New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-16
TRADE REPORTS SPOTTED
Activity and ReCeSsions in. the
Business of the Country.

Business OF the Country.
An abstract from the reports OF the
commercial agencies for the week indicates
that i'm many of the lines Of trade the
larger interests have exhibited consider
able caution and have shown a disposi-
ton TO conine their orders TO the imme-
diate demand "Duns Review covers
the situation as follows
While reports regarding retail trade
conditions indicate that activity is well
sustained at many leading centres. some
recession is noted at others and whole
sale buying is. on the whole, rather more
cautious and is mainly confined to imm"-
diste requirements. Tho European pOliti-
cal situation improved somewhat during
the week and the prospect OF an agree
mont between the Balkan allies was re-
fected in stronger tone at all the lead
ing financial centres. The decision Of the
Supreme Court IN the Minnesota railway
rate case was followed 10y severe de-
cline in security prices at New York, but
the market recovered sharply later in the
week The United States Treasury an
nounCcd on Wednesday that emergency
notes were Immediately available should
bankers require them. hut IN banking cir
cles IT is not thought likely that such an
issue will be needed. as reserves are
deemed ample for all immediate eXigon-
cies. The government report OF crop con-
ditions. although showing a decline n
winter wheat. indicates that the yield VIII
bc next 10 the largest on record and
points 10 a season Of prosperity through
out the vast region where that cereal is
the dominant factor ,n business condi-
tons. While untitled iron and steel orders
Of the leading interest Tor May showed
heavy reduction. consumption continues
large and a new buyius movement is am
ticipatcd al an early date. Drygoods
clearance sales among jobbcrs have been
very successful. and while purchases m
primary markets are stun restricted, de-
plctcd stocks insure renewed activity the
moment tariff uncertainty is past Foot
wear manufacturers are buster than a
week ago and the leather trade. although
sUll SLOW shows some Improvement.
Railroad gross earnings for all roads for
May showed an increase OF SO per cent
Is compared with a year ago. while bank
exchanges for the week we're 10 per cent
greater than for the corresponding week
last year and % per cent above 1911. Loo
cal banking institutions are strengthening
reserves and on enlarged offerings rates
for time funds declined late I'm tho week.
call money. moreover. is IN free supply
and quotations touched the lowest point
in months Exports az New York for the
latest week reported amounted 90 FL
so. 6C as compared with S6.17l.2S9 Tor the
corresponding week OF 1921? and SlS.'13t-s
in 1911. while imports aggregated So
g3s. so. as against SlS9i> SIS last year and
tl3lS2.3a9 two years ago the decline 600 the
latter being obviously due 20 pending
tariff changes.
Producers OF iron ana steel products arc
fast gaining on the large volume Of ore
dcrs already on hand and are now more
eager 10 secure new bookings Premiums
for carly delivery are rapidly disappear
iug. and IN sheets and wire products
prices have been shaded Zoo some iu-
stances. the concessions averaging about
q a ton on both black and galvanized
sheets. on the other hand. Che Sdysnc"
or quotations FOR boiler tubes and wrought
iron pipe Tho heavy reduction of ov'r
C5i .00o tons iu the untitled contracts OF the
leading interest last month is reported
10 have caused buyers TO defer order in
tho hope that steel prices may hc lowered
materially IN the near future. The opiu-
ION is general. however. that the hu"-
moss now held back will come out freely
when the tariff question is settled. lu-
ouirics for pig iron are NOR numerous.
but the market IS In q state Of rcadJust-
ment.
Hrads,rcets gives tho following report
Despite unscasonably cool weather and
stock market uusettlemcnt carly. there
are many favorable features presenting
themselves this week Warmer weather
has succeeded the chilling temperature
early experienced. Western trade reports
are Of rather more optimistic character.
based mainly upon expectations Of large
though not record crops Of cereals and
the advance northward Of the winter
wheat harvest. clearance sales OF summer
goods By jobbers especially ~ New York.
have been literally patronzcd, the sharp
rally I'm stocks. after reaching the lowest
1,yclg since IHos. shows that the market is
no longer onc-Sidcd. and last. but not
least. the banks. encouraged apparently
by Treasury action, have displayed will
ingness 10 loosen up 10 legitimate com
n ercisI borrowers. ON the other hand,
tariff uncertainties tend to cause trade
for future account TO operate under
mil. business in iron aud steel Is rcccdinS
and shipments continue 20 make inroads
ON orders. while there is said 10 be some
reduction i'm consumption u pig iron
prices for which are very low, and pre-
NUNS on finished goods for early de-
livery tend TO pass Yet pig iron circles
arc not without an undcrtone Of optimism.
Cor II is felt the prices have about reached
bottom. Though there Is not much doinE
I'm general lines on fall arcOunt. except IN
the surplus crop producing regions OF the
Hy.st. iobbers as a whole are encouraged
nv crop REPORTS, and they expect good
fam aud winter business For one thing, II
IS evident that tariff matters do not lena
themselves 10 speedy settlement, and FOR
that reason IL is difficult TO sec no" buy
in,, for future needs can bc much longer
d,fcrrcd. Perhaps the lOoscning up Of
funds for commercial purposes VIII nave
q, ealutarv effect i'm the way of stimulat-
inc buvins beyond present requirements,
for II has been quite well recognized mat