Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1920-07-30
Monthly Report Of Federal Re.
serve Board Shows Cancel
iation Of Many Orders as
Part of Readjustment.
C7OP CONDITIONS ARE
ABOVE AVERAGE YEARS
SpecH'ation in Commodities in
Mary Sections Reduced
Many Discontinue Practice
Of Extravagant Buying.

Washington, July D.-Curtail
enent of industrial activity, due to
lower demand, cancellation of or
GERS and general readjustment,
we're the outstanding developments
1n the business of the Country dur
..ig July, the Federal Reserve board
teclared tonight in its monthly re-
view.
In some districts production
continues upon old orders still on
The books, despite the fact that new
business has fallen off," the report
Ways.
In the agricultural regions i'm
croved crop conditions and >devel-
opment of a more confident tone
in business areareported to have
brought about turn for the bet,
ter.
Speculation in commodities in
many sections is reported to have
been greatly reduced and in some
practically eliminated There is a
general feeling that extravagant
buying is. at least, less extreme and
dangerous than it was some time
Ngo.'
The transportation problem con-
tinued unsolved during the month,
the review reported, and while some
local Improvements were noted,
there remained great freight conges-
ton, provoking "ar undue and un-
necessarily severe strain upon cred
it."
Products Tied Up.
The steel and iron industry rs now
placed in "a serious condition." ac-
eording to the review, which adds
that 100000 tons of products are
ried up in the hands Of the producers
throughout the country by lack of
transportation. Likewise, the grain
siovement has been retarded by car
shortage.
Commenting on the labor situaA
.'on, the board declared that an in
aeease in the efficiency Of, labor was
vonc notable feature" this improve
'nent being attributed to the develop
mcnt Of unemployed. Increased un-
employment was ascribed by the
boards report to curtailed manufac
turing operations, cancellation of
orders and inability to obtain capi
tai for construction work
Coal production,the review stated
is hampered by car shortage, while
local labor troubles were said to be
causing an ,undercurrent of unrest in
some districts. The coal output i'll
Pennsylvania. West Virginia, lndi-
ana. Ohio and Illinois, was estimat-
ed at one-half or less, ofnormal, with
the country's total production aver
aging 100000 tons a week in conf
parison with current demands for
100000 tons.
Wheat Prospects Good.
y Prospects of winter and spring
wheat yield considerably above
normal" were reported by the Min
neapolis district. while the Pacific
coast reports forecast yield of TO-
100000 more bushels of wheat
(spring) than i'll 1910 The ST. Louis
district, however, said the wheat
there was low in quantity but hign
in quality, while the Kansas City
district predicted big yield.
Other crops, including corn. oats
uHQ SOltoH. WClS lSPoltS aS hh
proved over past months.
Live stock conditions were said to
be exceptionally good the country
over, with prices generally higher
except for sheep. The raw wool
!. market continued its characteristic
!. inactivity. Such wool as is going
I INTO the market is on consignment
Y basis. -
IA the woolen and worsted goods
industry, the board found the yarn
spinners receivig few inquiries for
their products with conditions equal
ly discouraging for finish textiles.
Goods returned to the mills, togethef
with other contracts were estimated
at S10G. 100000.
Slackening of activity in cotton
goods was reported. Many mills de-
clared their raw supplies were suf-
ficient to last until next year, and
the boards review said the chances
seem to favor further reduction of
activity in the industry.
Little activity in the leather and
shoe rade was noted.
The board reported improved
financial conditions. asserting that
the New York district had noted that
the big expansion of loans and dis
counts had been wholly checked"
with other dlstMcts declaring this
condition had been largely checked.
Woman Doctor of iowa Is
Ciunn crnrion 0nrnrafinn