Show FEDERAL RESERVE BOARD RE PORTS PUBLIC SHOWING BUYING CAUTION describes economic and business sit as a whole as one showing much inherent strength through orderly transition washington recovery from war and postwar conditions Is proceeding apace in the united states and the natural forces ip evidence which make for stabilization cirr assurance for the future the federal reserve board declared on october 31 in its monthly review of business conditions although alie readjustment process ins been marked by uncertainty and some suspension of ity the board described the economic and business situation as a whole as one showing much inherent strength and an ability to attain a position of relative stability through an orderly transition it argued that the necessary changes in the direction of normal conditions would be accomplished without great unless factors entered into the process price revisions in textile lines and in other branches of wearing apparel as well as in numerous staple commodities said the board have been the outstanding elements in the situation just as during the preceding caution in buying due to a belief that price readjustment Is not yet over has been a noteworthy factor and in some quarters has tended to slow down the activity of retail trade although more apparent appi rent in the wholesale trade crop yields have on the whole justl fled the expectation expressed at the opening of the month banking reserves have held their own during the month and there has been a steady improvement in the liquidity of paper labor Is less fully amplo ed not some sporadic cuts in wages here and there the general poal alon is about as good as it lias been so far as actual payments or rates of wages are concerned while the retail trade reported a moderate increase in net sales as compared with last fall the usual fall activity and buying was said to be not in evidence the board attributed some of this condition to unseasonable weather reports from almost all sections indicated that the retailer had determined to await further developments before renewing his stocks heavily the outstanding orders were reported to be small and the general purchasing activity of alie retail merchant was described as very conservative the manufacturer has felt the with holding of orders by the retailers and according to reports has not been able to operate on full time in many lines of trade because of a lack of orders cotton mills were mentioned specifically as having been hard hit by the slack enang of retail orders while jiow business in the iron and steel industry lias actually decreased in the shoe and leather industry the board found conditions similar to those in the cotton ande and other textiles the leat lier interests are facing lm shutdowns in many places because of the heavy decline in the reports showed |