Omaha daily bee., 1921-12-12
Trade Review
By R. G. DUNN 4 co.

Interest In commercial movements now
eehters g. more on probable developments
n ns oom'ng yssr than current
at hand when not much in the way Of
activity is to be expected in wholesale
circles, and retail distribution, although
81 large volume in the aggregate, lacks
the momentum and breadth noted in some
other holiday periods. Evidence of
economy and discrimination in buying, with
decided preference shown for staple and
useful merchandise, reflects alike the
diminished consuming power and change
IN purchasing policy, and dealers are
shaping their action accordingly. Rela-
lively low prices for farm products tend
agricultural sections, while unemployment
OF workers serves to limit demands in
manufacturing districts. With allowance
for the various unsatisfactory phases,
however, the outlook Is clearly more en-
courasing. Complete restoration of settled
conditions Is still some distance in the
future. yet elements Which will make pos
stble an ultimate return of Industry and
steadily MULTIPLYING. After many months
OF declining markets, the wholesale price
situation. Is now gaining in stability, as
Duns index number demonstrates, and the
point has been reached in some quarters
where renewed activity Is either Develop
ing or is fore-shadowed. Prominent
among the favorable features Is the pros
peot OF further expansion in building
,
and a full measure Of progress in this
direction will do much to accelerate the
hoped-for general recovery in business.
Lumber Outlook Improved.
A special survey of the lumber trade
situation, made through correspondents Of
distributing sections, discioses decided ir-
regularity in conditions, as was expected.
The general trend, however, has recently
been toward Improvement. and the more
nnt1v f1c Arly d ~a11 t.
fident sentiment in about all quarters.
Results this year, with few exceptions, do
not compare favorably-with those Of 1920 !:
yet revival of demand during the fall
months reached considerable dimensions
and Strengthening OF prices followed. /. As
a rule. production during the current year
has been appreciahly restricted, reducing
stocks at mills, and in isolated instances
difficulty has been experienced in meet
Ing the recent increase in buying. Re-
covery In the building industry, which
promises to be extended after the passing
OF winter. rs one Of the factors foreshad-
owing further betterment in the lumber
trade.
Pig Iron Output Rises.
Another months returns Of pig Iron
output add to the favorable feature in
the business situation. Production. even
after four. consecutive months Of. recov-
cry. is still much below capacity, but the
fact that the trend Is upward is encour-
aging. At 47,1s3 tons. the November daily
average make represents a gain of nearly
1000 tons over the october rate, while
largest since last March. More than this.
the number Of active furnaces has in
creased rather sharply "a blowing in last
month and none going out, The Iron Age
reports. Demand for pig iron this week
reached unexpected proportions In some
sections. and market sentiment is more
confident.
Prices More Stable.
Recent weekly price comparisons have
clearly reflected the increasing stability of
commodity markets. and further evidence
of this condition appears in the monthly
index number. After IA consecutive
months of decline. Dun's compilation OF
Wholesale quotations, with allowance fer
the relative Importance of each OF the
many articles included in the record, has
disclosed a recovering tendency. The rise.
which has continued Tor three months
without interruptions has been very grad
uation prevailing. From the bottom point
Of the current year. established on July
1 last, the advance has approximatoil
only 3 per cent. and certain groups of
December 1. The recent upturn in the
general price level. however. demonstrates
that a more stable basis has been reached.
~ Hide Markets.
After several weeks of conspicuous ac-
tivity in hide markets, it is not strange
that demand has abated. With .ransac-
tions Of magnitude lately effected, buyers
present needs have been largely satisfied.
and something of a lull in business has
not unnaturally developed. In certain
quarters. however. the ouieter conditions
have resulted more from restriction OF
supplies than from any lessening Of re-
| quirements, and the strength Of the sta
| tistical position tends to hold most prices
\ firm at the higher level recently estab-
\ Usher. Stock suitable for desirahle-sub-
4 stance leather is chiefly wanted. but some
| call IL also developing for hides TO be
utilized in the manufacture Of automobile
| leather. On the whole. trading in leather
/ Is OF fair proportions. though the tims
| OF the year IL approaching when th'
volume usually diminishes.
Dry Goods Conditions Uneven.
The ssu1e general phases that character
lied the dry goods Situation last yesl