The sun., 1919-10-04
STRIKES CAUSE
TRADE SHRINKAGE
Certain Lines Most Affected
and Large Operations Held
Up Temporarily.
EXPORTS ARE CURTAILED
Shortage of Supplies Rather
Than High Prices Makes
for Hesitation.

Shrinkage in volume OF business IN
certain lines has resulted from continued
labor troubles, according to the weekly
trade reviews, and operations of magnl-
tude are being held up. temporarily at
least. 1t Is pointed out that while prices
remain at high levels shortage of sup
plies rather than the price question is
responsible for hesitation in business Of
all kinds. '
There is. however. less repression in
big primary lines and in stock and bond
markets. 1t is said. due to "evidencs that
the steel strike menace has been met
and practically mastered Export trade
particularly on the Atlantic side OF this
country, has been affected somewhat BY
the British railroad strike.
with the labor situation still seriously
disturbing In many parts of the coun-
try" says Dun'S Review, business is
increasingly Inconvenience and its vol
ume discloses progressive shrinkage in
certain quarters. Continued strikes in
some lines and fresh outbreaks in others
are not only a cause of hesitation but
prevent operations OF magnitude that
settled conditions would otherwise stimu-
late, and the attendant loss of produc-
ton directly or indirectly affects various
important interests. Yet progress Is not
wholly impsded despite the existing
drawbacks, and from trades and sectipns
outside the immediate influence of inyus-
trial controversies come frequent reJorts
of demand for goods beyond the ability
Of sellers to satisfy Tho shortage Of
supplies, aggravated by the restriction
of outputs is more often factor In lim-
iting transactions than any question Of
prices and extensive buying of luxuries
and better classes Of merchandise is q
feature commented upon in many des-
patches
Failures Have DecIeased.
with comparatively few exceptions
retail distribution has not been appre-
ciably curtailed by stoppage Of wages
that results from partial or complets
shutdowns at manufacturing establish
ments, but deleterious effects can hardly
fall to find sharper reflection In
diminished consumptive purchasing II the
labor troubles at steel plants and else
where be protracted. The export out
look has been complicated by the great
railway strike in England. which has
necessitated delays in domestic overseas
shipments, and the depreciation of inter-.
national exchange, while less marked
than recently, remains an obstacle in the
development of foreign business. 30
THE insolvency statement for tbs
nine elapsed months of 1919 does not
tell anything that is really new, but its
favorable features compel attention.
With only 1856 failures, exclusive Of
banking and other fiduciary suspensions
and personal bankruptcies. the nuner!.
cal exhibit Is the best for the period
since 1881, and 1t Is necessary to go back
more than a dozen years to And an in.
debtedness smaller than the sSS,94l,6OS
Just reported. Even comparing with
1918, which was a time of compare
lively light mortality, reductions of 1913
per cent. in number and 27.7 per cent in
liabilities are disclosed, aH fewer de-
faults appear in eight geographical dh
visions. into which the returns arc
separated. More than this the improve.
ment extends to manufacturing. trading
and other commercial occupations th1
trading making relatively the best shoaS
ing.
Primary Lines Less Repressed.
BrGdstreet's State of Trade says:
Production and shipment are retarded
and irritated by continuance OF old
strikes and launching of new ones For
trade. especially exports, is checked by
foreign labor disturbances. On the other
hand, final distribution, as reflected in
reports OF JoDberS and retailers at most
of the country markets, is still at high
rate of speed, most complaints having to
do with insufficient supplies of goods 10
satisfy insistent demand for immediate
and distant positions
Incidentally, 1t might be noted that
there is rather less repression in big pri-
mary lines and in the stock and bond
markets. PROFESSIONALLY this is dus
largely to evidences accommodating day
by day that the great steel strike menace
has been met and practically mastered
and that the first important check has
been administered to radical labor In
reference. with the ordinary processes
of industry.
with the waning of the steel strike In
Its second week, some reports OF enlarg.
ing output of iron and steel and It is
worth noting that at three great centres
of primary production, Pittsburg Chi
cago and Birmingham. trade as well as
production has thrown off, constraint Wis
ible earlier, in each case buying being
reported larger than a year ago. It
is true that export trade and more es-
pecially shipments are affected on the
Atlantic coast by the great British rail-
way strike, which congests shipments
and holds ships idle in ports, while long.
shoremen's and smaller strikes, more es-
pecially on the Pacific coast affect the
lingo and nutgn nf