Show recovering FROM WAR conditions FEDERAL RESERVE BOARD REPORTS PUBLIC SHOWING BUYING CAUTION describes Economic and business situation as a whole as one showing much inherent strength through orderly transition Wash washington lugton Ite recovery covery front from war and postwar conditions Is proceeding apace e in ill the united states state and tile tho natural forces lit in evidence which inake for stabilization curry carry assurance for the future the federal reserve board declared on oil october 31 it in its monthly review of business conditions dit ions although the lie readjustment process lias bas boon beell marked by uncertainty and some suspension of activity tho ilia board described the economic and business situation as a whole as one Id showing lowing much inherent strength acdan and nil ability to attain a position of relative stability through till an orderly transition 11 it argued that the necessary changes in the direction of normal conditions would be accomplished without great disturb disturbances ancee unless un forseen factors entered into tho the process price revisions in textile lines lilies und and in other branches of wearing apparel is as well its as in numerous staple commodities Ift les said tho the board have been tho the outstanding elements in the situation just as during the preceding month caution in buying duo due to a belief that price readjustment Is not yet set over has been a noteworthy factor and lit in some quarters lias has tended to slow down the a activity C of retail trade although moro more apparent in ili tho wholesale trade crop yields have on tile whole justified the expectation expressed at alio opening of tile month banking reserves have held their own during the month and there mere lias has been a steady sheally improvement in the liquidity of paper labor Is less fully employed notwithstanding some sporadic cuts in wages here and thore there the general position Is about na good as it litts has been been so far as aati actual ial payments or rates of wages are concerned while the retail trade reported a moderate increase in net stiles sales as compared with last fall the alie usual bisun fall activity ani and buying was said to be not in evidence the board attributed some of this condition to unreasonable cai weather reports front from almost all sections indicated that the alio retailer had determined to wait await further furt lier developments before ren renewing OwIng ills his stocks heavily the outstanding orders wore were reported to bo be small and the general purchasing activity of the retail merchant was described as very conservative the manufacturer hns has felt tile the withholding of orders by alio retailers allers and to reports has ins not been able to operate on oil full time lit in many mally lines hiles of trade because of a lack of orders or ers cotton mills were mentioned sp specifically specific leally ally as aa having been hard lilt by t alie to slackening of retail orders lenew new business in fit the iron and steel industry lias has actually decreased in ili the slice shoe and leather industry ill alie 1 oard board found conditions similar to those it the cotton trade anti other textiles the leather interests are facing imminent shutdowns lit in many places because of the alio heavy decline lit in buying the reports showed |