The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-02-01
SLIGHT NCREASEIN
D. S. EMPLOYMENT
Federal Reserve Statement
Finds Situation Worse in
South and West.
RELIEF IN NEW ENGLAND
Wage Drop Continues With
Return Flow Of Labor From
City to Farm.

WASHINGTON Jan. S1.--Industrial op-
erations have not Increased sufficiently
to effect material reduction In the
widespread unemployment prevalent .
month ago, according to the review OF
business and financial conditions Of the
country for January. issued tonight by
the Federal Reserve Board.
A slight Increase in the activity Of
leading New England industries dtf1ns
the month probably has brought q meas
ure OF relief there, the review said. but
in the South ana West tho situation has
become moro acute. In tho San Fran
cisco district, previously slightly AZ
fected. the board reported Unemployment
to be abnorrnally great for this season.
Wage reductions have continued. the
board said. ana the curtaiiment has
spread to sections Of the country where
wage rates havc hitherto been main
tanned at high levels About 100000 tex
tile mill workers in New England have
suffered wage cuts averaging 22h per
cent. the review added. and while 70.
auctions in the boot and shoe industry
have not been SO large. they have been
extensive.
Some increase in the demand Tor la
Dor In Massachusetts was noted In Janu-
airy. but the Boston employment office
informed the board that the number Of
applicants was the greatest on record
during the first days Of tho month.
TN acknowledgements In, $ha Nav YnYk Ola.
trict Increased by about I per cent in
January, the review said. Some textile
mills have reopened and there has been
greater activity in the mems clothing
industry of Rochester. II added. but
transportation companies dropped a con-
siderable number OF employees during
the month. Unemployment was likewise
widespread among longshoremen, freight
handlers, dock workers and seamen,
while there were further reductions in
iron and steel plants. the board added.
In the Philadelphia district unemploy-
ment\ Is prevalent, the board reported
as q result Of the continuance OF shut
downs OF plants or curtailment of opera
tions in many lines Of industry.
Textile mills in the Richmond district
resumed work in January, but In the
building trades and In the ranks OF un-
skilled labor q serious lack OF employ
ment existed there.
The number Of unemployed has in
creased decidedly in the Atlanta district
and idleness has become widespread in
the ranks Of the unskilled. In many
lines wage reuctions have already been
made, the board added.
Prices OF certain staples. notably
grains. cotton and other Agricultural
products. rose early in January. the
board reported, but later in the month
declined again. Other leading commodi-
ties, however, such as crude and re-
fined oils and bituminous coal, not
greatly affected in earlier months, were
increasingly weak. and iron and steel
continued to decline.
Financially the month has been en-.
couraging. Slackening in the demand
for credit resulted In q material reduc-
ton in the total outstanding volume Of
circulation. amounting In the month to
about s5o.o00,0o0, while gold holdings
increased to about $25.000.0 900.
In private finance. the board said, the
month has seen a period Of improve
nent Of value in most classes of securi-
ties.