The Washington times., 1921-03-03
'STAB!L|TYNEAR.
in TRADE FIELD.
Era Of Steady. Progress Pre-.
dicted by Reserve Board.
Improvement Reported.
ny W. II. ATKINS,
Ist~rsstieasI News Service.

IstersstiessI News service.
President-elect sHarding's insugu-
raj is ushered in with business dis
turbed end many idle, but with the
arm prediction OF the Federal Re-
serve Board today OF an approach
ng era OF steady progress and sta
| oility.
HOPEFUL NOTE SOUNDED.
The problem of the jobless. while
yet acute because OF price uncer-
tainties In basic lines, and the con-
seauent stoppage of activity in mills
and factories, will be less grave In
the coming months. IL Is Indicated
| today by reports from the boards ad-
visers In all reserve districts.
The most hopeful note sounded by
the board today was its observation
| that tremendous potential buying
power OF the public is surely to be
exertcd in large volume In the near
future as prices become nesSer TO a
point OF stabilixation.
Business, the reports show. is rapid
ly coming back to this basis of stab
bilization in many leading lines. al
| though the uncertainty still prevail
| ing In some directions has been a
hampering factor both for labor and
for industry.
The boards optimistic view is that
the business and commercial skies are
clearing and that conditions generally
throughout the United States are at
tanning a firmer foundation for fs-
ture development.
UNEMPLOYMENT REDUCED.
Reductions in unemployment in i'm
portant groups Of industries, after re-
sumption of operations upon a larger
scale, notably in the textile and shoe
manufacturing districts OF the East,
Indicate to the board a turn for the
better in Industrial matters.
| The boards review OF labor condi-
tions shows that larger demand by
retailers. who have been slow to re-
plenish their stocks, Is In sight. with
spirited buying of goods now held by
wholesalers, and that this condition
points to still larger reduction in the
number of unemployed in the near
future.
The surplus Of labor in some of the
larger industrial centers, the boards
reports show. is being somewhat de-
pleted by drift toward the aEricul-
tural, lumber and mining districts,
wheer spring operations upon q
bigger scale will give employment to
Increased numbers.
Definite advices from bank agents
point to a steadier reduction in the
ranks of unemployed as the volume
of spring business now anticipated
becomes a reality. The board finds
that the labor problem is largely due
to the recent slump in buying and
| the price changes which operated TO
slow down demand.
CONFIDENCE - RESTORED.
Labor conditions would have ur.-
dergone earlier improvement, 1t was
said, but for setbacks due to changes
in, basic raw material prices q few
weeks ago. which for q time checked
the movement toward better condi-
tions.
hdence ID being restored in CONNER
cial matters is the general attitude
of the public, now showing q tendency
to return to normal purchasing. AL
though the board hnds the cubic
still cautious and discriminating as
to quality. the indications are that
buying strikes are over, and that the
public is eager to NIL its needs with
goods priced at reasonable levels.
Recent prive developments, accord
ing to these reports, differ widely as
| between industries, but declines noted
in the cotton and wheat groups and
reductions in other important lines,
including iron and steel products,
crude and refined oils, and many
types of building materials are taken
to be significant.
Price instability still exists in a
number of lines. but there is evidence
of early Improvement. The board
finds that there is abundant evidence
that while demand for goods has not
been firmly established, stocks are
greatly reduced and larger buying is
in sight, even IL 1t has not become
actual.
FAVORABLE SEASON SEEN.
The spring season will open favor
ably in agricultural regions. The
boards reports show that the remain
ing portions of last years crop,
which were to some extent held back
from market, has been moving more
steadily to points of consumption.
This has tended further to improve
the banking situation in the North
west and to some extent in the South
ern States. The board notes the con-
tinued evidences of growth Of
liquidation" of member banks port
folios during the past thirty-day Pc
riod, as an encouraging factor in the
country's financial stability.
000nI r0 IN I1rIn