Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1919-08-02
NO RELIEF FROM
Present H. c. |.
IS INDICATED
Federal Reserve Board Finds
Prices Do Not Serve to Check
Demand.

Washington, Aug mo relief
from present high prices is forecast
in the federal reserve boards month
, ly review of business conditions is
sued today, which notes that July saw
increased in many lines.
an general" the review said,
there is disposition to accept
present price levels and to expect a
continuation of the prevailing level
for some time to come"
In many districts high prices have
| not served to check demands but the
possibility of obtaining goods was
found to be of greater moment to
the buyer than the price fixed. On
the other hand, the board said, the
very great" price increases which
have taken place in certain lines have
made buyer more cautious, care being
taken not to increase unduly stocks
acquired at the present price level
for fear decline might occur.
Continued high prices, along with
constant growth in trade, both whole
sale and retail, and increased activity
in some of the basic industries, sus-
tanned confidence in the industrial
situation and led to expansion in
many lines. Almost the only COM
plants heard concern shortage of
raw materials and, in few districts,
labor troubles, although majority
of the districts report normal labor
conditions.
Fear Labor Shortage.
Instead of fear of unemploy-
ment, which had been expressed dur
ing the early part of the year," the
board said, "the reports received
manifest the fear Of an impending
shortage of labor" The exodus of
alien workers was blamed in part.
The agricultural outlook, on the
| whole, was reported favorable indica-
tions that the cotton crop would be
much shorter than previously indicat-
ed Manufacturing continues active,
market advances in price having oc-
Cured in cotton goods which many
mills oversold. Export orders were
said to be large. Raw wool still in
heavy demand and revival in build
ing has continued.
Turning to the financial situation,
! the board declared that while specula-
ton continued at an unprecedentedly
high level, an investment demand
for stocks has revealed itself, leading
to the withdrawal of an unusual
amount of shares from the market.
The banking situation was reported
sound, credit and collection conditions
| good, land failures small and few.
Conditions of Districts.
Conditions by districts were an
nounced to include:
Richmond-the rising tide OF activ-
| ity continues in all lines and conf
ness may be regarded as re-establish-
dence in the general stability of bust
ed.
Atlanta-practically all lines of
business increasingly active, altho
the agricultural outlook especially
regards cotton is not as encouraging
as a month ago.
St. Louis-the business situation
continues excellent; wholesaler and
retailers in most lines are doing an
active, in some cases, record bust
| ness. There are complaints of diff
Guilty in obtaining raw materials and
skilled labor,
Kansas City-business and indus
trial activity which prevailed in
the month of June is extended thru
July and there is no indication of a
slowing down Of this activity for
many weeks or months to come.
Dallas there has been practically
no summer dullness in trade and fin
ancial circles this year; this unusual
condition being attributable largely
to the petroleum industry, which has
exerted very favorable influence on
trade. I'D