Every evening, Wilmington daily commercial., 1921-03-21
Money and Markets

/ lsIoliIy dlid Asidl htto
fNote: The following statement re-
| gnrdinR current market conditions wnn
prepared for Every Evening by the Of
finiala of the National Bank Of Conn
merce In New York.-~'fho Editorl
| World wide liquidation hna reached
point where It cannot be halted for the
| benefit of any group or unit Of produc-
tion either IN tho United atatee or elae-
where Employers and workers. who
arc unwilling to fneo prenent conditions
| frankly aud couraReousy are TetardinE
| resumption of normal bunineaa ana |
working against their own interesia
| Prevailing wnga scales. which under |
| present conditions are of little real al
vantage 20 tho workers. are an absolute
deterrent to the lowered costa which
| must be established before the prizes of
coal and ntoei can he lowered and
| freight rates altered IIiRh wage rates
nre purely iiuaory as long as Wide
spread unemployment or part time
work reduces real income aud lmpaira
purghnsing power.
The primary and wholesale markets.
| which for time showed gpotty I'm
provemout. have IN many lines again
becone dormant. steel output has fall
| en- To lcas than ono half Of min capacity.
Hallway traffic and earnings are do
ereasing week by week. production of
coal has fallen Ia the lnwest point IN
four yenra and building operations lag
| far behind tha total of NOW cunsirIr-
tlon known 20 be in Immediate demand
| Slow and moderate liquidation Of hor
rowing from tho Roecrve tanks la re
nected In the slight but steady improve
ment I'm the reserve ratio of the FEEDER
al Hpeefvo system. although tho fact
Hheuld not be overlooked that = sub
stautiai part uf this Improvement ia tho
result ~ gold lrupurtatinnH. which have
continued uninterruptedly for many
months There hate been further mark
ed declines iu wholesale prices, but
fsIal and afeel. whila lower. ere aiill
out Of llne with the general pris e =. q
Iuyete remain unwilling in contract
for other thau immediate reoesai'i"s.
which are ~ minimum.
Money Mates.
The reaarve ratlo of the Federal re
serve tauFa las in the pariod under
review rlaeu from a. per cent an Feb
ruary II a. ~ rfr cent IN MARCH It,
hat the general situation has nnt rna
terlallY changed
There il little haaia far auv orrecfa-
ton that borrowers IN general viii Sc
eute their requirements ~ lower ratoa
- aotne tirna - come Nominal mar
ket uuofaftaua however may give an
appearance af easier money conditions.
Production.
There II growing recognition -
tho feropai4r fnr lowered freight fafes
90 faavy fornara Hcfaa which fen anlT
he effected WHOM fhrra havo beer rnr
responding Reductions III tic waee seate
10th If railroad employees and II lahnr
in tho haaie industries Tho steel fa-
,iusttY as rbola reported ~ be
operating ~ alon Az par cent ~ ra-
lta,tfy Ffire reductions an tho part
~ tha independent steel makers have
rot resulted III large or1ere
4 further decline in the prize af cof~
tor has aerno~b4t affected demand for
many classes ~ cotton textiles nut
ORDERS for immediate requirements com
tInna fa IF placed In certain afepia
lines there ms hern Improvement
tsiuEhama hava moved wai following
drastic price cuts made several months
ago ~ tile safge producers cotton
consumption for Fehruary was 395.s6a
running halra. as compared gvith 2f6-
2f0 running bairs during january.
SILK anil wool manufacturers. which
were first to feel the effects ~ liaujdR-
tion. have shown measurable degree
II Improvement There is distinctly
bsttsr movement in tires and autasnn-
bio impurities ara salca b4ee Increased
ers"4iagiHEl@.