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Show FINANCIAL CONDITION-IN CONDITION-IN UNITED STATES The outstanding feature of the month has been the inherent soundness sound-ness which the general business situation sit-uation haB manifested in the face of difficulties encountered. This has been shown by the continuance of activity ac-tivity at a relatively high level respite re-spite the recession of activity normally normal-ly expected at this season of the year Prices of important commodities continued their upward tendency during July but during August conflicting con-flicting tendencies were apparent. The excellent agricultural prospects provide an encouraging outlook for then fall trade. Furthermore, in crease of demand for certain commodities com-modities to compensate for restricted restrict-ed output or delay in placing orders is also in prospect. Even so, business busi-ness must necessarily proceed under handicaps for some time to come, as a result of fuel shortage and transportation trans-portation difficulties. Manufacturing activity In general has been maintain ed at a high level. In those industries, such as automobiles and building construction in which seasonal recession reces-sion isshown, activity is still far in excess of a year ago. Cotton manufacturing manu-facturing likewise shows some decrease de-crease but the reverse is true of woolen wool-en manufacturing. The output of non-ferrous metals other than copper has also increased but iron and steel actively shows some decline. Bituminous Bitum-inous coal production has increased steadily during the present month. The labor situation showed considerable con-siderable Improvement during August Aug-ust The bituminous coal strike has been settled in many fields1 and the majority of the New England cotton mill workers have returned to the IrtVLUI ICS. Agricultural prospects on the whole continue very satisfactory. Wholesale trade Buffered a decline during July as compared with June in all lines except dry goods but most lines were in a better position than a year ago, especially hardware. Retail Re-tail trade, however, was slightly smal ler than last year. Financially a few developments occurred during the month. The rapid decline of the mark has been the outstanding feature of the foreign exchanges. - |