The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1921-03-19
GENERAL BUSINESS CONDITIONS
From the National City Banks
Monthly Letter

From the National City Banks
Monthly Letter
New York, March, 1921.
The general business situation has
changed but little during the past
month. In the Middle-wes the move
ment Of grain to market has contin-
ued at a moderate rate. and prices
have been stronger. Receipts of cat
tie at the principal markets have been
comparatively light. which has helped
to sustain prices and they have re-
covered slightly. Hogs show little
change. Cotton has been weak and
at the close of the month was lower
than at any time since 1915. when 1t
was recovering from the great slump
that followed the big crop of 1914
and the outbreak of the a The
March delivery in New York has
touched 1850, which compares with
40 cents a pound one year ago. For
eign markets are very much de-
pressed, with Liverpool below New
York. Naturally the cotton-growing
section is not cheerful.
The industrial situation is mixed.
the news from day to day telling of
works that are closing and works
that r starting up, the n class Of
reports apparently about balancing
the other. The amount of unemploy-
ment unquestionably Is very large,
but the amount Of distress reported
is comparatively small, indicating
that the w~age-earners had laid by
something in the day Of good earn
ings. The volume Of retail trade in
the Industrial cities supports this
view, but trade in the rural districts
Is light, bank clearings are down rs
to 80 per cent from a year ago,
which, however. is not very bad con-
sidering the lower prices. Railroad
tonnage is OF about 20 per cent from
the high point in October. The num-
Der Of idle cars approaches 100000.
The movement of coal, grain, oil,
lumber. and all the chief commodities
is light. The export business In coal
to Europe Is dead for the time be-
ing at least, and the domestic coal
trade is nat, with a good many mines
ON part time and keen competition
among sellers.
The general trend of commodity
prices has been downward and trade
has continued on a hand-to-mouth
basis. The shoe industry has been
showing ONE life in specialties. but
the staple lines are still very slack.
Leather is practically unchanged,
with tanneries operating at about 25
per cent Of capacity. Calfskins are
said to have dropped from 81 in Au-
gust. 1919. to IA cents. All the leath-
er companies suffered great losses
last year. Hides have weakened since
January LIST under pressure in some
quarters to make sales and with no.
body wanting to buy. Prices made
under such conditions are merely
nominal and hardly can be said to
constitute a market.
Wool has been a little more active,
under increased operations by wooden
mills. and perhaps aided by the pend
ing tariff bill. although stocks in this
country are so large that importa-
lions will not be needed very soon.
Crude oil has declined rapidly since
the first of the year and is down
about SO per cent. ALI the metals
are at the lowest level yet touched.
Sugar has recovered about a cent and
one-quarter per pound under the in
iuence of an arrangement in Cuba
to market the crop through a selling
committee representing planters.
bankers and the Cuban government.
The automobile industry is showing
some revival. Wage reductions are
numerous and generally accepted as
necessary. Building permits in 142
cities in January. as reported to
Bradstreet's aggregated 56,035.925
against $12o,0os.1S2 in January of
last year.
Reports by cable to this Bank from
Its foreign branches and agencies in
dictate practically no change in o n
ditions during the past month. In
Europe there is much anxiety over
the settlement Of the question of
reparations.
CLARA HAMON ACQUITTED