New-York tribune., 1920-04-30
Prices Resume
Upward Trend.
u. S. Board Saws
Federal Reserve Blames
Inefhciency, Under Pro-
duction and Added Ex.
pense of Getting Capital
Farm Outlook Held Bad
Report Views With Alarm
Question of Obtaining
Adequate Farm Labor

WASHINGTON, April %. - Reports
from Federal reserve agents through
cut the country showed a marked ten
dency of prices to resume their up
ward movement, the Federal Reserve
Board reported tonight in its sum
mary OF business conditions for April
l. Blu. the board noted the hopeful
sign, from the consumers viewpoint,
Of anxiety concerning the over
strained situation resulting from ex-
cessively high prices and wages"
which it believed forecast Showing
down in the skyrocheting of prices.
While high prices of necessaries were
obviously chargeable to inetficiency and
undergraduate TO large degree, the
board advanced the belief that the al
ready high costs Of production were
aggravated by the added expense Of OBJ
tanning capital The result has been
that. during April, conditions were not
as favorable TO drop in prices as
they were in February and March, &C
cording to the summary.
while the agricultural outlook IS
distinctly less satisfactory than it was
q month ago the summary said. "and
while the month Of April has been a
period of serious labor disturbances,
especially in the transportation field.
the activity Of business has continued
high, demand for products strong and
with prices tending upward rather
than downward. Industries are not,
as q whole, booked as far ahead rela-
lively speaking as in the past, although
in some lines the volume of untitled
orders is very large.
Farm Labor Shortage Held Alarming
The export trade holds up in an un-
expected degree and bank credit, al
though not materially larger in vol
uIne than at the opening of April, has
had to follow more or less the course
of demand SO that expansion at various
points has taken the place Of reduc-
tions effected at others"
The board viewed with some alarm"
the question of obtaining adequate
labor for the farms. This question
vas considered the most difficult ele-
ment of the whole labor situation. and
was declared to demand deepest study
IN order TO obviate serious results both
10 the producer and to the consumer
Farmers have been unable to obtain
more than half of the labor they need,
Southern districts reported.
The board dismissed discussion Of
the railway strike with the statement
that it collapsed "on account of gen.
eral lack of public sympathy.'
Coal Demands Ahead of Supply
With the withdrawal of government
regulations on bituminious coal, the
summary said, a general revival Of pre-
war mining operations was shown. In
general. the reserve agents observed
demands for coal to be far ahead of
the supply, with no prospects of month
10 month" requirements being exceeded
by production before fall.
All lines OF manufacturing have
shown unprecedented activity with tex
tile makers leading in capacity opera
ton; in the shoe and leather field,
however, a "nixed situation exists.
which, in some cases, has resulted in
semi-stagnation, according to the
reports.
While buying power has been some
what limited by credit contraction in
every section Of the country, the board
said that the ordinary surplus of goods
produced, the surplus which might op-
crate 20 reduce prices, had been alb
sorbed through heavy exports. Raw
materials which have been going over
seas vast quantities, however, have
begun to return as finished products
70 limited extent and commerce and
industry are watching Developments
closely, reserve agents reported.