The Washington herald., 1920-08-01
TRADE REVIEW
AND OUTLOOK
Crop Report Strengthens
Expectations Of Revival
OF Business.
CONGESTION HINDERS
Steel Industry Hurt by In
ability to Ship Finished
Product Rapidly.
CONGESTION HINDERS

Expectations OF revival Of bust
ness with the passing Of summer
are being strengthened by the con-
tinued favorable crop outlook. but
much will also depend upon fu-
ture transportation conditions ana
the action Of prices. Months of in
terrupted freight movements nav.
caused Inconvenience and loss 20
various interests. preventing the
contamination Of many trans
actions, and early adequate relief
from the congestion does not even
now seem TO be in prospect. Com
plant OF the difficulty or imprac-
ticability II securing urgently
needed fuel and other material
comes from many manufacturing
csnters. where partial or complet.
suspension OF work has been forced
IN numerous instances, and inability
to ship finished product rapidly
enough to prevent burdensome an-
cumulations is further embarrassing
the great steel industry. Such i'm
pediments as these are alone sum
cient TO appreciably curtail business
operations but there remains the
element Of price uncertainty TO i'm
pose added restraint on activities.
while there is less divergence OF
opinion on the price question than
recently, doubts as to the probable
scope and extent Of the downward
readjustment make for hesitation
and waiting in most quarters, and
sizable demands are stIU lacking
for such important commodities as
textiles and hides and leather and
footwear. Anticipating a continu-
snce OF the price yielding. and rec
ognizing the significance Of the
changed purchasing disposition
among consumers, many merchants
are disinclIned TO commit them
selves extensively for the future.
and predictions Of shortage Of sup
plies TO follow have thus far failed
TO awaken buyers interest. The
latter are beginning TO appear in
the leading markets in large num-
bers, but the previous rush to Sc
cure goods at almost any cost has
been replaced by a policy OF op-
Grating as closely as possible to ac-
tusl requirements, and at the best
terms obtsinable.
Not a few Sellers, meanwhile are
making increased efforts to turn
their stocks faster and at conces-
sions, despite the contention SO
freely expressed in the past that
price declines were not TO be eH-
pected. For the eleventh consecu-
tive week DUn's list Of wholesale
quotations this week discloses more
recessions than advances.
Merchandise Imports Largely In
creased.
A reversal OF the course Of this
~
messed in June. a reduction in mer-
chandise exports and an increase in
imports in that month contrasting
with an opposite tendency in NAY.
The changes in both items were
sizsble. the June exports OF $751;
100000 falling nearly gII5.OOO 900
short Of those Of May. while the
imports OF s555. 900. 900 surpass the
previous months total BY Sl22. .oOO.-
600, and also set a new high month
ly record. Comparing with June OF
last year. the exports are smaller
by S2S7,Oco,Ooo whereas the i'm
ports are $2s0.0OO.OOO larger The
most significant feature OF the June
statement is the fact that the eX-
cess Of exports over imports. which
was s635 OOO. 900 in June. 1918. was
reduced to SIS, 900 900. In May. this
year. the export excess was Ssl5.-
900. 600, but the exports of that
month apparently included ssme
goods destined for shipment in
April and held UP through port
congestion.
Iron and Steel Handicaps serious
Gloomy reports still emanate
from iron and steel, centers as
weeks pass without the hoped-for
relief from the serious transporta-
tion situation.
The weeks dispatches from Pitts
burg are especially pessimistic.
some OF the steel plants there being
forced to further cUrtaIlment. and
only those having the advantage OF
river shipment being able 70 pre-
vent added accumulation OF finished
product, and the Illinois coal strike
has brought on a new fuel crisis IN
chicago territory. The prise Of coke.
meanwhile. has risen another 81.
making the quotation Sls for PROMPT
foundry. and this advance finds re-
hection In further rise in pig iron
although conservative furnace on
orators are said TO be trying 10
check the uptUrn. Generally new
inquiry for finished products has
diminished, and reports from the
automobile industry. although con-
hicting. indicate reduced operation.
In England according to cable ad-
vices to the Iron Age. there Is weak
ness IN the steel trade, with some
cancellations Of contracts.
From the viewpoint Of sellers. ex-
isting conditions in the primary urv
goods markets still leave much TO
be desired. Whereas reports from
some OF the retail centers continue
20 tell Of satisfactory seasonal
distribution. business in wholesale
channels does not reflect the degre.
OF activity hoped for. and the price
movement is more generally down
ward. While many mills and agen-
cies are deferring the naming o.
new prices until greater progress
has been made in taking in N.
goods already on order. vet pub-
llsheo quotations each week dIsclos.
some further recession, and prInt
cIoths have sold at as low as sixteen
cents for delivery in the last quar-