The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-21
TRADE REFLECTS
MORE CONFIDENCE
Is Not So Much Affected BY
Political and Economic
Uncertainties.
HESITATION DEPARTING
Activity in Demand, Strength
of Prices and Optimism Are
Features of Situation.
HESITATION DEPARTING

n
parent in business and trade during the
last week than at any time In the near
past, according to the weekly trade 20.
views, and political and economic un.
certainties, which have been holding
back enterprise to some extent, have
ceased to be regarded as important
features of the situation.
Commercial advlces are such as n
leave no doubt as to their meaning"
Gays Dun's Revie,o, land questions on
the genuineness of the business revival
steadily diminish as concrete evidences
of progress multiply Much of the hest.
tation engendered by economic and pot.
ical uncertainties has been disspated
and the prevailing condition is no long
er one Of waiting for a clearer in
sight into the future, but rather Of a
confident embarking upon important
commitments Within recent weeks the
change of sentiment has been sharply
manifested and the reversal of purchas-
ing policy, which has resulted. not alone
demonstrates the pressure OF consump-
tive requirements. but also reflects a
wider acceptance OF the belief that high
prices are to continue and that tardy
buyers may later face a shortage OF
merchandise. Scarcity Of supplies is
now a not uncommon feature and many
manufacturing interests, seeing order
books already filled. are withdrawing
statesmen from the road and are concen-
trating on making deliveries within the
specified time limits. Such a situation
marks q pronounced departure from the
lull in activities that followed the
armistice and not only are approximations
of unemployment lessening as the rate
of production rises, but reports Of an
IF akfllad lah ha.
coming more frequent in some quarters
as demands for goods grow in magni-
tude and urgency.
Forces Behind Recovery.
"The propelling forces behind tho
present recovery are the extraordinary
domestic retail distribution OF stable
articles and luxuries, in some instances
at prices eclipsing previous high levels,
and the dependence OF Europe upon
American markets for many products
needed in the process of after war reha-
Utilization. No one section of the coun-
try has a monopoly on improving busi-
ness. and optimism Is practically gen.
eral, while complaints Of backward COL
lections are the exception and June
promises to set another new low monthly
record in number of commercial failures
For the sos 100000 decline In last
months domestic merchandise exports
the reasons are not wholly clear, nor did
Thursdays incomplete official statistics
show in what commodities and TO what
countries the shipments were smaller.
The May total of $606.000.0o0 compares
with S714,50O, 900 in April. the highest
monthly aggregate. but has only three
times been exceeded in the country's his
| tory and is S55. 100000 larger than that
| OF MAY. 1918. Yet the May export excess
| of $277 200, 900 is LEES than in any month
since the armistice, for last months i'm
ports set a new high record at $4,000
| 600 and surpassed by $56,00O.OOO the
April figures That renewed expansion
In exports will follow the May reduction
| Is probable, inasmuch as the needs OF
| Europe are known to be extensive and
| the current month has brought reports
of a growing foreign demand for Ameri'
can products"
| Optimism Stands Out Clearly.
ACTIVITY In demand. strength Of
prices and optimism as to the outlook
| saws Brddstreeps State Of Trade. stand
| out more clearly than at any other time
| since the armistice. AS to the nrst' II
| might be said that the list Of things
| sought is a virtual roll call of the coun-
try's products with articles OF wearing
| apparel and luxuries most wanted ana
the chief concern expressed being as 10
deliveries OF goods. with prices 10 10
| paid a secondary matter Even mo
great Industrial lines that have hitherto
Jagged, iron. steel and. to lesser ex.
tent, coal, show buying increasing ana
output enlarging. with the view IRE.
quently expressed that the entry mo
the market of the railroads Is the only
thing lacking to put these great indus
tries on a permanently higher basis,
After early weakness. due to the rise
in call money rates to the highest price
in seven years. with the showing by 'ne
banks Of the Clearing House OF the hFss
deficit In required reserves repoFpu
since the Federal Reserve system was
established. the stock market tuFhei
strong and regained great deal o. tOs.
ground. with indications multiplying .nH'
the market is pluming Itself for another
flight. Bank clearings, rejecting s'o'N
market activity and very large pay
ments through the banks on income "a.
and Treasury account, are the grea'es'
ever recorded.
Foreign trade for the last month re-
coded as to exports. but imports maze +"
new high record, and the country Waue
for the fiscal year now closing VIII w
by far the greatest ever recorded 10
foreign exchange market shows rs".1'
quieter tone. with weakness Sun m""
fest in French and italian rates
mot the least favorable deyeIopnen.
of the week is that warm, crowns
weather has made for decided imp'oN
ment in crops. with less concern g,
pressed as to the effect Of past eNccSs.I'
moisture upon winter wheat A''Hn
panying these reports are ady''"s VA,
corn. hitherto backward. has maze 6uu.
growth and that some lost time mas