The Washington herald., 1921-03-01
SLIGHT CHANGES SEEN
IN NATIONS BUSINESS
February By Authoritative Bank
Discloses Little.

In its review of economic condi-
tions during the past month, the
National City Bank, of New York.
says that the general business sit
uation has changed but little. In
the Middle West the movement Of
grain to market has continued at a
moderate rate, and prices have been
stronger. Receipts of live stock at
the principal markets have been
comparatively light. which has
helped to sustain prices and they
have recovered slightly. Cotton-has
been weak, and at the close OF the
month was lower than at any time
since 1915, when II was recovering
from the great slump that followed
the big crop OF 1914 and the out
break Of the war. The March de-
livery in New York has touched
1926, with the spot prices in sew
eral Southern markets below IL
cents. This compares with 40 cents
a pound one year ago. Naturally
the cotton-growing section is not
cheerful. Foreign markets are very
much depressed, with Liverpool be-
low New York.
The industrial situation is mixed,
the news from day to day telling OF
works that are closing and works
that are starting up. the one class
of reports apparently about balanc-
ing the other. The amount OF un-
employment unquestionably is very
large, but the amount OF distress
reported is comparatively small, In
dicating that the wage-earners had
laid by something in the day OF
good earnings The volume OF re-
tail trade in the industrial cities
supports this view. but trade in the
rural districts is light. bank clear
ings are down % to 80 per cent from
a year ago, which. however. is not
very bad considering the lower
prices. Railroad tonnage is on
about 90 per cent from the high
point in October. The number OF
idle cars approaches 100000. The
movement Of coal. grain. oil. lumoer r
and all the chief commodities Is
light. The export business in coal
to Europe is dead for the time being
at least, and the domestic coal trade
is fat. with good many mines on
part time and keen competition
among sellers
All commodities are being brought
into the movement toward lower
level Of prices although as a rule
those that have been under pressure
longest are fairly well stabilized
Crude oil has declined rapidly since
the first of the year and is down
about so per cent. All of the metals
are at the lowest point yet touched
Sugar has recovered about a cent a
4 fnA =
rangement in Cuba to market the
crop through a selling committee
representing planters. bankers and
the Cuban government. The auto
mobile industry is showing greater
activity. Wage reductions are oc-
curing generally and are accepted
usually in good spirit.
The Textile Trades.
The cotton goods trades have had
a fair amount of small business, but
have not sustained the expectations
that were raised soon after the first
of the year. when they started off
with a rush. Print cloths, sheet
ings. drills. etc. have lost all the
gains they made then, and perhaps
a little besides. The weakness in raw
cline of goods. and on the other
hand the light demand for goods has
been the fundamental cause of the
weakness of cotton. The latter.
however, is affected not only by the
situation in this country but in for
eign countries. The British mar
kets are lifeless, due to the absence
Of demand from the continent, Asia.
and elsewhere. The consumption of
cotton during January by the mills
of the United States was 366,27O
bales, which compares with 2s4,s5l
bales in December and 5s1,s2l bales
in January. 1920. a decline of 3S per
cent from a year ago. This. prob
ably about represents the present
state of activity in the various
branches of cotton goods industry.
The most notable event in woolep
goods In long time was the open-
ing of fall lines of dress goods.
cloakings and overcoatings BY the
American Woolen Company, on the
21st. Much interest was shown,
and the prices. which were down
40 to so per cent from the top of