Pine Bluff daily graphic., 1920-07-30
INDUSTRIES OF U. s. LESS ACTIVE; MANY
 ORDERS CANCELLED
General Readjustment Marks the Nations July Busi-
 ness
INCREASED EFFICIENCY
 OF LABOR IS NOTED
Development of More Confidential Tone in the Agricultural Sec tiOns-TranspOrtati Prob
 lem Steel is Drawback

Washington, July Curtailment of industrial activity due to lower demand, cancellation of orders and general readjustment were the out standing developments in the busi- ness of the country during July, the federal reserve board declared to- night in it's monthly review.
 'ln some districts, however, pro- duction continues upon old orders which arc still on the books, de- spite the fact that new business has fallen off, the review declared. "In the agricultural regions, improved crop conditions and the development of more confident tone in business are reported to have brought about a turn distinctly for the better.
 Speculation in commodities is in many parts of the country reported to have been greatly reduced and in some practically eliminated. 7"
 The transportation problem con- tinued unsolved during the month, the review reported, and while some local improvements were noted there remained great freight congestion, provoking Gan undue and unneces- sarily severe strain upon credit" The iron and steel industry "is now placed in serious condition" ac- cording to the review, which adds that two million tons of products are tied up in the hands of the pro- ducers throughout the country by lack of transportation. Likewise the grain movement has been retarded by car shortage.
 Coal Production Light
 Commenting on the labor situa- tion the board declared that an in- crease in the efficiency of labor was "one notable feature of the month this improvement being attributed to the development of unemployment in various parts of the country. In- creased unemployment was ascribed by the boards reports to curtailed manufacturing operations, cancella- ton of orders and inability to ob- tain capital for construction work.
 Coal production, the review assert ed, also is hampered by car short age. while local labor troubles were said to be causing an undercurrent of unrest in some districts. The coal output in Pennsylvania, West Vir- ginia, Indiana, Ohio and Illinois was estimated at one half or less of normal, with the country's total pro- duction averaging 9,OOO,OOO tons week in comparison with current de- mands showing a need for 11,OOO, ,OOO tons.
 Prospects of winter and spring wheat yield considerably above nor nal" were reported by the Mime apolis district, while the Pacific coast reports forecast a yield of 10O00,000 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 yield. Oth- CT crops, including corn, oats and cotton, were reported as having im- PIo'eu OVer past mOnLnS.
 Cotton Mills Slow Down
 Live stock conditions were said by the board to be exceptionally good the country over, with prices gen. orally higher except for sheep. The raw wool market, however, continued it's characteristic inactivity which has lasted several weeks.
 In the woolen and worsted goods industry, the board found the yarn spinners receiving few inquiries forl their products with conditions equ- ally discouraging for finished tex tiles. Goods returned to the mills together with cancellations were es- timated at $100,00O,0O0.
 Slackening of activity in cotton goods also was reported. Many mills declared their raw cotton supplies were sufficient to last until next year and the boards review said the chances seem to favor a further re- duction of activity in the industry.
 Little improvement in the leather and shoe trade was noted during the month. Manufacturers, however, were said to anticipate brisk au- tumn business due to belated or ders.
 The board reported improved fi- nancial conditions, asserting that the New York district had noted that the big expansion of loans and dis counts had been wholly checked" with other districts declaring this condition had been largely check ad