The evening world., 1921-02-01
Federal Reserve Board Makes
Encouraging Review of
Transactions in January.
RETAILERS ARE ACTIVE.
Milling Operations Increase
Materially Drop in
Lumber Prices.
By DGUid laurence.
Especial Correspondent Of The Eve
nina WORLDLY

1
ming WORLDLY
WASHINGTON. Feb. 1 Copyright
1921 ).-'BuEness Developments during
the month OF January have shown
slight but unmistakable turn toward
better state Of Affairs"
This is the nrst sentence In a re-
view Of general business and financial
conditions throughout the United
States issued by the Federal Reserve
Board after = careful study Of reports
from every banking district In ths
country.
"Prices in many lines have gone no
lOweF than the levels which had been
established at the close of 1890" com
ments the Federal Reserve Board as It
remarks that banking conditions
have materially improved" and that
failures have been relatively fewer"
Optimism Of a conservative kind
that does not attempt to ignore the
facts runs through the entire state
ment While the Federal Reserve
Board points to the figures Of unem-
ployment and says the resumption OF
Industrial operations has not In
creased 70 any appreciable degree
the number of men employed. one
can read between the lines that busi-
ness generally has been sitting labor
carefully and taking back employees
who were efficient and whose wage
scales were not prohibtive.
FIGURES ON UNEMPLOYMENT
SHOW A HUGE TURNOVER.
Indeed. the Federal Reserve Board
statement would seem to indicate
that unemployment figures do not
accurately reflect the true state Of
the Nations business but merely
confirm the fact Of a huge turnover
and roadtustment preparatory TO a
revival Of industry on n soundeT and
more substantial basis than ever be-
fore.
'"There are signs OF a distinct i'm
proVement In certain textile trades"
says the boards review. while re-
tailers are now beginning TO buy
much more freely and actively than
heretofore. due TO tho depletion OF
stock on their shelves. Transporta-
tion supply has been fairly equalized
with demand and there Is now little
OF no delay Of goods going from pro-
duceF to consumer. Farm products.
although huctuating moro or less
widely, have maintained themselves
At prices substantially equivalent to
those established during December.
''Retan prices have shown during
the month OF January a much greater
tendency to reflect the changes that
had already occurred in wholesale
prices"
MARKETING. or COTTON NOT
FAR FROM NORMAL.
The Federal Reserve Board state
ment supports It's general observa-
ticns with a detailed analysis of ag-
riculture and Industrial operations.
While here and there in the South are
evidences OF holding of cotton. re-
ceipts at Galveston Indicate that the
ratio Of marketing Is mot 30 far be-
low normal" The general sentiment
OF the tobacco growers is in favor OF
a reduction Of acreage, Both dealer and
buyer display a waiting attitude.
Milling operations increased mater
tally in January over December. even
though they do not compare with last
|
Grated at 81 Der cent. Of capacity. as
compared with 5S per cent. in Decem-
Der. Country mills are busier than
the larger city plants.
Tho movement OF livestock tC
market has been lighter. Prices ai
/ Fort Worth were al an exception
ally low level during December, In
spite Of the small TecciptA." In the
San Francisco and St Louis diRtriGt
the average shows little change from
the preceding month.
Lumber prices have dropped in th'
Philadelphia district with the eNCep'
ton OF the better grades OF Whit
= pine, which advanced Is per thou
sand.
Bltuminous coal production has in
, creased, though the average produc
ton per day has been steadily down
ward. The anthracite coal prod Ictiol
also increased during January.
Crude petroleum production ha
% shown a decrease both In the Kansa
n City and Dallas districts, as well a
=. the Texas coastal fields
The iron and steel industry show
3 "a marked increase IN competitiO
10 for new business" The Independent
> companies have reduced wages /
u to 20 per cent The United State
J. Steel Corporation, however, ha
made no changes in wages. Tn
re latter Is operating at practically fu
In capacity In the Pittsburgh distrtc
ID and at over 80 per cent. OF finlshin
N capacity In the Chicago district"
TX
- Fore River WaRe Cut In Rfs.,