New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-16
UNDERCURRENT BETTER
Trade Conditions Show Signs
of Improvement.

I
more favorable situation as a whole. Re-
action does not seem to be general. and
ing heavy shrnkage in untitled tonnage,
conditions are more encouraging than
they have been. "Dun's Review" follows:
Severe storms this week caused inter-
ruption to business in certain sections,
and also involved considerable prop
erty loss. outdoor work was hndered
and railroad traffic impeded, the con-
seouent check to the movement OF
freight affecting both manufactur-
ing and distribution somewhat. Advan-
tages accrued. however from the low
temperatures and snow. which accelerated
the demand for heavyweight apparel.
footwear and fuel. Broadly considered,
the mercantile and Industrial situation
continues fairly satisfactory. and signs or
trade recession are by no means uniform
Rather more encouraging conditions pre-
vail in iron and steel. Notwithstanding the
further heavy shrinkage In the untitled
tonnage of the leading producer and the
additional price concessions announced.
The significant fact is that in some lines
rev orders are gaining ground, while
consumption continues at good rate
There is no evidence as Yet OF general
buying movement. but the railroads are
displaying more interest and substantial
contracts for equipment have recently
teen placed. On the other hand. there is
an entire absence of activity In copper
and shading of quotations has thus far
failed to stimulate business. Favorable
reports are still received regarding
leather which is scarce and firm In price
The demand is steady. but offerings arc
curtailed as a result of the restriction oil
output Operations at shoe factories nave
expanded and wholesalers are urging
prompt deliveries. A noticeable feature
Of the drygoods markets is the care exer-
cised IN the matter Of accommodating
stocks, though current trade is we'll sus-
tained. Shortage OF labor Is a drawback
at mill centres, and. largely because OF
hesitation due TO the effect OF tarin
changes. little more than half the looms
Of the country are running at the present
time In some districts sales Of VOC. are
increasing, vet in the main purchases are
confined 10 Immediate requirements. De-
velopments In the Mexican situation were
an important factor in financial circles
with the better outlook reflected in
more confident feeling and a rising ten
dency in securities. The final decision In
the wage controversy between the Last
ern railroads and their employees removed
an element of uncertainty, and sentiment
generally was improved. Banking re-
sources at New York were quickly
strengthened following the strain IN
| yolved by the first OF the month settle
ments, and no more gold was engaged
abroad. Clearings through the banks TINS
week were l2.7 per cent smaller than last
year and 80 per cent less than IN l'4l'
while gross railroad earnings for the hrst
week OF November showed a loss OF
per cent as compared with a year ago
although being "a per cent larger than IN
1911. Statistics OF building operations dur
ing October reveal falling OF OF 81 per
cent In comparison with the same period
Of 1912 the decrease occurring chiefly in
the East and South.
production In iron and steel continues
! m exceed the rate Of new business and
the downward price tendency has not been
checked Concessions are stu oHered III
different departments and competition mas
become more keen. The pig iron market
lacks stability, and only moderate ton
nages have changed hands, while
number of furnaces are going out OF
nTgEallS
chant steel bars at the new level OF u 30
Pittsburgh, and structural shapes rule at
the same figure, but the 81 20 quotation
for plates might be shaded. Curtahnleh'
Of output is noted at sheet and TN plate
mills yet the price situation Is pracu-
cally unchanged. Considerable activity
has prevailed in tin plate ana larger
consumptjon is expected in 1914 than has
been enjoyed in the present year. Al
though buying is by no means broad OF
general the railroads are showing III
creased disposition 10 cover their require
ments. and one system has contracted
for coo tons of rails. Some now business
has developed in supplies and Access
SORES. but plants making speciality OF
snikes. bolts. rivets and heavy hardware
are running only part time. II is esu-
mated that orders for between 5000 ana
% 900 tons of structural material for local
subway work will be placed before the
end of the year. The decrease Of about
400 900 tons in the untitled tonnage OF the
leading interest last month was larger
than expected, but the orders remaining
on hand are much above the low point
reached in May, 1911"
"Bradstreets" says:
Current trade reports, winter wheat
cron adyIces and consumption OF steel
products indicate good present conditions
hut future buying is slow, conservatism IL
in evidence, finished steel is weaker as
the result Of increased competition Tor
orders. and industry. as whole, Is run
ming at a slower gait, though the quoting
down is not general and II is signlhcant
that numerous industries are being pushed
IN make deliveries Conservatism dls-
pIayed is largely due TO uncertainty over
tariff establishments, which II Is thought
may force lower prices, some highly keyed
authorizations regarding which may not De
realized Another factor that exerts
strong lettering influence is the absence OF
a free market for loans, the banks prefer
ring to husband their funds pending clear
er views of currency legislation, and under
the circumstances credit granting Is re-
| p,t In ynanv quarters cOuSii-