Evening star., 1919-12-28
1919PR0VEDSTAbLE
YEAR FOR BUSINESS
Dun's Review Notes Better
Conditions Than Was
First Expected.

year that opened with doubts
and misgivings as to economic devel-
opments to follow now nears it's end
ing with the future still clouded, but
with conditions having manifested
far more stability than had been gen
orally expected twelve months ago.
says Dun's Review.
While readjustments that have
brought with them some problems
even more formidable and difficult Of
solution than those of war times
have necessarily caused inconven-
fence and unsettlement in business.
yet the widespread and serious in
dustrial and mercantile reaction of
which many interests had been an
prehensive has not only failed to
make it's appearance. but 1919 has
set new high levels in domestic com
merce and new low records in fall
ur"s.
Th"s" results moreover. have been
attained in spite of greater labor
unrest than ever before Fnown. and
rotwithsta nding persist t"nt inter
f"renc" with productive and distrihu-
tive processes that has intensified tn"
shortages in manv commodities. and
has prevented transactions of magni-
tude that might otherwise have been
consummated. The buying capacity Of
the public, more or less renress"d
during the period of concentration
on war activities. reaSserted itself in
q striking manner in the year which
is now closing. and the Christmas
trade that has just been completed
ran beyond all precedent in many
instances
Outlook Is u~ce-tni~-
Vet favorable as the record Of the
~ast ~nar HIS baAn the fact is not to
l. Il; BOT hn1 dc
various elements of uncertainty. and
that the price situation is not devoid
of diSSuietir~ possibilities. A rise OF
wore than 100 Der cent in wholesale
nriCeS. such nS has occurred since the
summer of 1914. clearly does not mark
natural or desirable condition. and
has been reason for CROWN" disaf-
lection in many quarters. While
downward revision has for some time
been under way in certain articles
such as in hides. vet price declines
remain the conspicuous exception. as
Dur's list of quotations demonstrates
ard the needed readiustment is not
likely to become general until the
diSproportion between demand end
suprlv that now exists is appreciaLiy
narrowed.
Foreign Trade Movements.
That American exoorts 10 parts OF
Europe have lately heen diminishing
there has been statistical evidence;
hut shipments to all foreign nations
during November attained value
that has only once been exceeded. At
$741. 100000. in round numbers. last
months merchandise outgo surpasses
all previous records. e~rent the ex-
traordinarv total Of 1926. .0nn 00A Of last
June. and discloses an increase of
S1O9. .O00. 900 over the October figures.
and a gain of fully $21S.000.000 over
he Vnt
noteworthy features in the November
statement are not confined to exports.
for last months inward trade. with a
value Of $429. 900. 900. rose above that
of all former months. aside from the
$435. .OO0. 900 of last September. The
growth Of imports has been particu-
larly striking since April of this year,
and in the past three months alone
this country has received from abroad
goods to an aggregate value Of ST.
266. .000. 900. or $507. 100000 more than
in the same months of 1913.
Iron and Steel Conditions.
AS the year draws to it's ending. the
unusual conditions in iron and steel
stand out prominently. While evil
dence of the usual holiday lull Is ap-
parent. yet there would be less of it
observable if producers were not in
the position where it has become nee
essary for them to guard against
overlooking order books. and if buy
ers did not recognize the futility of
trying to have their wants fully sat
isfied at present. Another week has
brought further advances in published
quotations. basic pig iron. deIivered
eastern Pennsylvania. being up So.
and other grades of this material ris-
ing an additional 81, while iron bars
at Pittsburgh are now on a par with
last years price of $50 cents. Mean
while. production at leading centers
has not varied much from the rate of
recent weeks. as there has not been
the increase in the coal supply that
reports of output at the mines have
led people to expect. With the re-
moval of coke restrictions. the manu-
facture of steel-making pig iron has
become somewhat larger, but OPERA
tions at finishing mills have not dis
closed corresponding Improvement
Textile Markets strong.
Conspicuous strength in textile
prices appears at a season when
apathy is usually witnessed in pri-
mary markets, and when important
movements are invariably absent. The
present weeks reports have empha-
sized the fact that there is less of
the year end slowing down than is
to new high level is significant of
the favorable position now occupied
by sellers. That production is be-
coming steadier is matter of salts
faction, but apprehension over labor
conditions is expressed among wear
confronted with new demands for
higher wages. While many reports
of a surprisingly large holiday distri-
button at retail have testified to the
maintenance of large purchasing
power, yet in ready-to-wear lines
there is not little resistance to the
very high prices prevailing, and
ECONOMY sales" in THIS branch of the
business are expected to be a feature
in the early future. In the foreign
greatly in favor of this country. but
the pressure of increasing imports
from abroad is occasioning more gen.
eral comment. especially in the cot
ton goods division.
Prices Relatively Low.
After a month of decided weakness
in hide markets. following a longer
period of gradual easing, prices have
reached such a low level in comparison
with previous quotations that the trade
is now talking of an upward reaction
early in the new year Such belief
has as it's main basis the contention
that hides are cheap when the cost
of many other commodities is consid-
cred. and are also relatively much low
er in price than leather and shoes and
other manufactured leather goods. Tan
ners have been able to hold leather cs-
pecially bottom stock, at pretty close
to the best prices of the present year,
and it is argued that if this condition
can be maintained until hide prices take
an upward turn. no effort will then be
required to support the leather market
Within the last fortnight. tanners have
made considerable purchases of domes-
tic packer hides at appreciable reduc-
tions. and sizable buying in Chicago is