The sun., 1918-11-23
CIVILIAN TRADERS
BUYING CAUTIOUSLY
Inclined to Wait Until Busl-
ness Conditions Are Re-
adjusted.
FEAR DROP IN PRICES
No Great Pressure to Sell
Staple Merchandise Has
Developed.

The transition from a war to a peace
basis 10 bringing Increasing cancellations
Of Government orders ana consequently
releasing the capacity Of the various
plants for peace needs While the trade
outlook n very bright. according to
BrodstresHs Weekly Trade Revteto. b
certain conservatism 10 manifest among
civilian buyers. who are evidently wait
ing for trade conditions TO re-, Just them
selves further before making heavy pur-
ehases for the future. In this connection
Brddstreets says:
"As tho country shifts from q war 10
n peace basis irrsguiarity In movements,
uncertainty about prices and cancella-
tons, the latter mostly OF war wanted
products. are strongly outlined. these
manifestations being accompanied by
conservative optimism as to the future
and readiness to believe that the country
win respond to readjustment with mini
mum OF shock. Meantime, however. new
buying In volume is in allowance. the
general disposition 10 10 mark time pend
ing the opening of clearly defined routes.
and In q word there n considerable look
Ing about to Gee what the dispensations of
peace will bring forth 20 Ill the gaps
caused by the elimination Of war work
an aspect that prominently stands out in
the iron and steel trades. But with the
lifting OF numerous restrictions and the
partial passing OF governmental priori-
ties, many Of the arts OF peace breathe
easier. and the abrosation Of these disad-
vantages tends TO produce a degree OF
what might be termed cheerful norrnality.
Thus far no great pressure to sell
staple merchandise has developed;
neither is there a headiong rush to can
eel orders for such goods. On the other
hand, manufacturers and initial pro-
ducers, who must look far ahead, trown
at paying current prices for raw mate
rials, but ind recession slow In appear
ing. Naturally most OF the buying going
over the counters is TO cover immediate
requirements but even 50. some Western
centres speak OF jobbers receiv;nH orders
for future delivery, and in at least one
section. the Northwest, renewed ac-
tivity dearly Is visible, and here and
there In other parts OF the broad West
country merchants are looking about In
any event cheerfulness In the circles Of
retail trade is more marked. sales have
broadened. buying OF holiday gifts has
expanded and mail order houses report
IN Increasing volume OF business"
Uncertainty ana Hesitation.
DaH's Reptew win say:
with uncertainty and hesitation gen
eral. yet with conspicuous disturbance
everywhere absent. the economic trans
formation is proceeding steadily. That
here Is much OF the spirit OF caution
manifest. with operati mainly limited
70 immediate and we'll defined require
ments, il not an indication of lack OF
confidence In the future. but rather of
doubts as to the exact nature and scope
OF the changes which are inevitable I'M
der the new conditions. Less than a
fortnight after the signing OF the arrnis-
tice the transition to n peace basis IN
business has run 10 considerable lengths
In some quarters and tho point has now
been reached, with the relaxing or elm
ination OF various war restrictions,
where the markets are freer from arbi-
trary restraints than for a long period
Whore prices have already been fixed
ahead, however. the dete animation IN
some Instances as In cotton goods. has
been TO maintain the present schedules
until the dato OF their expiration. and It
seems probable that this policy will be
pursued with respect TO most leading
commodities. \yet OF the ultimate course
of prices there 10 little divergence OF
opinion. IL any. and the disposition OF
anticipation Of stable reductions from
he existing extraordinary levels has
crown stronger. As illustrating this ten
dency. cancellations OF orders entirely
G side from such action by the Govern
ment have become more frequent, and
some sellers are endeavorlng to arrest
the movement
Cancellations I'm steel Trade.
The return OF a virtually free mar
lset in iron and steel has come quickly,
with the setting aside OF priorities on
most material. and in some other respects,
also, me Transition to a peace footing
Is proceeding rapidly. without evidence
that a definite policy as to stoppage OF
var work has yet been formulated. can
cellations have been frequent and the
trade, while hopeful OF the future, does
not now know whether enough new busi-
less will develop In the next month or
Two TO replace that which has been shut
OF Yet a leading independent wire
concern has changed, - fortnight.
from 100 per cent. operation on Govern
ment needs 10 100 per cent. running on
CO nIrercial contracts, and automobile
producers are making haste TO get back
o = normal basis.
Not only has the Government with
ravn as buyer from many OF the
textile markets, but methods are being
formulated for terminating contracts for
rIs-chaadise that will not now be
needed To accomplish the necessary re-
adjustments with as little disloca'lon
u Industry as possible the aim is not
TO stop Government work without first
eHdeavoriAg to care for the interests
81 labor Mat may be made idle. With
future conditions uncertain. most lead
Ing merchants are coupseling caution In
Undertaking new comniian ents until the
outlook becomes clearer. While the
tItcial maNimuns have been retained
m cotton goods. trading in some pro-
ducts has bean effected ct lower levels
and many sellers views about prices
ire undergoing revision. When an
Dounc cling the continuance OF the maxi
mum prices 10 January l, the Govern
ment made the statement that it did
not endorse the prices as fair or reason
"a Ma"