The Birmingham age-herald., 1921-05-02
RETAIL PRICE IS
 4ST|CK|NG" POINT
 IN REIMBURSEMENT
Pre-War Wholesale Prices Ex- ist In Many Important Lines, Although Some Commodi-
 ties Twice as High
By Associated Press

Washington, May 1--Retail prices ap- pear to be the sticking" point in the country's readjustment process, the fed eral review of business and financial conditions for April. Other factors re- tarding readjustment were said to be high transportation charges, wages and coal and steel prices
 Increasing appreciation of the nature of the readjustment process in business circles and the community at large, how ever, the board said is focusing atten- ton upon the factors that are delaying business recovery and is promoting dis cusson with view to removing ob- stacles and expediting recovery.
 Complete business recovery, the board continued, has been slower than was pre- dicted generally at the close of the past year, and expectations that this spring would see economic and business read justments fairly completed have not been realized. Nevertheless, it added, the month of April has given evidence of an improved feeling developing with regard to business and the outlook generally
 UNCERTAINTY DECREASING
 While there is still some uncertainty, the board asserted. as to when an end of the readjustment process may be expect ed, and though business and industry in some sections of the country are still beset with difficulties. some of the fac tors of uncertainty are either being elim- mated or are of diminishing importance.
 Prices, the review continued, has been the pivotal point in the business stua- tiOn Sinpa began last autumn. The fall in wholesale prices, which has been continued and at times preciptate, it declared. appears to be in process of arrest, they having shown a greater degree of stability during April.
 Extreme unevenness in price reductions however the board said, is one of the striking features in the present indus trial situation. While in many important lines of wholesale trade pre-war prices exist, in other lines commodities are be- ing sold at twice or even more vhap twice the 1913 values. The same uneven ness exists the board explained between raw materials and the finished products ill the same industry
 COTTON LOWER THAN 1913
 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 1913. and woolen cloth is approximately twice as high as the pre- war level. In the hide and leather in- dustry, 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 con tinued, the participation has been uneven as between different industries as well as different sections of the country and different groups of labor
 Wage establishments" 1t said. ''aas been greater among unskilled workers and thosenot possessed of a strong labor trade organization, and especially in those sections of the country where in- dustries have felt in "a peculiarly high degree the effects of readjustments."
 The agricultural situation during the month was characterized as generally fa- vorable,. although the fruit-growing sec tions suffered from cold waves. Good progress has been made in planting a crop in the cotton states, the board said, while grain movement has increased
 SMALL COAL DEMAND
 Little demand for coal is reported, the board said, but petroleum has gained. The influence which the reduction in steel prices will exert is still uncertain the board declared. Cotton consumption fig ures for April were unavailable, But for March in the country as a whole amount ed to 437 .S33 bales, or less than 25 pei cent below the total for March of last year. A continued increase in the man ufacturing activity of the silk mills was reported.
 While the earlier reports indicated very large reduction in cotton acreage 1t is now generally understood to be not so great as had previously been indi- cated, the boards review says. in the southwest, the announcement says, it is reported the decrease will be at least 25 per cent, and as much as 60 per cent in some sections. In the southeast, it says, conservative estimates place the reduc- tion at 10 to 20 per cent from last years acreage. In California and Arizona the acreage this season will be reduced as much as 50 per cent in some sections and much of it Will be volunteer cotton grown from last years plantings.
 The use of fertilizer for cotton has been considerably less than during previous years. being estimated at ,amout one
 tContinued on Page Two)