The Birmingham age-herald., 1912-12-21
RETAIL TRADE ON AN IMMENSE SCALE But Wholesale Outputs
 Show Letting Up DEVELOPMENT USUAL Enhanced Buying Power Carried Over to New Year-Big Crops Cause. Soil Products Reach Unprece-
 dented Figures
DEVELOPMENT USUAL

New York, December 20.-R c, Dun x Co.'s weekly review of trade tomor-
 row will say:
 Retail trade. especially that of a holiday character. is on an immense
 scale, but wholesale distribution and
 industrial outputs show some letting up in volume of tranactions, a develop
 ment quite usual at this season of the year when annual settlements and ae- lcountings are approaching. The fact is that the country is carrying over into the new year l greatly enhanced buying power due chiefly to the big lorops-both the output and the value Of
 the leading products for the soil reaching unprecedented figures this year. As against the confidence thus inspired the political developments abroad serve to cause some uncertain | ty.
 Iron and steel products are prae- tically up to capacity and the leading interests are far behind on deliveries. X substantial gain in thrilled tonnage l is reported. Demand for rails from the transporting companies is particularly
  have been made during the past week. The scarcity of crude steel is still ap- parent and lots for prompt shipment readily command a premium, availa- ble material bringing from $S to $6 Fer ton above regular quotations. The strength of the market is further in dicated by an advance of $1 ton
 on wire products and s2 ton on rivets.
 While the primary dry goods markets are seasonably quiet, they continue firm and retail trade is better than at this time a year ago. Transactions in cotton goods have been smaller than for some weelSs--in the main, owing to the tight money and the approach of the year end. The genreal situation 1 is, however, regarded as encouraging and jobbers and retailers are doing a good business. Export trade is quiet though some inquiries have been re-
 eeived from China. The fall overcoat- ing season opened last week and the
 staple dress goods mills are selling
 ahead into May Moderate sized re-
 orders on silk for spring are coming in regularly. Worsted and cotton yarns are in active request.
 Business in footwear is generally
 dull Trading in leather is quiet and while some sales of job lots cleaned out by tanners and dealers before in-
 ventory taking have been at conces- sions, there is no weakness in the regu-
 lar lines in upper or sole. Upper ieath-
 CT is also steady though not so strong las sole There has been no check to
 the declining tendency of all kinds of hides and stock.
 | New York December 20-Bradstreet $ tomorrow will say:
 ] Trade in the larger lines presents the usual pre-holiday characteristics, which implies that statesmen are coming off the road and that inVentoring is the rule. However, holiday trade has surged to the l front and the turnover in that respect l is of exceptionally heavy proportions. save at few southern points. conspicuous feature connected with holiday trade is that jobbers continue to report good sales for that account.
 On the other hand, distributive trade 1 in seasonable wearing apparel, except at northWestern centers, has been retarded by open weather the lines principally affected being clothing, shoes and rub bers Incidentally. more or less con- servatism is developing as regards fu- ture buying of articles that may be sub iected to tariff changes, and, of course, there is the customary let up in textile lines. Purveyors of wool products say hesitancy is a feature in some quarters, and that buyers are not disposed to oper- ate unless they are protected against price changes that may result from tariff re- vision.
 A feature of the situation is that as the year ends stocks in first hands avail
 able for prompt delivery are small, and this. taken in conjunction with the sold
 up condition of the country's industries,
 makes for favorable outlook.
 Industrial operations continue very ac-
 tive. and while the finished steel indus
 try generally tends to become quiet at
 this time of the year, railway buying
 of rails and cars is so heavy as to pre-
 sent striking contrasts to the usual rule
 Outdoor operations have been prosecuted
 with vigor, thanks to open weather.
 Business failures for the week in the
 United States ending December 19 were
 322. against PSI last week, 294 in the like
 week of 1911, 271 in 1910. 264 in 1909 and
 19G in 1908.
 Business failures in Canada for the
 week number 27, against 34 last week and
 43 in the same week of 1911.
 Wheat including flour, exports from the
 United States and Canada for the week
 ending December 19. are the largest since
 January 1908, and aggregate 6,697,540 bush
 els, against 5.6S2, ,663 last week and 4,330,s0l
 this week last year. For the 25 weeks
 ending December 19. exports are 117103,- 022 bushels, against s1,S14,557 in the core
 sponding period last year. Corn exports
 for the week are ,535 bushels, against
 23O,6S7 last week and 651,6l3 in 1911. For
 the 9 weeks ending December 19 corn ex-
 ports are 1,95s,iH bushels, against 12255.-
 633 last year.