The independent-reporter., 1910-12-15

b
ing computed at close to $9,000000,-
000-a record figure. This fact forms
The best possible basis for industrial
advance next year While for several
months the volume of production and
distribution has been below the nor
NAL. there can be no widespread stag
nation while the farms of the country
continue to yield so bountifully as
they have during the past eleven
months Moreover, the government
report issued last week shows that
The winter wheat area sown this fall
is the largest on record, and that
weather conditions have improved
slrce the report was gathered. There
Is, however, little change in financial
and business sentiment, which re-
mains conservative and cautious. The
holiday trade is, nevertheless, open
ing up we'll, and in certain important
eenters the jobbing trade in staple
merchandise is reported as improv-
be neficial to most merchants and the
heavy fall of snow is most seasonable.
The cotton ginning shows larger
output than had been. expected, and
the years crop will be considerably
larger than last years. Money con-
ditions are more satisfactory, and
the Bank of England, following its
reduced discount rate last week, re-
ports this week one of the largest
percentages of reserve for this time
in years. Railroad earnings during
the month of November increased 2.6
per cent over last year. Bank clear
ings, while continuing to show, as
for some time past decreases in New
York as compared with 1909 and 1906
are elsewhere A p. C. better than 1909
and 13O p C. better than in 1906. Ex-
ports from New York in the latest
week aggregated $15,954 ,435, which is
$1,420,267 better than last year, but
1,580,064 under the imports, the vol
ume of which was about equal to last
year.
Continued restriction of output has
not prevented steady accumulation of
pig iron stocks, and the movement
10 curtail operations Is expected to be
carried still further. A decrease of
13 in the number of active furnaces
occurred last month and the total
production fell to the lowest point
since May, 1909, at 1,909,780 tons,
which compares with 2,093,121 during
October, according to the Iron Age.
Moreover, the daily average of $3.50
tons was the smallest of the year and
ccntrasted sharply with the 84,9l7
/ tons reported in November, 1909. Ex-
listing conditions in the pig iron mar
ket reflect increased dullness and
sellers are offering concessions In
some instances in order to stimulate
business. In structural lines, how
ever, prospects are quite encourag-
| ing as new construction work will
call for substantial tonnage of ma
terial, especially at the West. Rail
orders constantly appear, yet pur-
chases are usually in moderate
amounts, although about 10000 tons
will be needed for the extension of
elevated lines at this city.
In the dry goods markets the hol-
iday trade is shaping up we'll and re-
orders for merchandise are going in
to jobbing houses steadily. The cot
ton goods and cotton yarn markets
are hampered by the difficulty of get
ting prices commensurate with high
cotton costs, and curtailment there
fore continues. Print cloths, 9-yard
o6x52s, advanced Lice per yard, but
other lines showed no change. Fall
River sold about 100000 pieces of
print cloths and conyertibles last
week, of which 10000 were for spot
delivery, and some mills making con-
vertibles are now willing to sell for
delivery during the first three months
of the year on a basis of 5%c for
39-inch 68-72s. Mems wear Is in fair
demand for immediate use, and re-
orders for spring are not accepted
generally unless slight advances are
paid. Some small export business
has been done in cotton goods. Silks
continue to show improvement, but
the yarn markets rule steady and
quiet.
While there has been some i'm
proyement in the shoe trade, business
Is still considerably below normal
for this season of the year. Prices
on footwear are not strong, but no
concessions of consequence are re-
ported, as values are already low,
considering the cost of production.
he leather trade continues dull and
prices on most varieties are easy.
Dry hide hemlock sole Is steady and
there is some Improvement in the de-
mand for offal, but union and oak
sole, particularly the latter, are rath-
er weak. There is a weak declining
market on all kinds of domestic hides,