The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-13
HESITATION STILL
MARKS BUSINESS
Various Industries Report Pro-
g'Pessive Curtailment as Old
Orders Are Filled.

Hesitation and waiting continue to
mark the country's business, even at a.
time when normally it should be ex-
pandipg in volume.
Progressive curtailment is being re-
ported from various industries as old
orders are filled, because new business
Is not coming in at anything like a
normal pace. Price reductions and
cooler weather, however, have tended
to stimulate buying in certain favored
sections during the last week, accord
mig to trade reviews, but trade Is still
far behind that of a year ago.
AT a time when business should
normally be expanding In volume"
says Dun's ReUieto, "the situation Is
characterized by hesitation and wait
ing and in some directions the restraint
on operations Is even more apparent
than formerly. While the change from
the initiation of the war period and
afterward has not been uniform, having
started months ago In some quarters
and only recently in others. there is
evidenc. of a movement toward new
conditions in all lines. and the different
statistical barometers are now more
clearly reflecting the transition.
Returns of production indicate pro-
gressive curtailment as old orders are
filled and are not replaced by fresh
contracts of magnitude, and cancella-
tions are not only still a factor in low
ering the rate of output in various
channels, but mark a more general
phase in the iron and steel industry
with the repression of manufactur-
ing activities, employment is decreas-
ing in many directions, thus tending to
automatically lower the public pur-
chasing power, and there is a disin-
clnation or inability among most con-
sumers to absorb goods beyond actual
necessities
THE continued price concessions and
attractive sales indicate a growing dis
position on the part of retailers to re-
duce stocks of merchandise, but these
efforts to stimulate demands are not
having the hoped-for results in many
cases, because of a belief among buyers
that further reductions will later be
forthcoming. Moreover, the unusually
mild weather that has prevailed during
most of the fall has served TO shorten
the season. and has had an especially
adverse effect upon the distribution OF
| heavyweight apparel. The hopeful
features in the commercial situation
are now being overshadowed by the UNI
favorable aspects, but the price reac-
ton in primary markets has caused less
imam might nave Deen eX-
pected, and more wholesome conditions
will follow the completion Of the pres
ent readjus tment'
Brddstrect's state of Trade SAYS:
Price readjustments are going forward
with, If anything. rather more CELEBRITY,
and these. where accompanied by COOL
bracing weather. have induced a larger
distribution of seasonable goods, notably
wearing apparel
Evidences of Improvement are not
very broad or very deep. and immediate
needs seem to govern most buying, the
result being that the usual summary
in BrddstreetS Trade at Glance does
not show much change Of a striking
character. Briefly summarized. whole
sale and jobbing trade Is slow to fair.
retail fair to slow and manufacture any
industry show further slowing. with
either an increase of unemployment or
an extension Of short time in going OPP
erations.
THE selling campaigns inaugurated
by large wholesalers and jobbers some
weeks ago, and which this week are
featured at an increasing number OF
markets. have met with a moderate de-
gree of success. There is evidence that
despite the talk of retailers being In
clined TO wait for holiday trade an i'm
creased number are recognizing the fact
that it is a condition and not a theory
that confronts the final distributor. and
that IL consumptive demand is TO be
awakened something very attractive
must be offered consumers. This much.
too. can be said with clearness. that
some of the cuts made. notably in cot
ton goods at wholesale and some reduc-
tons at retail. have elected son1o stir
ring in business and some. not much. inn
provement in buying In other words.
there Is apparently a demand at sonlc
price for some things"