The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-03
BUSINESS GAIN SEEN
BY RESERVE BOARD
War Orders Principal Reason
Fewer Persons Are
Unemployed.
NEW YORK IS IMPROVING

"
wAsuiHGroS. June War orders
seem 10 he the chief factors in the
Improvement OF business conditions In
the United States. This Is indicated In
she June bulletin Of the Federal Reserve
Board, just issued. which gives a sum-
mary Of the business conditions in the
courtry's twelve reserve districts.
The reports Indicate a feeling of mild
optimism'' in most districts. but general
trade conditions are still below normal.
The mos, encouraging report comes from
Atlanta. where conditions are described
as generally good. Richmond reports a
materially diminished volume Of busi-
ness compared with last year. although
Il II receiving its share OF war orders.
In Cleveland there has been n slight
pause compared with a month ago, but
the Cleveland district Is holding it's own.
or the New York reserve district the
board says:
Throughout New York state farmers.
fruit growers and dairymen anticipate
q good season. Factories producing
goods for domestic use are not busy
and new orders come In slowly. The
manufacture OF war SUPPLIES continues
above capacity and n is extending to
plants normally engaged otherwise, thus
partly offsetting slack domestic trade.
New York Exports Increased.
Shipments from tho port Of New
York since January 1 are S112. 900 900
ahead Of tho corresponding period last
year. Builders, real estate and rent
ing agents find business better. Textiles,
dry goods and mercantile lines generally
nra In haitian ahana h,- n IN AydAANf thai
domestic markets OF nearly all kinda
while improving in tendency. are subject
60 the ups and downs IN sentiment as
the European war continues.
"The number OF unemployed 10 sub
stantially reduced. but many are still
out OF work. Figures OF new incorpo-
rations compared with recent years show
n considerable falling OF. Failures since
the first OF the year red with the
same period last year have Increased
90 per cent. in number and SO per cent.
In amount. There is less activity in the
stock market"
In the Boston district reports indi.
cate "a slight hardening tendency in
The money market since May 1. There
are reported. however. slight improve
inents in the Boston d!stric: "in most
lines. with the possible exception OF the
shoe and leather trade"
The report attributes improvement In
the Boston district IN part to the wal
orders. II says that foreign Govern.
ment orders are reported 10 be coming
into this market almost daily. and trades
directly influenced are doing n good
business"
IN the shoe and ea:he trade. which
has shown no advance over last month.
Optimism In BOSTON District.
The board notes also the general feel.
ting OF optimism In he Boston district
considerable Improvement in the WOO
end woollen industries over the pas
months. and in fact, even apart from
war orders, the general s.tuation seems
90 be improved somewhat, both from tn.
mill end as well as in goods"
Especial Improvement is noted in IN.
condition OF worsteds besides a stead,
Improvement In the cotton mills situa.
ton. the bulletin saying:
Mos; OF the mills are running or
full time. and while the volume OF bust
ness Is reported 10 be satisfactory Their,
Is still room for an Improvement II
proht, although many mills are reportins
satisfactory profts. having purchased
their raw material at lower rates thar
the present market"
In tho Philadelphia district II II sait
that IVA orders and their influence ar,
undoubtedly helping many indu@trles.
As to the general trade it Is said ito b.
still dull and below normal" An i'm
provement Is noted In retail trade and {
decrease in unemployment,
There is said to be n slow increase IL
production for domestic consumption
There are fewer idle freight cars, Will,
there is an increase in orders for equip
nent by the railroads.
"While our advlces seem TO indi
Aosa No rnp.lGtpr u, h,tgfnnug - aa,.p ~.
board regarding the Cleveland district
"there Is n slight pause. with fewer or
ders for new business. The payrolls ar
about the same as a month ago. bu
the steel mills have increased their In
got capacity 3 per cent. in the month.
one Unfavorable symptom.
An unfavorable symptom is noted Il
the extreme southern part OF the Cleve
land reserve district. which els not par
ticipating in the general improvement
throughout the district except In certai
lines havinC war orders"
In the Richmond district "a ma
terlally diminished volume OF business
s. reported compared with last yea,
Here again the war orders are playin'
a part IN whatever prosperity Is noted
In the Atlanta district condition
are generally good and the outlook
pEIbUlfT lliU at any Ol'tT llHle SlNC
the European war began" Commercil
men report trade good and cotton mill
are running full force, many of ther
overtime. with heavy orders on hant
n payrolls among the Industrial con
Germs are said to be normal.
In the Chicago district trade develop
ment In May Is reported TO have bee
Favorable" Tho leading industrial
especially iron and steel and the meta
working, branches show moderate in
provement."
A "Slow Improvement" Is noted /
general business conditions in the S
Louis district. with trade still belo'
normal, The only favorable symptom /
the manufacturing industries Is RI
fected from war orders.
Underlying business conditions OF III
Northwest are sound" is the repol
from the Minneapolis district, Thl
optimistic statement Is modified som'
what by the added information this
manufacturing is below normal and IN
lumber business is "off" as compare
with previous years.
The prospects In northern Minnesot
are reported to be better than a yes
ago. attributed IN part to dcvclopmer
work by the United States steel Coz
poration on it, new plant near Duluth.
- healthy spirit of optimism is a
tributed TO business men generally.