Every evening, Wilmington daily commercial., 1920-07-31
NATIONS INDUSTRY
SLOWED, UP IN JULY
Report of Federal Reserve Board
Shows General Business
REIMBURSEMENT.

Washington, July 30-Curtailment OF
industrial activity due to lower demand
cnccllation of orders and general readltst-
ment were the outstanding developments
in the business Of the country during July
the Federal Reserve Board declared
last night in its monthly review.
In some districts. however, produe-
tion continues upon old orders winch
are still on the books. despite the fact
that new business has fallen OIL. the
review declared. I'm the agricultural
regions. improved crop conditions ana
the development of more confident
tone in business are reported To have
brought about q turn distinctly for the
the better
.'Speculation in commodities is in
many parts of the country reported
20 have been greatly reduced and IN
some practicllv eliminated There is a
general feeling that extravagant buying
is at least less extreme and dangerous
than IL was some time ago.
The transportation problem continued
unsolved during the month, the review
reported. and while some local improve
ments were noted there remained great
freight congestion, provoking AN I'M
due and unnecessarily severe STRAIN upon
credit" The iron and steel industry rs
now placed in serious condition, &C
cording TO the review, which adds that
?.ooo. 900 tons of products are tied MP IN
the hands Of the producers throughout
the country by lack of TRANSFORMATION.
Likewise the grain movement has beere
retarded Nv car shortage.
Commenting on the labor situation,
the board declares that an increase IN the
efficiency of labor WAS "one notable lea
turc" of the month. this Improvement
being attributed to the development of
unemployment in various parts OF the
country Increased unemployment was
aacribed hv the boards reports To curtail
manufacturing operations, cancellation
~ orders and inability to obtain capital
for construction.
Coal production, the review asserted
also. is hampered by car shortage, while
local labor troubles were SAID to be causing
an undercurrent of unrest In some dis
tricts. The coal output in Pennsylvania,
West Virginia, Indiana, Ohio and ILL.,
nos was estimated at one-half or less of
normal. with the country's total produc-
ton averaging 1900, 900 tons a week IN
comparison with current demand showing
a need for 1000 900 tons.
Prospects of winter and spring wheat
yield considerably above normal were
reprted by the Minneapolis district. while
the Pacific coast reports forecast a yield
of 10. 600 600 more bushels of spring wheat
than in 1919. The st. Louis district
however. said the wheat there WAS low
IN quantity but high in quality, while
the Kansas City district predicted big
Weld. Other crops including corn, oats
and cotton were reported rs having inn
proved over past months.
Live stock conditions were said by
the board 10 be exceptionally good the
country over, with prices generally high
er, except for sheep. The raw wool market
however continued its characteristic
inactivity, which has lasted several wed ks
che dealers in the Boston district placing
practically no orders. Such wool as is
going e. the market is on consignment
basis t.
In the woorlen and worsted goods
industry the board found the yarn spin
ners receiving few inquiries for their
products with conditions equally dis
couraging for finished textiles. Goods
returned 20 the mills. together with can
cellations, were estimated at S100, DOC, 600
Slackening Of activity in cotton good.
also was reported. MANY miles declared
their raw cotton supplies were sufficient
90 last until next year and the boards re-
view said the chances seem to favor
further reduction of activity in the indus
any.
Little Improvement in the leather
and shoe trade was noted during the month,
with New England manufacturers further
curtailing operations The manufacturers.
however. were said to anticipate brisk
autumn business due 20 belated orders.
The board reported improved inan-
cial conditions, asserting that tho New
York district had noted that the big
expansion Of loans and discounts had been.
wholly checked" with other districts
declaring this condition had been largely
checked"