New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-13

talneu arc quite encouraging. Bottarment
In the shoe trade 10 becoming moro ap-
parent. the factories being we'll employed.
and less concern Is felt regarding possible
curtailment. Recent advances in leather
are fully maintained, and the light offer.
ings of desirable grades are quickly abb
sorbed. The situation in iron and steel
reflects considerable irregularity, with ru-
mors Of price reductions on various prod
ucts. and the volume OF new business has
diminished. Consumption. however, has
fallen off only slightly from the maximum
OF the year. while the daily rate OF pig
iron production during September was
larger than In the previous month. As
expected. there was a further substantial
decrease in surplus stocks OF copper Last
month, and both domestic and foreign
supplies are now at the lowest point on
record. Operations in the securities mar
ket at New York have been on a small
scale, and this accounts in q measure for
the loss of 90 per cent in total bank clear
ings this week, as compared with q year
ago. A gain Of 3o.7 per cent appears, how
ever. in contrast with 1911. The firmer
tendency in money continues. and though
sterling exchange has again declined, no
immediate irn2ortations Of gold are likely
In view OF the urgent demand for funds
abroad. Railroad traffic still shows q
moderate expansion over last year. gross
earnings for September increasing IL per
cent, while in comparison with 1911 the
Improvement was 81 per cent.
Considerable hesitancy IS manifest in
iron and steel, and no general revival OF
activity is anticipated until the effects
OF the new tariff can be more clearly
defined. The volume Of orders now COM
ing forward is not equal to the rate Of
production. but consumption is neverthe-
less well maintained and stocks are being
reduced readjustment appears In pros
pect, however, and the numerous rumors
OF price cutting indicate that a revision
is pending in several departments. Shad-
ing of quotations on sheets continues
while tin plate mills have reduced opera
tons materially. The demand for rail-
way supplies is still below normal, but
Chicago reports the commencement OF
rail buying, recent contracts placed In
that district amounting to about 7OoO
tons Only a moderate business is noted
in structural lines, and at Pittsburgh
plain material has sold at 81 So. Crude
steel and billets are in plentiful supply,
with open hearth and Bessemer easy at
;2i, Pittsburgh, and sheet bars quoted az
SIS. Fair sized orders for pig iron for
prompt delivery have brought slightly
firmer prices, the minimum for basic be-
ing 81 %, valley. The daily rate of pig
In, no larger
than in the previous month, the average
being 1881 tons against S2,lA tons. while
the capacity OF the active furnaces also
increased.
"Paucity OF stock continues the domi-
nant influence in the cotton goods mar
kets and both jobbers and retailers are
steadily buying needed merchandise.
Every effort is being made to hasten de-
liveries, but the mills are handicapped
by a shortage Of labor at time when
full operations are necessary TO take care
Of the business on hand There Is still
an upward tendency TO prices and many
lines are now at the high point OF the
year. with jobbers falling TO obtain SUI
ficient supplies TO meet requirements Tor
immediate use. Improvement appears IN
the demand for fine and fancy cottons
for spring shipment. while orders are
being placed more freely for fancy printed
goods. Worsted mems wear for spring
IS in much better request than woollens'
and some of the mills manufacturing
the former have been unable TO resume
in full because OF the existing scarcity OF
labor. II is expected. however, that with
I'm the next few weeks the larger concerns
will show a materially increased per-
centage OF machinery active. There Is
steady trade in dress goods in jobbing
circles, while retailers are asking for
many novelties for immediate consump-
ton The retail movement OF silks con-
tinues largo and the silk industry, as
whole, is in q favorable condition. I'M
porters are exceedingly busy withdrawing
goods that have been held in bond pend
ing the enactment OF the new tariff.
"Bradstreet's" comments thus:
Gross currents in trade matters are
noticeable. However, distributive trade
sentiment is optimistic. the influence Of
crop money is being felt In agricultural
districts, demand for prompt shipment or
textiles is pronounced feature or
scantily supplied market, buying OF staple
articles is liberal. most reports Indicate
that trade generally is ahead OF or even
with that transacted at this time last
year. when jobbers and manufacturers
were enjoying especial activity; collec-
lions continue to mend. demand FOR
money for mercantile purposes Is good
and car shortages are in prospect. 1e'
Il IS probable that trade Is shade less
active than last week, this being due 10
an intermingling Of various factors. mus
an abatement OF heavy buying was que
I'm some sections. changed tarin conoi-
tons, believed by many to have been
discounted, tend to restrict buying. pend
ing clearer views on price trends and ef-
fects OF withdrawals of large quantities
OF goods from bonded warehouses, ana
at the same time unseasonably warm
weather has initiated against free dis
tribution OF wearing apparel at retail the
effects of which have been offset In some
degree by fall festivals. The steel trade
seems TO be most affected, sentimentaIIy
at least, by tariff revision, and In that
quarter there Is more or less hesitancy'
ten porary, perhaps, until views are form
Mated as 10 competition from abroad.
II is felt. however, that American manu-
facturers viii meet situations IL. "heh
and as they arise. In the machinery me
slackness rules and here again there is
desire TO develop knowledge as TO thrin
workings But, on the whole, INDUSTRIAL
onerations seem 70 be satisfactory TO