Show BUSINESS INDUSTRY AND FINANCE monthly summary by federal reserve board december 27 1922 the volume of 0 production and employment continued upward in november and prices registered a further advance contrary to the usual trend at this season of year in basic industries in november continued to increase since july 1921 when production was lower than at any time in recent years there has been an almost uninterrupted rise month by month the federal reserve board index of 0 production in which allowance has been made for seasonal changes shows that production in basic industries during november was 52 per cent higher than in july 1921 and 7 per cent higher than in october 1922 building operations were maintained on a large scale despite the approach of 0 winter final estimates for the year placed the yields of 0 all principal crops ahead of af 1921 except that of corn which was v as unusually largo large in 1921 As a result of these larger yields and the higher prices as well the total farm value of crops grown in 1922 based on prices received at the farm as of december 1 is estimated to be 25 per cent larger than in 1921 but 17 per cent less than in 1920 increased production was accompanied by continued heavy freight movement the total number of railroad cars loaded during november was vas substantially larger than in tho the corresponding month of previous years the decline in the demand for cars since tho the october peak and a further decrease in the proportion of cars out of repair have resulted in a considerable reduction in the freight car shortage demand tor for labor continued to increase as shown by the volume of employment at industrial establishments local shortages of labor were reported by steel mills textile mills and building contractors in eastern districts wholesale prices advanced during november and reached the highest level covol since march 1021 1931 the rise ot of two t wo points in the bureau badean of labor statistics index to was due chiefly to advances in the prices of farm products foods and clothing which rose to to the highest point ot of the year these advances more than offset the decline in the prices of fuels and metals wholesale trade in lines reported to federal reserve banks was substantially ly larger during november than the corresponding month last year sales of department stores and mail order houses during november were also larger than a year ago and reports on christmas trade thus far received indicate sales larger than in either 1920 or 1921 the volume of payments by check was 7 per cent smaller in november than in october due partly to the smaller number of business days but was 10 per cent larger than in november 1921 during tho the period from november to December federal reserve banks have been called upon to supply extra currency needs of 0 holiday trade and this demand is reflected in an increase of in federal reserve notes cincu lation bringing bring lne the total to the highest point for tho the year A decline of in gold reserves was also largely due to increased use of gold for currency purposes the total earning assets of the federal reserve banks increased during the period partly in response to tho the demand for currency and partly in consequence 0 of heavy government operations on december in the four weeks prior to december the loans and investments of member banks in leading cities were little changed though in the latter part of the period a renewed demand was manifested for commercial loans offset to some extent by a decline in investments |