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Show Business Conditions in the U. S. TVk ita? represents business conditions in every state in the Union as set forth in the January ni:n. Nution's Business, offirial publication of the Chamber of Commerce of the United States Retail trade volume held up well in November, affording some encouragement en-couragement in' what was otherwise other-wise a disappointing month in business, says Frank Greene in his current review in Nation's Business Magazine, published by the Chamber of Commerce of the United States. Aided by advertising and early pushing of holiday goods, retail trade, ';he review reports, was apparently ap-parently better than in any November Nov-ember for the last three years. This moderate improvement was all the more impressive when it is considered that the weather was unseasonably warm for the greater great-er part of the month. Commodity prices, Mr. Greene observes, made another new low in November, reaching the lowest point since September, 1908, the year that marked about the beginning be-ginning of a celebrated price advance. ad-vance. "Disappointment engendered by wheat's failure to continue to advance ad-vance in November," he says, "should be modified a little when it is noted that, notwithstanding the backward trends visible at various times since November 9 the price of wheat futures is still ten cents above the low of early October and September. Cash wheat is higher than the lowest level by from 12 to 20 cents, with spring wheat, which suffered from drought damage in the Northwest and in Canada, showing Ihe heaviest heav-iest gain. In fact, wheat repeated an old market trick when its advance ad-vance of about 23 cents or 50 per cent was reduced later to half that amount. "The Federal Reserve Bank oi New York gives testimony to the intense strain which occurred in the banking situation in October and the improvement which followed fol-lowed in November. The revearsel of the gold flow in November from that in October added $129,000,-000 $129,000,-000 to the American gold stock and in three weeks of November, loans and investments of member banks declined only $219,000,000 compared with a decline of $88(1.-000,000 $88(1.-000,000 in October. The drop deposits de-posits in November was $359,000,-000 $359,000,-000 compared with a decline of $88S.000,000 in October. The drop in deposits in November was $359,- I 000,000 as against a drop of $1,400-000.000 $1,400-000.000 in October. "The bank's statement of indus-i trial companies' profits shows only on-ly cne group, textiles and clothing, reporting larger profits in the third quarter of 1931 than in 1930. "The mora favorable comparisons compari-sons of net earnings were by food chemical paper and tobacco companies. com-panies. Steel, copper, machinery and the coal and coke groups showed deficits for third quarter. Petroleum returns were slightly better. "Chain and mail order sales for November, which had five Sundays and two holidays or 23 net business days decreased 10.5 per cent from a year ago as a-gainst a-gainst a decrease of 8.5 per cent in October which had four Sundays Sun-days and on'; holiday or 26 days net. One mail coder house which reports 'on a fo.n- week basis had a decrease of only 16.5 per cent against 21.5 per cent in a similar period in October. This labor would seem to argue a rather bet-ler bet-ler condition amonn farmers In the month just closed. "Reports for the year to date indicate in-dicate decreases of three per cent in chain and 18 per cent in mail ordei sales from 1930 which argues anew the idea that, even with all the stress apparent, the volume cf business dona has been larger than a year ago even if the value is smaller. "Department store sales for November decreased 15 per cent from a year ago. The October de- crease was also 15 per cent. For the year to date the decrease from 1930 is nine per cent "The month was a period of strain in the copper industry, the failure to agree on a curtailment plan at the meetings held at New York resulting in a sharp drop to 6.25 cents for that metal, an un-precedently un-precedently low quotation. As a result there was a talk of the need of a tariff on imports the United Sates was an exporter on balance up to 1929 but late in November an agreement was reached and the price rose to 6.75 cents, itself a quotation unknown until a few months ago." |
