Newark post., 1922-03-01
Business Conditions
Continue Dormant
Report of This District Fails
to Show Any Marked In.
crease in February

during February, anu Iiie liAe'~
that has characterized conditions IN
this district since early November has
continued. Although reports from
few industries indicate a slight I'M
provement, the total volume OF ousl-
ness being transacted is small, and IS
confined almost exclusively to orders
for Immediate shipment. There seems
to he a lack of confidence IN the near
future. A feeling of uncertainty per-
vades most markets, feeling thaC
has manifested itself in the absence
of orders for autumn merchahdlse'
although in number OF industries
this is the buying season Tor IAN
goods. Sales of iron and steel pro-
ducts have not increased, although tH~
number of inquiries and orders re-
ceived has been slightly larger. what
buving there is is mainly to satisfy
immediate needs and to replenlsh de-
pleted stocks, and the few firms that
have reported better conditions state
that the improvement is only NOMINAL
The volume of buying by railroads has
not reached expectations, and INDUS
trials too have shown but little IN
terest in the market. Prices have been
weak. and the appearance OF any
orders of considerable size has drawn
concessions, as competition IN the IN
dustry is very keen. The uncertainty
of prices and the fact that the eX-
pected freight rate reductions nave
not been put into effect are deter
rents to sustained buying. There IS
no assurance that the anticipated low
ering of rates will not be made with
in a short time, and buyers are there
fore waiting until it either is made or
is definitely determined to be lmpos-
sible at present.
The coal industry is one q the few
that has received a larger volume OF
business during the past month, but
the Improvement has been Only slight.
TIL severe weather was wholly res
ponsible for the increased sales of
domestic sizes of anthracite, and the
Improvement was entirely in the num-
ber and not in the size of orders. Con-
sumers have not laid in supplies to
carry them over the coal using period,
since it is known that stocks are still
| large. Dealers too have been purchas-
ing cautiously, being desirous of en-
tering the new coal year with as
light stocks as possible. Production
of anthracite has been well main
tanned, however, with resultant ac-
emulation at the mines. Of special
| significance is the fact that in num-
| Der of instances retail coal prices have
| been reduced Sales of bituminous
coal have been larger, in anticipation
| of a strike on April /. Public utility
corporations are laying in reserves,
and the railroads are stocking ahead
Industrial firms have not reacted to
the strike talk, however, and there
is little increase in buying from this
source. Bituminous coal prices con-
tinue to be weak, in spite of the in
creased demand.
There is an improved sentiment in
the building and construction indus
tries. The number of permits issued
has increased steadily, their value in
the Third Federal Reserve District
in January being $6,87S,523 as COM
pared with S4,564,907 in December.
About one-half of the permits re-
Gently issud call for moderate dwell
ings. In recent weeks, large num-
Der of contracts have been let, anC
only the advent of open weather is
needed for the beginning of actua
construction. In view of the contem
plated building activity, manufacture
ers of materials have received an in
creased number of inquiries, although
but few orders have as yet beer
placed.
No important developments have
occurred in the textile and allied in
dustries. The improvement in SOM
lines and the falling off of activit.
in others have been so small as t,
cause no appreciable change. TIL
call &C. some lines of cotton goods
notably ginghams and fancy good
for women's wear, has been some
what better, but the demands for cot
ton goods as a whole has not in
creased. Cotton yarns, too, have no
sold well, prices have declined, an
spinners have reduced operations. A
result of these conditions, sales O
raw cotton to manufacturers in thi
district have been small. 1t is re
ported, however, that foreign buyin
has increased. The raw wool marke
on the other hand, retains much c
, its activity of the past two months
although speculative sales anon
dealers have fallen off considerabl,