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Show BUSSINESS SEES r " " TU-RXING P OINT. The close of the. business year of 1920 is described by the federal reserve re-serve board in a -statement Monday as the turning point in fhe transition transi-tion from war produced conditions :o the normal -economic basis of in-ernational in-ernational ard industrial life. The statevuentsi treats o.l -present conditions genera ly in an optimistic nanner, declaring that the difficulty if transition will not be m.uch fur-her fur-her aggravated. It also asse.rts hat owing to fhe nation's! stror.'g. ranking structure a normal : situation- will be restored with far less than the usual distress usually attendant on period of readjustment. While necessarily uncomfortable, the transition through which the country now is passing the boar as-'serts, as-'serts, has thus far been attended ' with only a minimum of the unfavorable unfavor-able symptoms characterizing - previous pre-vious periods of marked readjustment. readjust-ment. 1 The fiscal situation both at home and abroad, however is still uncertain, uncer-tain, the board declares. In international trade a return to norml conditions is now in progress the board says. With the exception excep-tion of agriculture, in which the output out-put was the largest on record, production pro-duction has been decreasing since the spring of the year, the board stated. The board describes the tendency in the retail trades as downwrd. The slowing down of the export trade of the United States during the years is attributed in some measure to the exchanged situation. I ' . |