Paragould soliphone., 1921-09-05
BUSINESS ACTIVITY

In the spring OI tle piSnCht Jo"i there were signs of revlving indus trial and commercial activity, but much of this proved to be seasoned in character, and business at the end of June had relapsed somewhat in many lines.
 Building activity which it had been hoped would afford stimulus to business, has failed to pick ma terially, and the railroads have not yet come into the market for the large quantities of equipment ana materials which it is generally be- lieyed they will eventually require.
 The iron and steel industry has suffered great curtailment of ac- tivity, pig iron production during June being less than in any other month since January. 1908, and the untitled orders of the United States Steel Corporation falling to the lowest point in two years.
 Thus, the general course of buis- ness activity during the first half of 1921 has left much to be de sired. Nevertheless, the textile in drstry. particularly the wool and cotton branches, has shown an en- cOuraging gain since the first of the year, department store business in most of the large cities has been good and chain-stores dealing in low priced goods have reported ex- cellent sales
 The physical volume of trade in general has undoubtedly been con siderably below that of the first half of 1920, but reports of freight car loadings indicate nearly as great a volume as in the corresponding from January l to June 25, inclusive amounting to 17,911,911 cars this year, as compared with 1S,324, 44S in 1919 and 2O,64O.374 in 1920.
 On the whole, then, it may be said that business readjustment has made considerable progress and that fundamental conditions are sounder than they were at the beginning of the year. It must be admitted, however, that the readjustment has proceeded at a slower pace than had generally been expected and that the end has not yet been reached.
 Something further in the way of commodity price reductions, particu- larly in retail markets, in the easing of money rates, and in the lowering of industrial costs. apparently re- mains to be accomplished; while foreign trade conditions continue extremely unpromising.
 In view of these things it ap- pears unlikely that any revival of business activity on q large scale win occur dnring the next few months, although it is possible that slow improvement may be seen. The foundation is being laid, however, for ultimate revival, and instead of being time for pessmism the present is one for confidence in the eventual outcome.
 A greater portion of Arkansas, particularly that portion embracing the northeast section, is in far better condition in every way and has vast ly greater prospects for general revival of business than most sec tiOns of the country. Here we never had better crops, never were those crops produced at less expense than they have been this year, and the prospects for good prices are very flatterins.
 In face of adverse conditions that confront many regions of the na- tion, the section that is blessed with bright prospects at this stage of the reconstruction period cer- tainly should not give way to a spirit of pessimism. The man who would thus incapacitate progress in his particularly well-blessed environ ments is, indeed, not very depend able type in solving business prob lems