The Washington herald., 1921-12-01
FEDERAL RESERVE
SURVEY INDICATES
BETTER BUSINESS
Seasonal Peak of Demand
Has Been Reached
-, And Passed.
STEADY PROGRESS
Trend Toward Normal Condi.
tions Has Been Continu-
ous-Local Notes.

Improvement in business condi-
tions in November has not been as
Pronounced as during the preced-
ing two months. according to the
regular survey Of the Federal Re-
serve Board just issued. Several
factors are responsible for this
relative slowing down" The sea-
sonal peak of demand has, for
the time being. beer reached
and passed Uncertainty regarding
prices of staples. particularly of
cotton, has interfered somewhat
with trade buying. while the pos
sfbility OF further reductions OF
freight rates has apparently tended
TO unsettle prices and to retard the
activity OF industry in some of the
chief manufacturing sections. Re
covery in the steel and iron trade
has come to a halt for the time
being, and stability has not yet
been achieved in that branch of
production
Nevertheless. the progress toward
normal conditions achieved during
November has been continuous, as
may be seen by a comparison with
the corresponding month OF year
ago. or with the general movement
of economic conditions since the
beginning Of this year. Cotton and
woolen textiles In some of the prin-
cipal producing districts are almost
on A normal basis. Steel and IRON,
while working at about so per cent
OF capacity. are In much better
condition than was true a few
months ago. In some industries
which had accumulated large sur
plus stocks, such as zinc. demand
has been sufficient to carry of a
part OF the oversupply. Unemploy-
creased Export trade continues in
substantial volume. showing an In
crease over October. and while
laboriDg under many handicaps
due to unsettled exchanges. shows
the result of strong foreign de-
mand. especially for staples. This
is particularly noteworthy when II
Is remembered that the prices at
which cotton and cereals are now
being shipped are so much lower
than those Of a year ago. Banking &
conditions are reported slightly i'm
proved practically throughout the
United States
Western Union Announcement.
Manager Foote. of the Western
Union Telegraph Company. an
nounces an ARRANGEMENT, now in ef-
feet. whereby cabled money trans
fers to Germany will be paid in
American funds
The particular value OF this ar
rangement Is that it eliminates all
questions OF exchange and places
the payee in a position to take full
advantage OF the premium on Amer
lean currency. 1t also involves re-
fund OF the full amount deposited
in the case OF nonpayment. which Is
another great advantage in the case
Of a deprecated and declining for
eiEn currency
The Western Union Telegraph
Company believes that the arrange
ment of this direct money transfer
service TO Germany on the dollar
basis will be of considerable con-
venience to people desiring to send
money cheaply. quickly. safely and
directly to their friends or relatives
in that country.
Bank CIearinga.
Bank clearings for the month OF
November. 1921. showed a continue
tion of the improved business. as
evidenced by the s20.ooo.0oo gain in
the clearings of the city during oc-
tober.
The October pace was kept up and
this was accelerated sufficiently &c
bring a net gain for November OF
s1.121.63s.
AS compared with November last
year, the clearings were f7s.1o2.517
compared with s75.263,427. showing
an increase for the month closing
today Of s2.s4s,os5.