The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1920-05-31
TRADE REVIEW
ANDOUTLOOK
Process Of Liquidation
Widens in Scope as
Prices Drop.
FALL BUYING SMALL
Refuse to Make
New Commitments at
This Time.
The liauidating process that began

lately occasioned general comment,
has continued, and is widening in
! its influence. If not yet everywhere
apparent, the movement toward re-
! adjustment is plainly discernible in
various quarters, as in textiles and
| hides and leather and footwear, and
| is manifested both in current price
| tendencies and in the conditions af-
fecting future operations. With an
unusually backward season, and a
congestion in transportation that
has seriously disorganizei COM
merce, some shrinkage of transac-
lions was to be expected; but these
restrictive elements do not fully ex-
plain the prevailing disposition of
most dealers to conflne commitmc nts
within the closest possible limits,
and the increasing cancellations and
revisions Of orders. The fundamental
reasons for the recent abatement of
activities, in tact, have appeared IN
| the diminished consumption . Of
merchandise, due largely to the
prolonged era of extreme prices,
! and FASTENED by the reduction
| of purchasing power through de-
cause or another. and in the
/ the efforts to bring about
credit contraction. The results of
! financial pressure have been seen in
| enforced offeri: Gs )f s1n.e goods at
/ appreciate price concessions, not
/ only in retail lines. but also in
wholesale circles. and buyers grow
/ ing conviction that the present price
reaction marks something more than
a temporary furry chiefly accounts
for the existing hesitation in en-
tering upon. forward engagements.
! While inability to accept additional
contracts. owing to impediments in
manufacturing. prevents some bust
ness that might otherwise be con-
summated. demands for next fall
and winter requirements have
slackened perceptibly. pending a
clearer insight into the price situa-
ton. and curtailment of output has
developed in the textile industry
and elsewhere because of lack of
new orders.
With shortages in supplies of
some commodities. and production
costs remaining at high levels, price
establishments may be further de-
layed in certain channels: but the
main trend now seems to be defl-
nitely downward. and Dun's list of
wholesale quotations this week, for
the second consecutive week, dis
closes more recessions than ad-
lyances.
Iron and steel Congestion Continues
All other features in the iron and
steel situation are still OVershadow
ed by the congestion in transpor-
tation, which continues to seriously
hammer nFnHurfinn e
and prevents the acceptance of much
new business. Rather more hopeful
views are taken of the railroad out
look, but improvement in freigh,
movements has been slower than
expected, and several weeks must
elapse before there can be an ap-
proach to normal conditions. with
the return to work of hundreds OF
men that were on strike, the Pitts.
burg district has Jared better than
other large manufacturing sections
and Youngstown operations are
nearer a 30 per cent basis. Yet the
uncertainty about deliveries has dis.
couraged buying and some cancel.
lations are reported, although the
Iron Age says that these ''are not
indicative of any cessation in de-
mand." Where published quotation,
NhohSCd At all, the TeNlSlOns
have been upward. and marked firm.
ness prevails in pig iron and semi.
finished steel. Disappearance o,
premium prices, however. has beer
a recent development
Textile Sales at Price Reduction.
The liquidation OF retail dry
goods stocks has become still more
general extending to all parts OF
the country. and signs of price re.
adjustment are multiplying in pri
} mary markets.
While the price reductions remain
most conspicuous in consumInt
channels, yet some wholesale quo
tations are beginning to be revised
downward. and print cloths hav,
sold as low as 2oc. for autumn de,
liveries. Generally. trading at frs
hands is of limited proportions
buyers holding to their policy nj
deferring important commitments
and increased cancellation OF order,
is resulting in curtailEd production
in various lines. The difficulties O.
making shipments, due to conges
ton in transportation, are lessenin.
gradually. but have already don,
much. to cause hesitation in opera
tons. and nondelivery of goods !,
one of the causes of the present de,
cline in new business. Meantime
the disorganization in silk market.
has continued, with constant at
tempts to liquidate on the part O.
Jobbers and other interests who ar,
under financial pressure.
Decline in Agricultural Efforts.
With the appearance this weeL
OF the official returns of April aRri.
cultural exports, more light wa,
thrown on the reduction in las
months domestic merchandise ont
go. OF April's aggregate export,
Of about sss4.opO. 900. which feI
some s3l.o00.000 below those o.
that month last year. farm product,
supplied $261.943.00O. or $71.30O, 90,
less than the s333,244.0oo provided
by such shipments in April, 1918
! This stable decline in a~ricultura
exports IL wholly accounted for h,
a decrease of s37.596.000 in bread
stuffs and of s106.207 900 in meat
and, dairy articles, which change,
far more than offset an increase a
ISL, 100000 in cotton and of STE. 2s5
600 in mineral oils, and a small rair
In cottonseed oil. From a uuantit,
standpoint. the April exports dis
closes a sharp falling off In wbea,
of which not much more than a
100000 bushels were sent abroad a,
against fully, 100000 bushels /,
April. 1919, while smaller move
ments also appear in barley, oat,
and -four.
4 NEW YORK DOCK CO.
/ New York. May so.-The New Yor,
Dock Company reports earnings FOL
1.-THE month of April as follows: ON.