Show I Turn in Conditions I M JUCH J UCH satisfaction can be obtained from the thc usually ultraconservative statement of the governing board r f t lh federal reserve system reviewing the prevailing business and financial conditions 1 According to this statement there is a gen general ral tendency tendency tendency ten ten- dency to settle down to a readjustment basis basis' and proceed h busin business ss on the new level of pr prices paces ces and demand of credit and a discrimination between nonessential speculative p borrowing i is producing ing some results it il is iI g l ted d I although they are arc reported to be dev developing Slowly I and gradually 7 I Aft After r stating that business busine s is passing through a period r readjustment fe and in many directions of depression the Report makes this truly optimistic declaration There is is however every indication that s is transition period will not last long indeed k rf that that the turn toward new conditions has already I t. t bc been n taken f t Such an observation coming from a source whose conservatism is looked upon generally as of the in dyed-in- wool the Jl variety really is most remarkable and wilt will have havea a tendency tendency to revive confidence in iii those who might have IJ hught that the business machinery of the country had broken down r There is ever every indication that the almost continuous advance in prices during the past year all over over the world has lis been checked The index of twelve basic commodities pr prepared pared by the reserve banks stood June 21 at I 1 1103 t 03 ng against t I 1129 t I 29 on May t I 17 7 the high record while white Duns Dun's showed a slight decline from May 1 I to June 1 t and Bradstreets Bradstreet's index a decline of 4 41 1 per cent One peculiarity about the reserve banks bank's banks monthly Bulletin is that it fails to enlighten th the general public conning con- con gerning ning the strength of the American banking system It tight might state for instance that the banking power of this o now is estimated at fifty billion dollars or more tl than ari three times the banking power of th the world thirty fears ars ag ago while it ha has increased more during the past even years than it did during the entire century and a quarter a ter from the adoption of the constitution in 1 1789 89 wn to 1913 I |