New-York tribune., 1921-05-31


facturers.
ut Is not true" said the president
OF one large silk manufacturing com.
pany, chat the retailers as group
are Withholding from the public the
advantages of readiusted values Their
very advertisements refute this charge.
Great qusntities of merchandise are
being distributed daily at prices below
replacement value. But In every store
there can be found certain items. even
WHO'S departments, which still reflect
wartime levels. Such items, or de-
sratment, however, are not governed
by the laws of keen competition. Every
merchant asks as much as he thinks
he can get; but he yields gracefully to
the pace of an aggressive neighbor."
Japan, Switzerland, France and Ger
many are mentioned by the manufac-
turers as the countries providing the
keenest competition at present. "Japan. -
said one manufacturer, "has increa sed
her exports to the United States 400
per cent since 1914. Unless there is
some change in the tariff situation this
importation will continue to be largely
increased"
Another American silk producer re-
CARDS the depression in France and
Switzerland as providing an excellent
opportunity to manufacturers in those
countries to food this market with
merchandise. A large quantity of such
goods is coming in, he asserted.
Foreign Competition
There is every possibility of serious
foreign competition" says another
manufacturer, unless an active pro
tectlve vigilance is kept up. No further
proof OF this is necessary than a sur
vey of the exports of textile machinery
to Jspan during 1919 and 1920, and in
the increase of imports of manufac-
tured silks, both in quantity and in the
range of fabrics imported When
france and Germany attain their full
industrial activities again with their
advantages of exchange, unless we keep
our duties adjusted to the differing
planes Of industrial life there will be
threatening probabilities of losing our
own markets"
At present the American silk trade is
competing with producers of other
countries in foreign markets to an al
most negligible extent. The low ex
change IS the chief obstacle in the path
OF exports, although several of the
manutacturers questioned intimated
that they hoped to increase their ex-
ports with a readjustment Of ex-
changes. One Of them said he was
DONG q fair export business at present,
while another stated that an export
market for novelties and goods for i'm
mediate or nearby delivery does exist.
Depressing Prices
Another point on which there is an
| almost complete agreement is that the
ddrrygoods 1oobers are trying to bear
producer, "are delaying purchases in
the hope of securing their fall supplies
at lower prices. If, by their attitude,
they could effect change in raw ma
terlals, labor costs, working hours,
selling expenses and governmental
taxes-all within the next four weeks
the producers Of merchandise would
how to them as miracle workers. But
there will be no miracle and, there
fore, no bowing. Instead, the jobbers
will find that the retailers have slipped
in ahead of them and bequeathed to
them a picked-over market"
One Sees Lower Prices
Opinion on the future course of
prices also is far from unanimous
among these manufacturers. Only one
of the six silk men interrogated ad-
vanced the opinion that prices Of fin
ished goods would decline still fur
ther. The others intimate that an
advance is more probable than a de-
cine, or that prices will maintain their
present levels.
Ihe manufacturers are inclined to
regard present prices of raw silk fair
ly stable. One of them expects present
prices to hold if Europe will resume
buying Otherwise, he anticipates a
decline. Another manufacturer is en-
phatic in stating that he expects raw
silk prices to go lower. The raising of
the standard Of living in the raw silk
producing countries, according to an
other, leads to the conclusion that
there is little expectation of lower
wages and lowered living standard
among silk operatives. This leads him
TO say, Raw silk, in all probability
will remain at or near its present level
for some time to come"
One concern, which maintains three
large mills, reports running at rs per
cent Of capacity, which is Is per cent
below the production maintained in
the first half of 1920. A manufacturer
of novelty silks says his mills are run
ming at about rs per cent Of the pro-
duction rate of year ago. Another
mill is running 80 per cent below a year
ago, and still another, manufacturing
velvets, is running about so per cent
of last year. The industry as whole.
according to one leading manufactur-
er, is running between SO and 70 per
cent of capacity, although those in the
vicinity of New York are running at
lower rate, not more than so to so
per cent of normal.