of the
most depressed of the New England IN
dustries is the cotton textile industry,
and according to the consumption OF
cotton by the mills in this district dur
ing February they were operating at
less than 20 per cent. of their estimat-
ed normal production for that month,
production is considerably less than
capacity production. The boot and
shoe industry is another of the promf-
nent ones of New England to report
comparatively 10 woutput during Feb
ruary.
Banking conditions in this district
remain favorable from the business
mans standpoint. Money rates are
relatively low but customers CONNER
cial requirements at the banks In the
more important New England centers
increased sharply during the first three
weeks of March. after having declined
almost without interruption since last
October"