New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-10
TRADE AND INDUSTRY
Marked Irregularity in Bust
ness, but Little Reaction.

The reviews Of the mercantile agencies
for the week continue 10 report CONNECT
ing returns concerning tie trade situation
as n whole. but that there is slowing down
Of severa; lines Of industry seems TO De
confirmed. "Dun's Review" follows:
'IrreCularity is one Of the chief char
acteristics of the business SITUATION oa'
there is little evidence OF a general reac-
ton. In certain lines and sections OF the
country the volume Of trade rs EXPANDING
with gains recorded over last year In
some instances. Lower temperatures
throughout a considerable area have had
the effect OF stimulating the demand for
seasonable merchandise and 1t Is signih-
cant that prompt deliveries are strongly
urged, thus emphasizing the depleted con-
dition OF wholegale and retail stocks.
Transactions I'm the drygoodS markes
have recently shown a noticeable increase
in some quarters, having been heav-
Ter than at any time In the last three
years-and values continue firm. A con
spicuous feature IL the large number oil
mail orders, with buyers maniiesnns
more interest IN future requirements. The
call for novelties In dress fabrics Is very
farreaching in all materials, but pending
the advent OF free wool next month sew
eral wCollen mills are closing down tenn
porarily A decidedly favorable situation
prevails In leather. some prominent tan
ners reporting better business during
October than in any other month this
year although individual sales are gem
orally moderate in size. Continued i'm
provemont also appears in footwear and
advices from travelling statesmen indicate
that contracts already Ilaced have sur
passed expectations. In the important
iron and steel industry. hCwevar the re-
cession in activity is plain and the pro-
duction OF pig iron diminished last month.
Further reductions in quotations are
noted, but while railroad demands have
been somewhat larger OF late no broad
buying movement is i'm evidence. Some
concessions have also occurred in the
general tendency in that direction, and
business continues dull. The statistical
position. however, continues strong. Fol-
lowing the sharp advance in call money
Just prior to the November ] dsburse-
ments the rate returned TO a normal
basis, and time accommodation remains
available at easy terms. Quotations for
foreign exchange continue at low level.
and there were reports OF additional gold
engagements abroad. Statistics OF bank
clearings for October reveal a decrease Of
So per cent. az compared with the same
period of 1912. but the total this week is
large. than last year by Of per cent and
95 per cent in excess of 1911. Comparison
/ of the months commercial mortality ind-
Gates an increase over recent years in
both the number of failures and amount
of liabilities, the latter being swelled by
several defaults OF unusual size. Figures
of gross railroad earnings thus far re-
! ceived for October show a loss OF 90
per cent from a year ago. but a gain Of
4.9 per cent over 1911.
New demands in iron and steel have
been stimulated only 20 a moderate eX-
tent by the additional price reductions an
nounced, although some announcement
is derived from the improved railroad
buying. IL is the impression i'm some
quarters that the readJustment Of quota
lOlis VIII hIAIIldNtiA ltshl III tnf pldflIiS
of latent orders, since for several months
consumers have restricted their purchases
10 immediate requirements. There is very
little inquiry for pig iron and the market
is easier with some basic offered as low
as sl3, Valley. Statistics Of pig iron pro-
duction compiled by THE Iron Age" show
that the aggregate output during October
reached 2.5i6 26l gross tons or S2133 tons
day. against 2.505.S2T tons in September
There was a net loss Of twelve furnaces
reported last month, and the PA furnaces
i'm blast on November / had a daily ca
pacity of 1858 tons, as compared with
1916 tons day for 2J6 furnaces on Oc-
tober l. plentiful supply OF crude steel
is available, and concessions are named
on billets, s2l Pittsburgh being the av-
erage on both open hearth and Bessemer
A general revision on sheets and tin plate
has been made 10 meet foreign competi-
ton, while the reduction on lap-weld pipe
amounts To about 50 ton. Prices on
spikes. rivets and bolts are frequently
shaded and the demand is limited"
"Bradstroets" comments thus
Trade reports are Of two-fold char