New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-21
TRADE CONSERVATIVE
Gradual Contraction Due to
Floods and the Tariff

Floods and the Tariff.
IN their reports OF the conditions OF
trade FOR last week commercial agencies
indicate "a contraction in business for the
period in trade and industry throughout
the country. "Dun's Review" runs as fol-
lows:
while the principal industries and
trades are still experiencing some abate-
ment Of activity a a result of the recent
floods i'm the West and the conservatism
produced by the pending tariff readjust-
ment, there is APPARENTLY no fundamental
or permanent change in the situation. The
reduction In the Bank Of England rate OF
discount TO AZ per cent. the financial im-
provement ia Germany and the easier
tendency OF money in our own markets,
are among the most favorable develop
ments OF the week. Moreover. winter
wheat conditions are all that could be de-
sired, forcshadOwins q very large Yield
and while seeding of spring wheat has
been somewhat delayed by the recent wet
weather. cotton planting IS progressing
favorably. These factors-the improved
monetary situation and the encouraging
crop outlook-acount for the feeling OF
confidence which generally prevails IN
mercantile circles In spite of the reduction
I'm current consumptive demands. TINS re-
duction reveals itself in the statistics OF
bank exchanges. the volume OF when TINS
week decreased 81 per cent from last
year although the total was 22.3 per cent
higher than IN 1911. Railroad gross earn
ings declined 33 per cent in the hrs'
week of April. due mainly to the reduced
traffic on the Southern and other roads al
fected by the floods. The steel trade mas
not vet fully recovered from the effects OF
the food disaster and the declining price
tendency in mig iron is more pronounced
but. on the other hand. the favorable
crop conditions impart confidence ih a
complete resumption Of activity hetor'
long. and il is noticeable that In certain
branches OF the trade, especially in some
of the finished lines. the demand SHOWS
little on no falling of with premiums ioi
pronpt deliveries still freely offered. cop
nor IS frmer. In the drygoods trade pur-
rbases for current needs are large, bui
tbere is little anticipation of future re-
o,,iron,ents. Retail distribution maintains
a fairly normal volume, with some I'M
nrovement noted in the shoe trade. Build
ing operations are active and VIII I'M
,.r,,.e with more settled weather. The
trade reports from the cities I'm the agri-
cultural sections that have not been ar
focted by the floods are nOuceaoly nope
I'M current business being stimulated oy
tho favorable crop conditions At home.
,,itb nrospects of continued large foreign
d.naud In the affected districts the
work of restoration ~ in progress anu
hn.lness j. resumins a more norman as
meet Foreign commerce maintains us
large proportions and at the port of New
YORK i'm the latest week. aggregated SD
0SS 227 against SO AS in 1872 and S2S'ls2'-
ga In 1911. The exports were about the
same as last year and the imports some
what larger. both making big gains over
1911. The nations merchandise exports
during March were the largest for that
month of any year. except 1912, while the
iuports were only exceeded IN W. ahu
1910"
"Bradstrcets" view Of the situation Is
given IN the following:
"B.tter weather. excellent winter "he"'
crop reports. renewed activity by farmers
resumption OF operations In the hoodeu
districts of the Central West anu
more reassuring outlook In the lower MD
siupi Valley. are the leading faVorapic
fe.,tires of the week. over against TINS
,n,.st he set the increased prominence u
tariff discussion. particularly as REGARDS
the textile industries in the Eastern states
of the country. and the continuance oil
doorea of stiingency in money, despilo
marc evidences of easing, both AT hoilio
and abroad. ON balances. the SITUATION
nrescnts a fairly favorable position, be
cause the displacement of cold, wet
weather by sunshine ana warmth h"'
made for more active retail trade AT nnos'
no,nts Jobbing trade for Immediate
s,,iny and summer months is still fairly
active. and the arrival OF seasohaole
weather makes for enlargement OF ac-
,ivities In a myriad Of lines connected
with production and consumption. Even
i'm lines supposed likely to be vitality al
focted nv tariff changes the feeling Is that
u is most TO have the matter over anu
dona with. and there is rather less thaiI
the usual fear of foreign dumping IN DO
mestic markets, partly because OF active
t,.d. i'm I,urope