The Birmingham age-herald., 1920-07-30
LESS PRODUCTION.
 LOWER DEMAND, |S
 JULY DEVELOPMENT
Better Turn In Agricultural Districts, Less Commodity Speculation, Labor Eff
 ficiency Increased
By Associated Press

Washington. July 29-Curtailment of industrial activity due to lower demand. cancellation of orders and general re- adjustment, were the outstanding dcvei- opments in the business of the country during July. the federal reserve board declared tonight In it's monthly review
 ''In some districts. however, produce tion continues upon old orders which are still on the books, despite the fact 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 turn distinctly for the better.
 speculation in commodities is in many parts of the country reported to have been greatly reduced, and in some prac- tically eliminated There is a general feeling that extravagant living is al least less extreme and dangerous than it was some time ago.
 The transportation problem continued unsolved durirg the month";. the review said. and some local improvements were noted, but there remained great freight congestion, provoking "au undue and un- necessarily strain upon credit" The iron and steel industry, lis now placed in a serious condition" according to the re- view. which adds that 100000 tons of products are tied up in the hands of tho producers throughout the country by lack of transportation. Likewise, the grain movement has been retarded by car shortage.
 UNEMPLOYMENT INCREASES
 Commenting on the labor situation, the board declared that an increase in the ef- fciency of labor was "one notable fea- ture' of the month, this improvement be- ing attributed to the development of un-
 
 country. Increased unemployment was described by the boards reports to cur tailed manufacturing operations, cam cellation of orders and inability to obtain capital for construction work.
 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 soms $ districts The coal output in pennsys ka vana, West Virginia. Indiana. Ohio and Illinois was estimated at one-half or less of normal, with the country's total pro- auction averaging 9,0o0,0oo tons a week in comparison with current demands showing need for 100000 tons.
 GOOD WHEAT PROSPECTS
 Prospects of winter and spring wheat yield "considerably above nor maj" were reported by the Minneapolis district while the Pacific coast re- ports forecast yield of l000o,0oo niors bushels or spring wheat than III I5ls. The St. Louis, distrtet however sald Tune Wfleat mere -wus Raw in aaa1nfjty'ss ss but high in quality while the Kansas City district predicted big yield. Other crops. including cqrn oats ana cotton. were reported as having im- proved over past months.
 Live stock conditions were said h7 the board to be exceptionally good the country over. with prices generally higher except for sheep. The raw wool market however. continued it's charac- teristic inactivity, which has lasted several weeks. the dealers in the Boa- ton district placing practically no orr ders Such wool as is going into the market is on a consignment basis
 Tn the wooden and worsted goods in- dustry the board found the yarn spin ners receiving few inquiries for the'' products, with conditions equally dis couraging for finished textiles. Goods returned to the mills together with cancellations were estimated at sl0o.- 00o000
 Slackenng of activity in cotton goods also was reported many mills declared their raw cotton supplies were sufficient 10 last until next year. and the hRrds review said the chances seem 10 favor further reduction of activity in the industry
 I.ittle improvement in the leather and shoe trade was noted during ths month. with New Encland manufactur- CTS further curtailing operations. Ire manufacturers however, were said to
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