Pine Bluff daily graphic., 1916-08-02

St. LOUIS, Aug. l."COHIIlueu Uuoi- ness activity .thibughout the eighth, federal reserve district is recounted in the monthly report of William McC. Martin, chairman of the board of the St. Louis federal reserve bank. The August report was made public here today. The report says in part:
 Business interests throughout this district report an active trade equal to, if. not exceeding, that of the last few months. With few exceptions, merchants and manufacturers report increases in shipments, excellent col lections and heavy orders for future delivery. The outlook seems entirely favorable, :>>hough there is notice able undercurrent of conservatism.
 Reports have been received from ,iobbing interests@in all the larger cities of the district giving figures on their business for April, May and June, 1916, compared to the average of the same three months of 1915, 1914 and 1913. In almost every case an increase is noted in shipments, a corresponding increase in collections and a decrease in past-due accounts. The amount of thrilled orders on hand June 30, 1916, seems unusually large and in several instances merchants have reported record business.
 "One wholesale drygoods house re- ports increases in shipments ranging from 115 per cent to IA per cent in the states wholly or in part within this district. One of the largest shoe houses in St. Louis reports shipments for April, May and June this year as P per cent larger than the average for the same three months of 1913, 1914 and 1915. A hardware company in Fort Smith, Ark, reports an in crease of 91 per cent in their ship ments. A report from Memphis on general conditions reads: Very fav orable and improving Reports from jobbing interests in Louisville are practically the same.
 During the month the government has come into this market for army supplies, and this has been a some what noticeable factor in the activity noted. Contracts for this account in- clude shoes, drawers, undershirts, ponchos, soap, leggings, blankets, bed sacks, tents, medicines, hardware and other articles.
 "There has been more seasonable weather since the latter part of June and this has stimulated retail trade. Reports from department stores indi- cate satisfactory business.
 "The condition of the building trades does not seem as active as that of other lines. Many of the allied lines report increases in their busi- ness, but the total building permits in Louisville and St. Louis for June, 1916, show slight loss as compared to June, 1915.
 Receipts of the St. Louis post office show slight gain for June, 1916, as compared to June, 1915. The gain was not as large as the increases noted for the earlier months of the year.
 Railroads Earnings Increase.
 "The gross earnings for June of some of the railroads operating within the district are available, and all of the five systems reporting show sub- stantial gains.
 "There has been little or no change in the labor conditions in this district, and the situation is believed satis- factory.
 "The total of commercial failures for the six months ending June 30, 1916, for the states located either in whole or in part within this district show decided reduction, both in num- Der of failures and in total of liabil- ities as compared to the same period of 1915.
 Receipts of cattle, hogs and sheep at the National lock Yards, East St. Louis, for JuneA lhow substantial in- creases as compared to June, 1915, while there is decrease in the re-