New-York tribune., 1913-11-23
SLOWER BUSINESS
In INDUSTRIES
Curtailment of Operations in
Iron and Steel Reported
for the Week.

TRADE conditions are reHeCleu III tHo
unseasonably light demand for money,
| especially in the East; in the South and
| West there Is little more inquiry. Inc
recession in iron and steel Is more pro-
| nounced than in previous weeks. Curtail-
ment of operations in that industry has
| increased and working forces are con-
siderablv reduced with buyers showing
DISPOSITION 10 hold off for still lower prices
Current demands from the railroads are
disappointing and the falling off In con-
sumption has also extended TO less i'm
portant lines while there has been no
check to the declining tendency in quota
tions. In copper, the situation continues
one OF extreme dulness and substantial
concessions are offered from the values
previously prevailing. AS against these
evidences of trade reaction. however, the
distribution OF dry goods remains steady
and the effect OF a restricted supply and
a broad inquiry are clearly apparent. The
largest cotton blanket mills can take no
additional spot orders and are being
forced to enlarge their equipment while
some OF the most prominent silk mills
have booked excellent spring contracts.
Manufacturers OF fabrics. on the other
hand, have adopted A conservative policy,
owing partly to uncertainty regarding the
possible effect OF textile importatlons. Ad-
vices concerning wool indicate improve
ment in conditions, with sales above the
average in volume. Leading manufactur-
ers are inclined TO expand their opera
tions. but holders are reluctant TO lower
I'll
weather recently prevailing had A de-
cidedly stimulating effect on the move
ment OF seasonable footwear, and retail
ers report that business is good Some
what less activity appears In shoe leath-
ers. but supplies are still light and quo
tatons continue strong. There is some
depression in the securities markets, but
speculative dealings are exceptionally
dull Enlarged offerings OF money re-
suited in still easier rates, and this was
partly responsible for a firmer tendency
in foreign exchange. Statistics of bank
clearings reflect a decline this week Of
lOs per cent as compared with year
ago. but a gain of 26 per cent over 1911.
while gross railroad earnings for the
first two weeks Of November were 2 per
cent less than last year. although show
ing an increase OF 6.3 per cent over 1911.
The movement OF foreign commerce az
the Port OF New York for the latest week
showed a larger volume OF merchandise
exports than in 1912, but imports decreased
rather sharply.
'Irregularity was manifest in the mar
kets for the leading farm staples. al
though the general tendency Of grain
prices was downward. Improved weather
conditions In Argentina exerted depres-
sing effect on wheat, while the usual
weekly statistics were also bearish. Thus
offerings by all surplus nations were again
in excess OF IS. 600. 900 bushels. and domes-
tic visible supplies showed another sharp
increase, with the total largely surprising
last years Rumors Of considerable ex-
port demand gave some support, and in
certain quarters the foreign situation was
regarded as an element OF strength. West
ern receipts OF wheat this week were again
smaller than I'm the same period OF 1872
$40. 900 bushels, comparing with II, ,0l3,-
673 busheLs-while exports from all ports
OF the United States. -four included. were
5.255.1i7 bushels, against 4,5i2.017 BUSH
els a year ago. Unfavorable weather
throughout the belt held corn firm in the
early trading. but thereafter advances and
declines alternated. Sentiment continued
rather bearish, and there were evidences
that the markets had become oversold.
Primary arrivals Of this cereal this week
Of 2s73.000 bushels. compared with O.
925.3l6 bushels last year. and Atlantic
Coast shipments were 1900 bushels.
against 95, S63 In 1912. AS usual, oats fol-
lowed much the same course as the other
grains. Erratic fluctuations were again
the rule in cotton. but prices showed some
net decline. Reports Of large ginning up
20 the middle OF the current month stimu-
lated early selling pressure and loss Of
about 81 bale part Of which, however,
was subsequently recovered"
"Bradstreets" report follows:
Mixed characteristics are presented in
the weeks trade news. Thus, unseason-
ably mild weather has hampered retail!
trade over wide area, which factor has
reacted TO some extent on Jobbers. con-
servatism as regards future buying Is In
evidence, the iron and steel trades con-
tInue to reflect slowing down move
ment. money for time accommodation is
rather tight, and collections seem to be
somewhat harder to make. On the other
hand. activity in holiday trade has tend
ed to close up some of the gaps caused
by mild weather. winter wheat is In fine
shape on a record area, railway traffic Is
being conducted with relative case. farm
crs appear TO be prosperous. and country
banks report a rather heavy demand for
loans, while day TO day buying of staple
articles is sufficient to keep stocks down
to low levels. this being indicated by re-
quests for quick shipment. and multi
plcity of industries continue active, thus
tending to minify slowness In other d.
rections, chiefly in iron and steel, ma
tile mIns, except woollens, which are
marking time until after December I. are
working to full capacity, consumption OF
cotton is heavy ginning OF the prod ict
the last fortnight is of record proportions
for the period, the trade reflects scarcity
OF some goods, manufacturers OF overalls
and shirts the country over are working
TO capacity, manufacturers OF stoves at
the leading centre are unable TO keep
up with orders, furniture plants are run
ming full and hosiery and knit goods
mills are operating full time. The auto
be doing well as regards work and con-
tracts. but il is conceded that some con-
Germs are not favorably circumstanced.