Arizona republican., 1920-11-01
UNITED STATES IS RECOVERING
 FROM POSTWAR
 UNCERTAINTIES
TRepubIIcan A. p. Leased Wlrel

IRepubIlean A. p. Leased Wirel
 WASHINGTON, Oct 31-Recovery from war and postwar conditions is proceeding apace in the United States" and the natural forces in evil dence which make for stabiliZation carry assurances for the future" the federal reserve board declared today in it's monthly review of business condi- tions
 Although the readjustment process has been marked by uncertainty and some suspicion of activity. the board described the economic and business situation as a whole as one showing much inherent strength and to at tain a position of relative stability through an orderly transition"
 It argued that the necessary changes in the direction of normal conditions would be accomplished without great disturbance unless unforeseen factors entered into the process.
 Price reyisions in textile lines and in other branches of wearing apparel, modities'' said the board, have been the outstanding clements in the situ- alton just as during the preceding months.
 Caution in buying, due to a belief that price adjustment is not yet over, has been a noteworthy factor and in some quarters has tended to slow down the activity of retail trade, although more apparent in the wholesale trade. Crop yields have, on the whole, justi fled the expectation expressed at the opening of the month Banking re- serveE have held their own during the month and there has been a steady i'm provement in the liauidity of paper. Labor is less fully employed. Not 1 withstanding some sporadic cuts in wages here and there. the general posi- 1 tion is about as good as it has been so far as actual payments or rates Of wages are copcerned'
 Buyers Are Conservative While the retail trade reported a moderate increase" in net sales, as compared with last fall. the usual fall activity and buying was said to be not l in evidence. The board attributed some of this condition to unreasonable weather.
 Reports from almost all sections in- 1 dicated that the retailer had determ- ined to await further developments 1 before renewing his stocks heavily ] The outstanding orders were reported 10 be small and the general purchasing activity of the retail merchant was de- 1 scribed as very conservative" The manufacturer has felt the with holding of orders by the retailers and according to reports has not been able to operate on full time in many lines of trade because of lack of orders Cotton mills were mentioned specifi cally as having been hard h.t by the slackening Of retail orders while new business in the iron and steel industry has actually decreased.
 In the shoe and leather industry the board found conditions similar to those in the cotton trade and other textiles The leather interests are facing inmi- nent shut down in many places be- cause of the heavy decline in buying The reports showed the conditions 1T western reserve districts as follows:
 Reports From Districts
 CHICAGO said the business situa- ton is still confused by counter cur rents of opinion with buying somewhat restricted and price readjustment. presenting some problems.
 ST. LOUIS finds fundamental con ditions satisfactory. but in all line. there is hesitancy in purchasing good
 for future requirements. Uncertaint, as to future prices is the chief obstacl
 .n the way of recovery.
 . MINNEAPOLIS reports crops Iarg
 with grain moving steadily t market and railroad efficiency i'm proved. However. there have been de cfres in copper and iron production in building permits and in lumber out put. Crop movement needs have re quired large note issues.
 KANSAS CITY reports that pric concessions and readjustments hay,
 been steady but without serious dis
 arrangements, while retail trade an, consumption arc proceeding quietl,
 and labor outlook is favorable.
 DALLAS reports abundant conf
 dence in underlying conditions and ii the future of trade. Transportation i
 better and the labor outlook improved
 SAN FRANCISCO said bushes
 conditions indicate a period of transi sion. Retail trade is stable anG goo,
 crops have been grown but in the woo
 and cotton regions there is dissatisfac ! tion with prices while lumber is in les
 demand than heretofore Grain mar
 Eets have been sluggish and deelfninr