New-York tribune., 1921-06-11
Chamber of Commerce Sta
iistician Sees Gradual Inn.
provcment After Harvest; {;
Much Depends ON Europe

WASHINGTON, June 10.--A quiet
summer for business, with more ac-
tivity following the harvesting Of the
crops in the fail and slow and grad
ual improvement from then on is fore
shadowed In the semi-annual report on
business and crop conditions issued to-
day by Archer Wall Douglas, chairman
Of the committee on statistics of the
Chamber OF Commerce of the United
states. In his report Mr.. Douglas
states that no immediate return to
prosperity is in sight and that there
need be no delusions about resump-
ton Of wartime volume of business.
There is a growing realization of
the fact" says Mr.. Douglas, that re-
turning prosperity in this country de-
since she is and will be for long time
to come the best market for our sur
plus, for that surplus which we have
accumulated and still have on hand in
every phase of industry. Meanwhile
the slow progress of business finds it's
chief stimulus in the gradual depletion
of stocks both of merchandise and com
nlodities, and that demand for replace
nlent and repair which in itself pro-
duces the principal volume of our do
mestic commerce. There is still money
TO be spent where bargain prices are
in evidence, showing that purchasing
power is still high, despite many un-
toward conditions.
"There is an almost unprecedented
reduction of the cotton acreage in the
South this year, with the plant still
struggling against much wet weather
and a late start. At the same time
year by from thirty to forty million
bushels.
Corn is not yet all in, but it is sig
nifcant that the South expects to grow
more corn this year than last, and
much more feed for livestock The
acreage in rice will be less than the
1920 crop because of the large surplus
carried over and with scarcely any de-
mand.
IS most excellent, save in southern
Arizona and southern New Maxico,
where the ranges ~are burned up by
drought. The low prices of cattle, hogs
and sheep still make them unremuner-
ative TO the farmers. while wool is in
tremendous supply at exceedingly low
prices.
"one of the serious conditions, seri-
Gus because there are possibilities Of
growth of building, due to the con-
tinued high costs of the whole of con-
struction. Until these costs are re-
duced building will be only such as
comes from the impulse of necessity.
Lumber naturally sympathizes with
the inactivity of building and despite
its low prices suffers from lack of de-
mand.
''Tbere has been some increase in
the output of automobiles, notably in
certain localities. All the various
phases of leather production and man
ufacture seem to have struck bottom,
both in prices and in demand, and to
have had some moderate healthy re-
bound. The steel industry is running
on short time with limited output and
reduction of orders in hand. Railroad
shops are very quiet. Textiles, more
particularly wool and linen, are doing
somewhat better, as is likewise the
shoe industry, especially in women's S
footwear. In a word, each industry is
affected by different conditions and is
to be judged after this fashion.
Mining in general is a striking ex-
ample of particular economic trouble
affecting the country as whole. Most