The Washington herald., 1921-02-14
ERRATIC CHANGES
FEATURE WEEKS
TRADE SITUATION
General Characterization
Well Nigh Impossible,
Says Bradstreet's.
APPARELS ARE BEST
Irregularities Accompany the
Process of Economic Read
justment, Says Dun's.

BTadStreelS TSNlCn VI
ditions for the past week says in
part:
Gross currents and irregularity
feature the general commercial and
Industrial situation. and broad gen
eral Characterization is difficult
indeed, well-nigh impossible. As
for over a month past, the social
ed apparel trades turn in the best
reports, whereas the iron, steel, coal
and lumber and other lines of build
ing supplies offer the least salts
factory advicos. OF the former, IT
may be said that while markedly
favorable changes or gains are not
shown as compared with recent
weeks, few backward steps are visi-
BILE, and the contrast with the re-
ports made two or three months ago
is much in favor of current distribu-
ton General distributive trade is,
perhaps, on the whole, better, and
while small-and- often buying rules,
there is more life and hope in traue
and industries catering to these
lines. Especially is cotton manu-
featuring more active than it was
two months ago, and kindred and
related trades, such as mill supplies,
are more optimistic. Wool buying
is nearer normal than for months
past. Collections, however. do not
gain in keeping with the increase in
optimism manifested in trade. In
the big basic metal trades, II cop
per, which is seeing a new idea OF
Hignngifinn trin
the situation is no better, but in
deed worse. in that prices Of steel
are being cut by concerns needing
business. while several grades of
pig iron are lower. Increased ana
very marked weakness is also noted
in crude and refined petroleum.
Coal demand does not seem to i'm
prove and output is sagging with
consequent increase in unemploy-
ment. On balance, this fatter. how
ever, does not seem any worse than
it was, assumptions and increased
time run, as in cotton goods, some
silk lines, and to a slight extent, in
the automobile and accessory trades
about offsetting increased quiet or
wage reductions in others.
Situation Lacks Form.
In general financial lines the
situation still lacks form. the stock
market being narrow with short
swings, whereas the bond market
is in pretty good shape, and new
and really very large offerings of
interest bearing securities, foreign
and domestic. are being absorbed
with apparent ease. The big specu-
lative commodity markets also wit
messed frequent swings this week.
on the whole showing more
strength. OF prices generally It
may be said that the trend is still
downward after a smaller net de-
cline in the Index Number in jan
uary than was witnessed in any
previous month since last spring.
In the building trades about half
the value of construction permit
ted for in January a year ago rs
forecast. but the gain over January
two years ago, also a period of de-
preston, is very considerable. Good
reports from winter wheat are made
possible by mild weather and mois-
ture in surplus areas. With for
eiGn news bearish, wheat is up
sharply on bUllish views as to do
mestics supplies, and -four is strong
er though not much more active.
Spring wheat -four has moved up
sharply at Chicago. Bank clearinge
show a smaller decrease from last
week and from a year ago than has
been shown in recent weeks.
Failures are more numerous this
week than last"
Dun's Views.
The irregularities which still
characterize the business situation
are a natural accompaniment of the
process of economic readjustment,
says R. G. Dun in their weekly re-
view OF business conditions. With
conflicting forces in operation, COM
mercial revival has not come in all
quarters simultaneously, and a def
mite turning point is yet to be
reached in some leading trades and
industries. Unsettlement in prices,
with the trend continuing down
ward, remains a cause for hesita-
tion in different lines, and such
new demand as develops does not
indicate that buyers are disposed to
commit themselves extensively for
the future. At prices much below
the highest basis, there is not the
volume of purchasing that might be
expected, because various markets
lack stability and orders are de-
ferred to take advantage of prob
able further reductions. The num-
Der of small-lot transactions, how
ever, is increasing in certain direc-
tions, suggesting that some stocks
are beginning to need replenishing,
and not little machinery that was
recently idle has started up again
on part-time schedules. While the
unusually mild winter has been det-
rtmental to retail distribution, con-
sumption of some goods is being
quickened by substantial price con-
cessions, and the large attendance
OF visiting merchants in the whole
sale centers is evidence of a grow
ing interest in merchandise offered
at low prices. With sellers no
longer holding the commanding po-
sition, competition to secure busi-
ness is much more noticeable and
a wide range OF quotations prevails
in some of the principal primary
branches. Attempts to advance
prices when demand revives in
Variably result in the withdrawal
OF buyers. although premiums have
been paid in isolated instances for
supplies to cover some special re.
quirement. The trade dispatches
from the different sections of the
country are not sufficiently uniform
10 make generalization easy, but the
main tendency is still toward grad