New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-01
LESS ACTIVITY &.
IN INDUSTRIES
Caution Apparent in Various
Lines-MiId Weather Holds
Trade in Check.

for last week reflect the decreasing &C
tivi;y in tie business world in al
branches, and present rather discourage
ing outlook based on the situation at
present. "Dun's Review" contains the
following:
"I.esscn,d activity in Industrial chan
nels reflects the prevailing uncertainty re-
garding the futu.e. The distribution Of
merchandise for immediate requirements
continues large. but retrenchment rather
than expansion CharacteriZes the situa-
ton Caution In entering upon forward
commitments is general and new enter
prisos are limited. while economy is prae-
tsed h. numerous quarters. LABOR Is not
so well employed and more machinery IS
idle i'm iron and steel the leading mills
now running considerably below their
full capacity. Curtallment IF operations
results mainly from the restricted buy
/ ing on the part OF the transporting COM
/ panies which experience difficulty In OBJ
taiLinc needed funds for equipment and
extensions The opening Of the Eastern
| freight rate inquiry and the beginning
of the currency debate in the Senate at
these important matters will be closely
/ followed both I'm trade and financial cir
! clcs \ slower movement Of products TO
market Is evidenced by the increase In the
number OF idle cars. and railroad gross
earnings fGr the first three weeks Of No.
! yember were % per cent less than last
| year, although showing a gain Of e per
| cent over 1911 Contraction OF consump-
ton is somewhat less manifest In copper,
but an accumulation OF surplus stocks Is
indicated In strictly mercantile lines the
adverse effect Of unreasonable weather Is
seen In the retarded distribution Of heavy
weight apparel, footwear and fuel. Con-
dltions. however. are favorable for out
door work and the handling OF the crops.
Footwear factories arc quite well en-
gagged. while leather is scarce and firm.
There is a continued steady movement
Of drygoOds on old orders. bat hesltancy
IN the placing OF future contracts IS
marked Less than the usual price de-
cline in period OF quiet Is Noted, As
output is restricted and supplies are not
excessive Stocks Of wool in dealers
hands are reported to be smaller than at
this time in any recent year, and In con
sequence the situation is strong. Excep-
tional dulness in the securities markets
accounts IN a measure for the loss Of SO
per cent in bank clearings this week "a
compared with a year ago, but there was
a small increase OF per cent over 1911.
That American credits abroad are
steadily expanding is indicated by the
official foreign commerce returns for
October While IT is expected that the
reduced tariff schedules will result in
larger imports, during the first month
under the operation Of the new law
there was sharp decline in the inward
movement for merchandise, the total
being approximately s3S.000.00O smaller
than IN September and si5,000,00 less
than IN October, 1912. In contrast to
this decrease, exports showed gain
of nearly s17.000O0O and the excess
of shipments over receipts reached the
remarkable sum Of sl38,1OO,OOO against
SIC, SOC. 900 a year ago. The value or
breadstuffs exported was only about
half as large as in 1912, but this loss
was Offset by the Increase in cotton due
TO the higher prices prevailing. That
local bankers are in position to draw
gold from Europe is emphasized by the
foreign trade statistics, but just now
there is no incentive for sucn action
since the demand for funds here con
tInues restricted. More Of the precious
metal was sent 10 Canada this week
and this movement, in conjunction with
additional currency transfers to the
Pacific Coast and preparations for the
first OF the month settlements, resulted
i'm some tightening of money rates at New
York.
I'm finished lines Of iron and steel the
demand for current shipment is insig-
nifcant. but some business is being
placed for delivery next year. particu-
larly in tin plate. II is believed that
the restriction of output may check
the declining market, yet steel bars.
shapes and plates are easier at 81 30,
Pittsburgh with some shading from
that figure noted No official change
appears in quotations for sheets and
tin plate. although special inducements
are offered for particularly desirable
orders. Efforts To stimulate purchases
OF wire nails are reflected in the re-
duction of 81 "A ton, while similar con-
cessions are apparent I'm other wire prod
ucts for immediate specification. Con-
tracing by the railroads for structural
shapes was a negligible factor this
month, and no important buying is an