Evening star., 1921-05-07

Today's dispatches from industrial
America seem to forecast tomorrow's
continuation of a progress toward pros
perity.
There has been a measurable change
for the better in business conditions dur
ing the week now ending, advices from
the chief centers show. but full return
Of work waits on the wage-earner. Com
modify prices. with few notable ex-
ceptions. have been debated generally;
wages are now going through the de-
f1ation process.
Business everywhere will continue to
progress slowly and substantially. in
the view of scores OF varied industries,
during the period of labors come down
from high wage levels, quickening its
step as the wage defation nears COM
pleteneSS.
Chief of the industries waiting on the
wage Garner are the building trades.
Hundreds Of thousands of dwellings and
other buildings are cOntemplated-whe
tempts to put wage cuts into effect
have met with strikes in such centers
as Cleveland and Philadelphia. where
contemplated construction runs into
hundreds of millions of dollars. The
men are out. but the firm conviction
wages after a time. Proof Of this con-
viction is found in the extraordinary
demand for lumber. New Orleans re-
porting orders during the week for
72. .000.0 900 feet, or Is per cent more than
all the mills in the district can produce.
Banks in Better Shape.
Detroit. st. Louis. Kansas City.
Cleveland. Seattle. Chicago, st; Paul,
Alphabetically all the south. the
west and the middle west-are taking
more to heart the splendid showing
of their financial institutions. The
banks are in better shape, these and
other cities report than they have
been for many months. Savings &C
counts are reported from some of the
leading population centers to have
increased both in number and total
deposits since the first of the year
proof, say the bankers, that the buy
ing public still has a tremendous
potential power. but has become more
frugal and economical.
Federal reserve banks without ex-
ception are in stronger position to-
day than they have been for more
than a year. Discount rates have
been reduced by the New York. At
lanta and Chicago banks during the
week Other reductions, it is be-
llieved. will follow soon.
Sales Making Records.
" cSl"dTu tHe SldT ol
seems to wend it's way. New England
reports her affairs in better shape now
than for months past, with the out
look bright for further improvement.
Retail stores in Boston have reported
to the reserve bank that their sales
in March surpa ssed those in March.
1920. and were far ahead of those in
March, 1919, Notwithstanding that
more goods have to go over the count
er to get a dollar in the till.
New York reports cause for opti-
mism in it's inventory of the idle, just
completed. Many loose and pessimis-
tic mouths have been shut by the
stocktaking which has simmered
down the pay roll reduction among
firms employing nearly half a million
workers to II per cent from last
years figures. Almost astounding is
the find that the wage reduction per
person employed now is only 1 cent
week less than it was a year ago,
the figures being s30.27 and s30.28.
respectively.
Steel Trade Looking Up.
The steel business is looking up a
bit in Pittsburgh, with indications of
doing still better in the near future.
Department stores. always an index
of business conditions. did more busi-
ness there in March than they did in
March a year ago. Cleveland reports
continuation of the automobile indus
try's prosperity. a report checked as
correct by Detroit, the latter city add