The Washington herald., 1921-09-04

- - ency to unusually early marketing and the
vva of fair export demand in certain agricultural lines
has operated hasten the movement OF crops away IRON
the farm Deterioration of elements of the agrieul
ta output notably cotton has tended to modify the pre-
yiously existing agricultural outlook. Readjustment OF
costs in many agricultural lines is approaching point
where is probable that present prices some crops
will show good returns.
This early movement of crops market has resulted
in the liquidation of outstanding indebtedness in
districts where the from last years crop was
greatest As result it has lessened the intensity of the
credit demands which might otherwise be expected to occur
during the marketing This has enabled member
banks in places to strengthen their position and to
lessen their obligations Federal Reserve banks These
factors have the whole been not favorable to the
era credit situation says the Federal Reserve Board in its
monthly review and of interest have been moderate
The manufacturing outlook continues to be decidedly
irregular and spo due to the fact that there has been
greater progress lines than in Others The decline
in iron and steel activity contnue although increase
in orders has taken place since the end Of July In various
textile and leather lines business continues show nd
cations of much greater activity many mills being booked
up" further ahead than any time for months past
Price have been, the whole, limited but
with slight upward tendency in the case of some groups
Shrinkage in Retail Trade.
striking factor inhe Developments of the past month
has been afforded by the shrinkage in retail trade During
most periods Of business transition such rnkage has been
somewhat belated:~
Postponement of reduction in retail activity is due to
the fact that cutaiment of consumption usually takes
place only when accumulated purchasing reduced
Slight improvement in branches of foreign trade,
fairly good agricultural yields and enlargement Of
featuring demand point to more favorable
season, but the situation is not such to forecast
any extensive immediate revival of business in large
As there have been pronounced changes in indms-
trial activity during the past month"; is not surprising
that the employment situation should also have remained
substantially the On tho whole there probably
a negligible decrease in numbers employed during July
as compared with the preceding month.
Decrease in Wholesale.
Sales of wholesale hardware and of boots and shoes
show fairly pronounced declines in all reporting districts
for the month of July compared with juno, following
slight increases in the former month compared with
May The recession in hardware sales ranges from S5
per in district No Daas), with six firms report
ing 17S per in district No (Phladelphia with
IS firms reporting In the ority of districts represented
decreases of compared with
the of total sales recorded year not
great in other nes chiefly doubt because price
ductons have been less extensive However, decreases
vary from 1873 per in district No Kansas City,,
four firms reporting to 4o8 cent in district No (A
lanta fourteen firms reporting. In the other five report
ing districts the decreases between and per cent
The retail trade situation during the month OF July
was very quiet and inactive.
Reports from representative department stores show
decrease in all districts in sales for July from the
month year ago.
The increase in outstanding orders seems indicate
that retailers anticipate good demand for fall goods
Cotton Continues Deterioration.
Little rain fell in most northern, central and
western parts of the cotton belt during the past week
Scattered light moderate showers occurred from Central
Texas eastward to the Atlantic Coast. The temperature
was below normal the eastern part of the belt above
normal or slightly above the central and southern part.
and much above normal in the northwestern portion.
Corn Maturing Rapidly.
The temperature averaged unusually high in the prin
audi Tho