The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-02-02
Griffith, Escaped Pen Life -Termer,
Captured by South Carolina Officer
j, s, Reserve Board
Sees Improvement
In January Business
BY DAVID LAWRENCE
Copyright by Tho Intclli6encer

WASHINGTON. Feb. Business de-
,"'opmentS during the month of Janu-
AIRY have shown a slight but un,ntstak-
able turn toward a better state or az
fairs.
This is the first sentence in i lengthy
review OF general business and financial
conditions throughout the United states
issued hy the federal reserve board after
a careful study OF reports from every
banking district in the Country.
Prices in many lines have gone nr
lower than the level which had been es-
tablished at the close OF 1920. COM
ments the federal reserve board as It
remarks that banking conditions have
materially improved and that failures
have been relatively fewer
Optimism OF conservative kind that
does not attempt 10 ignore the tacts
runs through the entire statement.
While the federal reserve board points
10 the figures of unemployment and
says that the resumption ot industrrial
opera tiouS has NOT increased TO any APP
preciable degree the number OF men cu-
ploycd. one can read between the lines
tNat business generally has been slit
ing labor carefully and taking hack
employees who were efficient and whose
wage scales were not prohibitive. In
deed. the federal reserve board state
ment would seem to indicate that un-
employment dgureS do not accurately
effect the true state or the nation y
business. but merely confirm IN" Tact
81 a huge turnover and r"adJuStment
preparatory 10 4 revival OF industry on
! Soundrr and more substantial basis
than ever before
Retailers Buying.
There are signs OF a distinct I'M
provcnrnt IN certain textile trades.
says the boards review, Will" retailers
are now beginning TO buy much more
freely and actively than heretofore. due
~ the depletion OF stock on their
shelves TRANSPORTATION supply has
been fairly rquallZrd with demand. and
there - nu~ litti" or no delay OF goods
going trum producer TO consumer Farm
PRODUCTS. although nuCtuat!nr more or
less widely. have maintained them
selves at prices substantially equiva-
lent to those established during pccen-
b..r. Thcr" hls been littl" or II" gain
m rNpor, ,rad" conditions. hut ur"NarA-
toms for the plac!I" OF export financing
u,run more satisfactory basis was be-
Ecy.d To lay the foundation for a dis
ti1"t Improvement Of the outlook
wide Demand.
Retail prices bavc shuwn during the
month Of January a much greater ten
ucnCy to reflect the changes that had
already occurred IN wholesale prices.
While. therefore. II cannot D" said that
very material alteration OF fundamental
conditions has occurred. enough prog
reSS has been made to give assurance
Of steady movemeu toward S"under
conditions in business. There Is q Wlue
da4s,Rnd for American goods, the diTicai.
ties connected with market being FOUND
in the question of prices and or terms
required Of purchasers.
The Federal Reserve Board statement
supports its general observations WIKI
a detailed analysis OF Hcrieuliare ana
industrial olCr, tipuS. While here ana
there in the south are evl6 noes OF hold
ing OF cotton. for instance. r"C''n'S ~
Galveston indicate that the rate OF mar.
kct!nS is mot 50 tar hciCw normal
Several districts reports 20 per cent ~
the cotton crop unpiCkeh and there IS 4
general promise OF more diversified
PLANTING in 1921. The general sentiment
o: the tobacco growers il in favor OF
reduction Of acreage. B"th dealer anu
buyer display = waiting attitulH
Iron and steel.
The iron ana steel industry shows a
marked increase in Compc tttlon for new
business" The Independent companies
have reduced waves = y % per cent
The United States Steel Corporation
however has made no changes I'm wages.
The latter Is Operating AZ practically
fuU capacity in the Pittsburgh district
and At over so per cent OF finishing
capacity in thc Chicago district
Among the non-ferrOuS metals. the
market has been helped by the recoN-
cry n sterling exchange. 49,.
There has been some improvement IN
the cotton textile industry OF New Eng
land during January. especially III the
hsrn an increased demand anh a result
ant increase in prices. The report from
fnc Boston district says: AS a whole a
,.ry rcui effort has been made 10 place
values on such 4 level that buyers viii
rr, that the StabiliZHttur so necessary
- attract = normal demand. has De"n
attained. Quotations upon standard
cloths for the second wc"k in January
Indicate. IN fact. that price reductions IN
manufactured goods have Outrun the de-
...nc In raw materials.
The Bottom Reached.
Some shoe factories IN the Boston dis
trict have been rcorcntng with the re-
suit that the leather market has regis
tered some priC" advances" II would
nprrar tha, the drastic declines IN tnc
CriceS of hides have been arrested dur
INK January and calf skins have even
advanced slightly.
The foregoing ANALYSIS confirms tho
nCt-rcpeatsd statement made In these
the bottom has been reached in prices
IN many lines. and that slight advances
may DC expected
The Federal Reserve board quotes q
gnport from the ST. Louis district as 10
the retail trade: Tho public is rs dis
eliminating as heretofore but Is pur.
chasing where prices seem TO square
with Us idea Of Ch"apne&s"
Buying in every line. IN other words,
depends upon satisfactory evidence that
the bottom has been reached. The Fed
rral Reserve board statement shows
that generally Speaking this month
should see an even greater revival of
business than was manifest IN either
December or January.