The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-12-06

\sv York. Dec. AS an outcome o.
80 reduction in prices durihE tne -
f.w weeks curtailment OF outpuS
various lines. with corresponding -,
nlcyment now appears as ,,n, ,o
,hoSc in ,he process OF readJuSlihe",, "
49, 80 normal basis Of business INC
-, S.,v DAYS have seen such cuFI",'
r,snt of output carried sti!l turtue'
various important lines a reaucSu
norton OF machinery ls ocSupiSu. -,
cent conventions Of producers haNe
suited in a comparison OF eHpet.eIt. ~.
Srhfcb has shown that in not rev IN
dustries production has fallen an! ~
~ % 10 50 per cent OF capsH,'!.
o,bers the percentage OF Norman eap",,
inv 10 greater. but IL ~ fact lnaS u,
staple lines very material reuu -
bac occurred On the other hand our
t - no,t ,y..k there were ipdlCa-
-io,s Of resumption in some lines ".
BUSINESS where factories had peeh ctoscu
or running on part time LOT "A
able period. MANAGERS haN'ps o'en "S
vised that retailers stocks Nerc r,id
frr co low a point that buying "wuau
,hHr,Iv have TO be resumed rsHard'fsS
~ The frame Of mind Of the business
man unless Il WAS his desire actuans ~
GO ont Of opera ton. ANNOUNCEMENT -
made that an independent stee, so'S"x
has reduced sheet prices 70 >lV ~ NJ,
,hoSr Of the steel Corporation. WIN
BUSINESS daily falling of further cuts
may have to he made in order 10 tacui-
tata revival in steel. This idea Is sup
norted By news that the ulurpe"1eHS
steel plants in Youngstown VIII EeuuCS
the working hours to eight nhs,eSG ~
twclvs after January |. Retail tTaue re-
80 from most parts Of the country
have shown "A surprising decree or main
tenance Of buying power - the nart o'
rhe consumer. n situation whicn II con
tinusi will necessarily make the nres-
rnt deadlock. between the manulacAuReE
and distributor only temporary
Trade and ExehanRe.
Meanwhile foreign trade is showing
nm unexpected ability TO take carr VI
TsaIr ,he total figures as made pubic
~ axn Indicating gross exports In
October Of $4,000 goo. D: ABOUT ~
nan ODO larger than in September. rms
growth OF business is naturally sscr
10 the heavy movement or gram aoG SOS
ton designed 10 provide Europe with az
mai foodStufts and raw materials heces-
cary for tho continuance of current ouSl-
pesS Most Of these exports OIL the
carIier autumn were undoubtedly repre-
srn,rd u, bills tina; immediately came
upon m. market and neC"SSi'at"u S",
responding withholding ~ eAcnahse pa
ances which had already been acculnu-
, Ia,cd in foreign countries. AS has often
bcsn observed, the situation In our 1or-
eign trade is now evidently such as 20
compel the obtaining Of current pa meht
for shipments out OF imports elther oA
goods, securities. gold or services as
business proceeds. Since We are ~ all
times sending abroad more than Is re-
turned 10 uS. the effect ot the SITUATION
necessarily is that y preventing tue
funding or absorption or the balances
which represent the already outstahnihs
deb, due us on the books OF torelsn
hanks and merchants. or represented by
In these circumstances II is not strange
that exchange quotations. In spite OF
temporary recoveries. have continued
weak and have seemed TO tend toward
lower levels.
Market Rsvisw and Outlook.
While the week started with trading
on a comparatively small scale subse-
ouenr DAYS saw some additions made 70
IL and there has. during the latter part
OF the period. been very fair degree OF
activity all through the list. the oond
market has been particularly active as
A result Of the disposition OF some In
ycstors 10 put their funds into bonds
instead OF stocks. while at the same
time the development Of several new
situations, such as that affecting the
Segregation OF Southern Facthcs oil
lands. have given n special impetus 70
speculation in those lines i-iquldation
continues on q small scale In the cop
per stocks, the reason for this. or course.
being the unsatisfactory condition OF
the metal situation and the fear that
there may DO further dividend reduc-
lions So far as the general market Is
concerned. while tho buying demand
continues OF the liEhtest kind. II Is be-
coming more evident day by day that
urgent liquidation has been completed
and any attempt on tho part OF II
shorts to cover could readily bring about
an advance. IN all probability there is
still some house cleaning" TO be done
IN the way OF relieving overburdened &C
counts. but there can be no doubt that
current low quotations for the list nave
largely made provision for this.