Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1922-07-29
SLIGHT REACTION IN
PROSPERITY RETURN
(By Associated Press]

y
has been a further improvement
in business during the last thirty
days, although the rate of pro-
gress was somewhat less marked
than in June, according to the
monthly report on general bust
ness conditions in the Eight!
Federal Reserve District, which
includes part Of Kentucky, issued
here today by the Federal Re
serve Bank of St. Louis.
While the general trend of bus
mess was better, the report states
that in certain localities and in
dustries there has been slight
reaction from the recent activity.
"The usual seasonal slowing
down in production and distribu-
ton of certain commodities was
emphasized by labor difficulties,
says the report, land in the areas
directly affected by strikes an&
retail branch of trade reflected
money losses involved in stop
page of operations and workers
pay. In those localities there is
decided hesitation ON the part OF
merchants in the matter of filling
their requirements for goods OF
all sorts.
Con the other hand detection
from the list of employed, due to
the strikes, was in a large meas
ure counterbalanced by the aug
fnented pay rolls of industries
which have increased their organ
'izations, and by the enormous ali
sorption of workers by harvest
ing and other agricultural inter
eStS.
For the first time in many
months there has developed a
scarcity of laborers. both cons
mon and skilled, and the trend Of
wages is upward. This is true
particularly of the iron and steel
and building industries.
Crop prospects in this district
continue to furnish the basis for
considerable optimism. While
there was a slight loss in produc-
ton outlook as a whole for the
district during June, the average
is still high and with anything
like normal weather and growing
conditions until harvest the late
crops will make an excellent show
ing"
The report states that while
prices are not uniformly satisfac-
tory, the crops this season have
been and are being raised at small
er cost than during the years i'm
mediately preceding, and the pro-
ducers may reasonably count on
good profits.
can almost universal comment
by manufacturers and wholesal-
ers" the report continues, is that
business has approached more
nearly to normal during the past
six weeks than at any time since
the war. While there has been
an upward price trend in num-
Der of important commodities the
general tendency is in the direc-
ton of stabilization."
It is stated in the business re-
view that with the exception of a
few isolated instances, production
of commodities in the district has
not been hampered by the coal
strike, but a large number of man
ufacturers report that their re-
serve stocks of fuel have been
drawn on heavily and the contin-
uance of the strike for a much
longer period will result in seri-
Gus inconvenience and higher
costs.
In view of the initial r 5vement
of new crop wheat to market,
says the report, and the generally
liberal forwarding of grain, prices
of cereals have held strong. THE
rather sharp decline in wheat,
which eliminated about June 20,
was largely recovered during the
closing days of the month and
early July, sharp upward re-
action taking place after an
nouncement of the loss in estimat
ed production contained in the
ooya-o,,,ao+,c Tell roDorI