New-York tribune., 1911-01-07
CONDITION OF TRADE.

Dun & REVIEW says
Although the second half Of 1910, in sharp
contrast 10 the second half Of 1909. was a
period Of receding volume OF business, as
was clearly illustrated by the decline in
bank clearings, yet there has been a growth
Of personal economy, an increase IN DuSl-
ness conservatism and a change for the
better in foreign trade. while a year OF
great agricultural fruitfulness is being 1ol-
lowed by a winter generally helpful Tor
wheat and other crops, although there has
been a cold wave in the Southwest which
has caused some temporary uneaSlneSS in
that quarter While at the beginning Of
1910 there was a general feeling Of enthu-
siasm over the years outlook which was
not justified by the results, at the opening
Of 1911 there is a soberness OF Judgment
which IS more conducive 10 year OF nor
nal conditions as a necessary preparation
for q full return TO complete national ac-
uvity. Bank clearings OF the frst week OF
the year show a decline outside OF New
York Of "A per cent as compared with 1910
and an increase of 10 per cent over 1909,
in New York there was falling off OF SS2
per cent and Sc per cent, respectively.
Railroad earnings during four weeks Of
December increased rs per cent There Is
little or no change in the state OF the larger
trades Contraction OF output continues IN
iron and steel, but the outlook for the new
year is regarded as encouraging. In dry
goods buyers are displaying some increased
interest as new lines OF spring goods are
being exhibited, but the adjustment Of costs
Of production to selling prices is slow
process which still operates 10 retard the
trade There has been recently graufy-
inc Improvement in foreign trade, but the
balance in favor of this country is not vet
large enough 70 create great credit
abroad. During the latest week exports
Cy1Sss last year and S9,O54,62S the year be-
fore The imports were sl8,04l42, only
slightly greater than last year. The aggre-
gate commerce was $50, 493,64S, against S2s-
5Sl,2t0 a year ago.
Bradstreets says:
Countrywide cold weather, especially
we're West and South. has stimulated de-
mand for heavy winter wearing apparel,
and, combined with usual clearance sales,
has made for rather better than average
final distribution of seasonable goods. Al
the same time. the low temperatures in the
Southwest coming on a winter wheat plant
short Of snow covering have given rise TO
some talk Of damage TO that plant. 1t Is,
Of course, impossible 10 say what, II any,
damage has been done, but the momentary
eject has been a slight stimulus 70 wheat
prices Late reports from the cattle range
country tend TO show that the low tenn
ueratures have not been especially hurtful
10 livestock interests, inasmuch as the
weather moderated very quickly. In whole
sale lines holiday inventories have oeen
completed and statesmen are again on me
road Reports from iobbers are OF quite
optimistic feeling as 20 spring trade, ana
good sales Of goods adapted TO retail Clear
9nce sales are reported. In industry quiet
rtil rules Iron and steel are dull and pig
iron stocks are accumulating. Cold Weathef
has helped coal consumption, ana sdleS are
active OF bituminous coal at the West and
of anthracite at the East No shortages OF
surrlv are. however. reported The leather
trades are quiet, and reports Of a wide
spread stoppage Of work in tanneries give
frmness TO stocks Of finished material. The
opeping Of the overcoatings season Dy
wholesalers has had the effect OF stimulat-
ing interest In raw wool, and large vol
une Of sales OF clothing wools for this sea
son of he wear Is reported from Boston.
Cotton goods are quiet in primary mar
kets and year-end reviews Of the 1910 re-
suits are disappointing as whole. Ihere
Iymber trade conditions on the north Pa
cifc Coast and a feeling that the depression
in that line in 1910 is giving way to more
favorable situation.