Albuquerque morning journal., 1920-07-30
DISPOSITION IS
SHOWN To SPEND
LESS MONEY ON
NON--ESsENT|ALs
Extfayagant Buying Less
Extreme and Dangerous
Than It Was, Says Report
of Federal Reserve Board.
GENERAL TIGHTENING
UP IS TAKING PLACE
Transportation Problem Con-
tinues Acute Steel and
Iron Industry Is Placed In
a Serious Condition,

| tsr MORNING JOURNAL SPECIAL LEASED wiRx1
Washington. July 29.--Curtail-
ment Of industrial activity due to
| lower demand, cancellation of or
| ders and general readjustment
were the outstanding developments
in the business of the country dur
! ing July, the federal reserve board
declared tonight in its monthly
| review.
In some districts production
continues upon old orders still on
the books, despite that new busi-
ness has fallen off, the review de-
clared. I'm the agricultural re-
gions improved crop conditions and
development of more confident
tone in business are reported TO
have brought about turn for the
better.
Speculation in commodities in
many sections is reported to have
been greatly reduced and In some
practically eliminated. There is
general feeling that extravagant
buying is at least less extreme
and dangerous than it was some
time ago"
The transportation problem con-
tinued unsolved during the month,
the review reported, and while |
some local improvements were
noted, there remains great freight |
congestion. provoking "an undue |
and unnecessarily severd strain |
upon credit" The steel and iron
.is now placed In sc gioaSl
condition" according TO the review,
which adds that two million tons
of products are tied up in the
hands of the producers throughout
the country by lack of transporta
tion. Likewise, thd grain move
ment has been retarded by car
shortage.
Commenting on the labor situa-
ton, the board declared that an
increase in the efficiency of labor
was zone notable feature this i'm
provement being attributed TO the
development of unemployment. In
creased unemployment was ascrib-
ed by the boards report to curtail-
ed manufacturing operations, can
of orders and inability to
obtain capital for construction
work
Coal Output Hampered.
Coal production, the review stat
ed, is hampered by car shortage
while local labor troubles were
said to be causing an undercurrent
Of unrest in some districts. The
coal output in Pennsylvania. West
Virginia, Indiana, Ohio and Illinois
was estimated at one-half or less
,f normal with the country's total
averaging nine million
tons a week in comparison WIN
current demands for 11000,000
.ons.
Prospects of winter and spring
wheat yield considerably above
normal" we're reported by the Min
1eapolis district while the Pacific ,
coast reports yield of 1O,o0O,0OO
more bushels of spring wheat than
n 1919. The st. Louis district
however, said the wheat was low
n quantity but high in quality {
while the Kansas City district pre- {
licted a big yield. Other crops
corn. oats and cotton,
we're reported as improved over
,ast months.
Livestock Conditions Good.
Livestock conditions were SAID
O be exceptionally good the coun-
ry over. with prices generaliy
higher except for sheep. The raw
WOOL market continued its charac-
eristic inactivity. Such WOOL as
S going into the market is on a '
basis. 5
In the wooden and worsted goods
industry, the board found the yarn {
pinners receiving few inquiries
or their products with conditions
qually discouraging for flnlshen /
extiles. Goods returned to the S
Mills, together with cancellations
we're estimated a. $100,000.OOO.
Slackening of activity in cotton !
oods was reported. Many mills {
their raw cotton supplies q
vere sufficient to last until next T
ear and the boards review sald S
he chances seem to favor FUR {
her reduction of activity in the in
ustry. i
Little improvement in the leath- c
r and shoe trade was noted. II
The board reported improved il
conditions, asserted that t
he New York district had noted
hat the big expansion of loans ana
iscounts had been wholly cheek $
d" with other districts declaring n
his condition had been Largely I
hecked." a