Milford chronicle., 1921-07-08
GENERAL SUMMARY OF BUSINESS
Issued by the Federal Reserve Bank
OF Philadelphia as of June 29tI.

Normally active trading did not de-
, velop during the past month, and few
signs of improvement are apparent in
the business world at this time. Buy
ers in all lines are cautious, cOnlining
purchases for the most part to goods
needed for immediate consumption,
and placing future orders of only linn
tied size.
Not all industries, indeed, are faY-
ored with even restricted future buy
ing, iron and steel being a notable
example. The last four weeks have
been one of the worst periods ever eN-
perienced in that business. The de
mand suffered a further relapse, prices
declined in spite of the attempted sta
biliZatiOn, and production schedules
were reduced to a point less than %
/ per cent OF the industTy's capacity.
| Shipbuilding plants are in the thrOes
of still greater depression; no new or
/ ders are being received, operations
are confined to the completion of
ships already under construction, and
many old orders are being cancelled.
The demand for petroleum, both
crude and refined is poor, and that
for bituminous and anthracite coal but
little better. Building operations are
still hampered by the strike in the al
lied trades and. as result, sales of
building materials are small. Textiles
are in q much better position but
their condition has not improved since |
last month. Silk goods are moving in /
good volume at firm Quotations, and .
the raw silk market has recovered |
from its recent decline. The call for |
cotton and wooden goods is fair, but
yarns and the raw stocks are moving /
slowly. Knit goods, as a group, are I.
in good spot demand, but there is
still much to be desired in the way
of orders for future delivery. Full
fashioned hosiery is in urgent request,
owing to the scarcity created by the
strike in the Philadelphia mills. At
the present time, there are no signs
of break in this deadlock, though it
has existed since the attempt was
made at the first of the year to re-
duce wages Is per cent.
The shoe situation is encoura aging.
Orders for fall delivery are being re-
ceived daily ,and the industry is as
suming a more normal aspect. The
leather market for the first time in al
most a year showed definite signs of
The demand broaden
ed and much activity was displayed in
lines which hitherto had been almost
totally neglected. A most favorable
development was the increased export
call. Prices of the more desirable
feathers advanced sharply late in May;
but this in measure served to check
buying, and as a result quotations
have reacted slightly. The hide and
skin markets, too, improved during the
month.
Business in the printing and pub
fishing industry is small, and for this
reason the strike of compositors,
1ressmen and press feeders has not
treated so serious situation as might
otherwise have been the case. Retail
rade fell off during May, the business
lone being 7.8 per cent less than that
If May, 1920. The larger portion of
his decline is attributable to the
Inference in the price levels of the
wo months, and to the fact that sales
Turing May, 1920, were greatly stimu-
ated by the 20 per cent discount cam
'aign.
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