The Sun and the New York herald., 1920-07-31
SIGNS OF BUSINESS
RECOVERY ARE SEEN
Fall Trade Depends Much on
Crop MoUing, Say ReUieuOs.

Business throughout the United
| States, retarded by restricted credits
and tangled transportation facilities. Il
: regarded as slowly recovering from
| summer quietness, according 10 II. O.
| Dun a Co. and Bradstreet's, but both
say that present conditions leave much
10 be desired and that the fall trade
| will depend 10 q large extent on the
manner In which the crops are moved.
One feature OF this week is the lss
business failures reported by r. @. Dun
a Co, in contrast 10 100 last week, 100
In the last preceding week and ll9 In
the corresponding week OF last year. OF
! those failures seventy-seven were IN the
East forty-two In the South, forty-one
In the West and twenty-tirree in the Pa
| cific States and 109 reported liabilities
OF $4,000 or more against seyenty-five
last week.
DERs ReVteiO thus sums up the situa-
! ton;
Expectations OF revival OF business
with the passing OF summer are being
strengthened by the continued favorable
crop outlook, but much will also depend
upon future transportation conditions
and the action OF prices. Months OF In
terrupted freight movements have
caused inconvenience and loss to vari-
GUS interests. preventing the consumma-
ton OF many transactions, and early
adequate relief from the congeStion does
not even now seem 10 be In prospect
Complaint OF the difficulty or imprac-
ticability OF securing urgently needed
fuel and other material comes from
many manufacturing centres, where par
tial or complete suspension OF work has
been forced In numerous instances, and
inability TO ship finished product rapidly
enough 10 prevent burdensome accumu-
lations Is further embarrassing the great
steel industry. Such impediments as
these are alone sufficient TO approclably
curtail business operations, but there
remains the element Of price uncer-
tainty 70 Impose added restraint on ac.
tivities.
While there is less divergence OF
opinion on the price quecuon than re-
Gently, doubts as TO the probable scope
and extent OF the downward readjust-
ment make for hesitation and waiting in
most quarters, and sizable demands are
still lacking for such important COM
modiues as textiles and hides and
leather and footwear.
Anticipating a continuance Of the
price yielding and recognizing the ssy-
nihcance Of the changed purchasing dis
position among consumers, many mcr-
chants are dis!nclincd 10 commit them
selves extensively for the future and
predictions OF shortage Of supplies 10
follow have thus far failed TO awaken
buyers interest The latter are begin
ring 10 appear IN the leading markets
IN large numbers. but the previous rush
TO secure goods at almost any cost has
been replaced by a policy Of operating
as closely as possible 20 actual require
ments and at the best terms obtainab,e.
Not few sellers meanwhile are max
ing increased efforts TO turn their stocks
faster and ct concessions, despite the
contention so freely expressed In the
past that price declines were not 10 be
expected. For the eleventh consecutive
week Dun's list OF wholesale quotations
this week discloses more recessions than
advances"
BrddStreets has this 10 say ASIDE
from slightly better tone Of reports
from final distributors, trade reports are
not greatly changed. and fall trade In
eplArel lines still lacks definite form
On balance reports as to transportation
point to improvement as the result OF
past strenuous work. but the iron and
steel and fuel trades are stlll centres of
complaints. Crop reports could hardly
be better, not so much because of any
record yields indicated. but because of
the generally cheerful tone Of almost all
the reports.
Special mention needs TO be made of
the very generally lower trend OF COM
modify prices this week. Special weak
ness Is shown IN the cereals. due to crop
reports or movement -four is of, hog
products are lower, as are butter. sugar.
coffee meat producing animals and cot
ton and cotton goods. BrGdstrests Food
Index Of wholesale food prices Is down
sharply, while OF seventy-six commodi-
ties OF all kinds. only ten are higher.
twenty-nine lower and thirty-seven are
unchanged.
Retail trade, due TO favorable
weather and a month long campaign Of
cut price sales, was and is fair, con-
trasting with only fair to quiet condi-
tions ruling in wholesale and jobbing
lines and in industry Buyers visits TO
the larger markets during July were aD-
parently more for inquiry than for buy
ing, to size up prices In fact, rather than
TO purchase, although quite a few West
ern markets note rather more confident
feeling ruling. based possibly on the ex-
cellent crop promise throughout most OF
the surplus grain areas. Advices as TO
volume of retail buying conflict but
there Is little doubt that stocks have
been appreciably lowered and large de-
partment stores make better reports than
do small retailers at several cities"