New-York tribune., 1913-11-03
INDUSTRIAL RECESSION
Mercantile Lines Continue to
Show Favorable Tendencies.

The state OF trade throughout the land
the commercial agencies for the week
"Dun's Review" says:
= Evidences OF trade recession are con-
fined to industrial lines. strictly mercan-
tile conditions remaining favorable. The
reactionary tendency in iron and steel has
become rather more marked, further prcs
concessions being announced and a slack
ening Of operations noted at some mills
Through the process OF lowering quota
tions new demands have been stimulated
in certain directions and consumption is
we'll maintained, with hopeful views eX-
pressed regarding the outlook. While the
report OF the leading producer for the
September quarter did not equal eXpecta-
tions, with one exception the net earnings
exceeded all previous records for the
period and n substantial gain was shown
over last year. Labor troubles stlll exert
an adverse effect In some industries. but
cotton goods manufacturers are well en-
gagged and values reflect increased firm
ness as a result OF the high cost OF IN.
raw material. There is no disposition 20
speculate on forward requirements in the
primary markets, yet current trade IL
steady and retail distribution il benefited
by more favorable weather conditions
Paucity OF supplies continues prominent
feature and scarity Of mill hands further
complicates the situation I'm respect 10
deliveries. Some irregularity IL manifest
In wholesale branches, but fair business
is passing and sentiment among mer-
chants is confident. Encouraging advices
are still received as to conditions In
leather, manufacturers obtaining salts
factory orders, both for export and do
mestic consumption. Wholesalers OF foot
wear, apparently realizing the possibili-
ties OF price advances, are more disposed
TO cover requirements and the factories
consequently are better employed than
heretofore. The. international monetary
situation has been featured by important
Developments, comprising engagements Of
gold In London for export to New York
and a reduction in the German bank rate
for the first time in over a year. Improve
ment I'm financial affairs abroad is indi-
Gated by the latter occurrence. yet gold
shipments to this side are not favored at
iIf present JbllNlult hflHIHS III kTDSS
railroad earnings for the first three weeks
OF October show n loss OF 90 per cent as
compared with a year ago. but a gain OF
per cent over 1911, while bank clearings
this week were 81 per cent smaller than
last year, and 40 per cent less than in
| 1911. Further damage to cotton Is reported
as a result OF continued low temperatures 3
i'm the belt, but in spite Of this. prices
moved sharply downward
The decline in iron and steel prices has
extended 10 practically all branches OF
semi and finished materials,
while pig iron Is also weaker Reductions
announced range from SOC 90 81 a ton.
and further concessions are considered
probable There are indications that the
figure of l.3oc, Pittsburgh. named by the
plate mills is not the positive minimum
and the general tendency Is being reflected
in steel bars, which heretofore had been
firmly held. As "a whole. new business
has fallen off. yet encouragement is de-
rived from the fact that the railroads are
displaying more interest, with buying Of
cars somewhat Of feature. The demand
In that line has been stimulated by the
lowest quotations prevailing in many
months. and IT is estimated that orders
I'm prospect aggregate about $1,000 cars
Moreover. one system has Just placed a
15 00O-ton rail contract while a road in
Brazil has taken 1900 tons. There is con-
siderable activity in structural work and
the situation is fairly satisfactory. but
stocks at the wire mills are accommodating
and further curtailment is noted. Ex-
treme dulness characterizes the pig iron
market and there is not sufficient demand
TO test prices. Small lots of Bessemer
have sold at si5 20. Valley furnace. but II
is evident that lower terms could be OBJ
tanned on any large business"
"Bradstreet' sums up as follows:
Trade currents still run lrreGulariy,
! with activity tending to shift from first
hands to final distributors. The rush of
fall trade at primary markets apparently
reached its zenith two weeks ago and is
| now lessenng, but. on the other hand
there is more doing by Interior jobbers,