The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-07-03
Monthly Statement, How
ever, is Tempered With
Warning Against Undue
Speculation.
PRICES CONTINUED
ON RISE IN JUNE
Manufacturing Took Strong
Upward Turn During
Month Report Shows; /;
Building Revival Con-
tinued.

Washington, July 2.-Optimistic as
to the business outlook reported to-
day in the federal reserve boards
monthly statement of conditions was
tempered with renewed warning
against undue speculation.
In nearly all Districts the boards
statement said, 1.-The opinion is enter
tanned that the prospects for a sue
cessful and prosperous year with very
large output of goods and almost un-
precedented financial returns to man
ufacturers, agriculturists and laborers
now are positive.
The possibility that speculation
may be carried too far and may exert
an injurious influence. aided and fur
thered by the existence of free credit
and speculative tendencies. appears sas
the principal offsettins Influence In
the situation"
Prices continued to rise throughout
and enormously heavy demand for
goods for export had rendered pro-
ducts in many lines scarce. In nearly
all districts 1t was reported business
men had decided they could rely upon
heavy demand and continuously sus-
tanned prices for some time to come,
while a feeling of apprehension en-
tertained early in the year was dis
appearing. jobbers and retailers read
lily entering into large commitments
for fall and winter.
In many respects the agricultural
prospects of the early spring are be-
ing more than justified. Wheat, corn.
cotton, tobacco and Pacific coast
crops will be harvested in record
quantities. Livestock continues high
in prices.
Steel and iron experienced a dis
tinct turn for the better. The fuel
has been much below nor
NAL. with prospects of a tight situa-
tion next winter. Metal mining in
dustry was again improving.
Manufacturing likewise took
strong upward turn during June. De-
mand for fine cotton goods exceeds
production. Shoe factories are pro-
ducing at maximum capacity, while
heavy demand from Europe has drawn
off much of the available supply.
Wood products are sold ahead for
months. Automobile manufacturing
is running in many plants at record
levels.
Building shows continuation of the
revival noted in previous months.
Heavy buying of lumber by retailers
has become general There is much
trading in houses and business pros
perity.
The labor situation has now reach
ed a distinctly advanced stage of full
the boards statement
said in commenting of unemployment
There is apparently no
present condition of unemployment;
indeed, many industries report they
can not get the men they need, while
wages are fully up to past levels or
higher. The requirements for farm
help are arbsorbing surplus labor in
all parts of the country.
There is some surplus of unskilled
workers in some centers, but this is
not different from the condition in
normal times. No reduction in wage
scales is now foreseen.
One of the principal problems in
the labor situation noted by thought
and office employees, as well as other
receiving more or less fixed
incomes, have not yet participated
in the advance in wages. Improve
ment for these classes of workers will
be necessary il prices are to continue
at their present level
Returning soldiers are being rapid
ly and steadily absorbed into busi-
ness, and the problem which for
time seemed to threaten in this con-
nection is now apparently minimized
in all directions From the farming
districts particularly comes the re-
port that the supply of labor is scanty
Ind likely to prove more SO as busi-
ness progress<~."
Government credit was reported in
good condition. an evidenced by the !
high and rising market for Liberty |
Bonds Of practically all issues. partic- !
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