Evening journal., 1913-06-02
JUNE TRADE
CONDITIONS
General Summary Of Situation
for the Month Issued by
Bank Of Delaware

The June general letter on trade
conditions as issued by the National
Bank Of Delaware. says:
During the latter part Of 1912 ana
at the beginning Of this year manu-
featuring and mercantile business
generally wes SO active that II was
With difficulty that money was secured
IN move the crops. In fact, a consid-
cradle portion Of last years crops
have not vet been moved. as evidenced
nv the governments report of grain
on farms. It seemed desirable that
some recession in business take place
in order that more money would be
available for crop handling purposes
and for the financing side Of business
enterprise. Before company can
hu,ld an additional factory, install new
machinery. buy raw materials and
employ labor TO manufacture goods
which are already sold under contract
such company must have the money
u,tb which 10 do these things. Busi-
ness fthat is. purchase and salel was
foo active with the result that many
concerns found themselves unable TO
fnance their respective businesses and
there was no market for bond Issues
additional stock issues or even COM
niercial paper.
"During the past few weeks busl~
ness has fallen of considerably, the
demand for our gold from abroad has
eased up and the money market here
has softened slightly as result. busi-
ness is far from bad and conditions are
the reverse of panicky. Panlcs are
brought on from over-innauon anu
over-hnancing. We have now neltner
over-inhation, over-hnancing nor over
production. Orders are fully equal 70
production and the three clouds IN the
sky are tariff changes, which clouo
we have been able to view from al
sts sides for some months; labor de-
mands. wage increases having been in
recent months wholly out OF proper
fion with earning power: and the re-
mote possibility Of trouble with
Japan.
Tariff reduction will undoubtedly
he made. but the fortunate part OF II
is that we know on what commodities
changes will take place. and so far as
ie possible in advance, the respective
businesses affected have prepared
themselves for the shock
an the matter of labor, II labor de-
mands continue and are too insistent
some labor may find itself unemployed
because prices are much lower on the
average than they we're at the begin
ming of the year. and many manufac'
ers and public service corporations
arc distinctly not In a position to as
sumo higher pay-rolls
During the month Of April, there
were 1912 commercial failures, Will
total liabilities OF something over II
million dollars. compared with 1925
failures in April Of last year, will
total liabilities amounting TO over n
million dollars. The increased fail
uees were largely in New England an
IN the Southeastern States, small
manufacturing concerne making ul
the larger part Of the total Failure
for the first half of May numbere,
$50 compared with 600 for the frs
half Of May, 1912, so that the failure
situation is showing some improve
ment for May.
Bank clearings for April totaied
IA IA billion dollars compared with
ntdIll 10 lliAOHo lbI AIiA iHoA Ntdl
for the entipe country. while the ooun-
try exclusive OF New York City. with
clearings OF 6217 million dollars
/. Z Fhcwed a gain over last year The
absolute quiet In stock exchange and
financial circles In New York accounts
for all of the decrease in clearings
and more.
Building operations in sixty cities
showed a fractional gain for April
over last years figures. In these sam'
cities, a gain IN building operation!
has been shown for each month O
1913 to date, the increase for the yea
80 far being about per cent Build
ing activity In New York City is abou
cne-haf what Il was year ago an'
in Chicago more than double las
years figures. while other principa
cities show only moderate gains o
losses.
Heavier immigration has eased tn
labor situation, and some labor is no,
idle. Immigration IN March amount
ed to nearly 81 thousand souls. com
pared with 81 thousand in March las
year, and 50 thousand in March, 1911.
"Textile lines are upset and await
Ing final tariff adjustment, They al
ready known the worst that can haT
~Spsn e. them, as the bill now in "a
Senate n changed az all, will probabl
have its decreases somewhat modified
The wool trade shows little in
provement, price concessions being d,
manded by buyers and refused b
growers. The hide and leather mark,
remains quiet. but leather quotation
are frmer.
The tariff bill will probably E
through the Senate in almast its pres
ent form, which will give an opportur
ity for currency legislation at thi
session Of Congress. Out of the nu
merous amendments TO the propose
currency legislation which have bee
or are being prepared, It is difficult [
give any adequate idea of what forI
currency legislation viii take Tn
proposed measure offers a method
re-discount, working from the outsld
In instead of from the inside out. a
was proposed in the original Aldric
bill. No man can say how the pla
will operate until It has been on one
alton for some time Il will. OF cours
need amendment and improvemeI
after experience, but the measure (
self, II passed, will give us start
the right direction and make poss
he a real currency system for tn
country"
MISS MELROSE
WITH CHAUTAUQU