New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-05-02
Trade Outlook
Better, Says
Reserve Board
April Reports Give Evidence
of Improved Feeling and
Elm ination of Fac
tors Retarding Recovery
Crop Prospects Are Good
Retail Prices One Sticking
Point, With High Wages
and Railroad Rates

WASHINGTON, May 1.--Retail
prices appear to be the sticking" point
in the country's readjustment process,
the Federal Reserve Board said to-
night in q general review Of business
and financial conditions for April.
Other factors retArdinR reimbursement
were said to be high transportation
charges, wages, and coal and steel
prices.
Increasing appreciation Of the nature
Of the REIMBURSEMENT process in bust
ness circles and the community at
large, however. the board said, is focus
ing attention upon the factors that are
delaying business recovery and is pro-
noting discussion with view to re-
moving obstacles and expediting re-
covery.
Complete business recovery, the
board continued. has been slower than
was predicted generally at the close
OF the last year, and expectations that
business REIMBURSEMENT fairly completed
have not been realized. Nevertheless,
1T added, the. month of April has given
evidence Of an improved feeling de-
veloping with regard to business and
the outlook generally.
Difficulties Being Solved
While there is still some uncer-
tainty, the board asserted, as to when
an end Of the readjustment process
may DO expected, and though bust
ness and industry in some sections Of
the country are still beset with diff
cultiee, some Of the factors Of uncer-
tainty are either being eliminated OF
are Of diminishing Importance.
Prices, the review continued, have
been the pivotal point in the business
situation since the recession movement
began last autumn. The fall in whole
sale prices, which has been continuous
and at times precipitate, it declared
appears to be in process of arrest,
they having shown greater degree
of stability during April.
Extreme unevenness in price reduc.
tions, however, the board said, is one
of the striking features in the present
industrial situation. While in many
important lines Of wholesale trade pre-
war prices exist, in other lines com
modities are being sold at twice OF
even more than twice the 1918 values
The same unevenness exists. the board
explained, between raw materials and
the finished products in the same in
dustry.
Cotton Below 1918 Figure
Raw cotton, the board declared. is
lower than the 1913 level, and wool is
about third higher than before the
war, but cotton goods are at least 20
per cent higher than in 1918, and wool
en- cloth is approximately twice as high
as the pre-war level. In the hide and
leather industry the discrepancy is even
greater, the board asserted, the present
price of skins being one-third under
pre-war levels, while the price of shoes
is twice as high as in 1913.
While labor has been participating
in the readjustment process, the board
continued, the participation has been
uneven as between different groups OF
labor. "Wage readjustme it said
"has been greater among unskilled
workers and those not possessed of q
strong labor trade organization, and
especially in those sections of the coun-
try whose industries have felt in q
peculiarly high degree the effects Of re-
adjustment"
The agricultural situation during the
month was characterized as generally
Favorable, although the fruit growing
sections suffered from cold waves
Good progress has been made in plant
ing crop in the cotton states, the
board said, while grain movement has
Increased