The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-04-09
TRADE REVIEW AND
BUSINESS OUTLOOK
Primary Textile Markets Lack
Snap-Activity i'm Cotton
Goods Subsidies.
RAW WOOL BUYING SLACK
Yarn SlumpsNRaw Silk Still
in Doldrums-Garment Stu
n alton Muddled.
RAW WOOL BUYING SLACK

lacked snap last week. The squirt Of
activity in the cotton goods market in
the preceding week subsidized and its clos
ing prices yesterday were almost back to
their starting point. Slack raw wool
buying resulted in more mills cutting
wages and shutting down of dress goods
and mems wear looms. Curtailment re-
ports from cotton yarn centers were fire.
oaent and many mills were unable to
dispose of merchandise even at cost.
The worsted yarn trade likewise slumped
and outside Of yarn entering into nov
city goods there was no apparent ac-
tivity The raw silk market showed lit
tie promise of early revival
Developments in the garment field
were hardly more favorable and in gen
eral the situation was considerapiy
muddled. The proposed inquiry into the
garment trades is definitely off and a
renewal of the agreement between the
union and the manufacturers in this city
on June /, when the current contract
terminates, is regarded as unlikely. MOST
leading manufacturers are opposed 10
continuing the present agreement, mold
ing that it is impossible to produce gar
ments at present labor costs and con-
tinue in business. Generally adverse
comment also greeted the announcement
OF the signing OF the three-ycar agree
raent with the Chicago clothing workers
which provides for 10 Fer cent. wage
reduction 1t was held that its meager
concessions were inadequate and would
rot satisfy the requirements OF the
situation.
The trade is much wrought up be-
cause Of a rumor heard that the Senate
textile schedules would show radical ao-
vances from provisions in the Fordney
bill. Reports in trade journals We're to
the effect that the Fair Tariff LeaGac a
Western Republican organization. Aa0
started a campaign against clauses In
the textile schedules said to have been
adopted by the Senate committee.
Rumors OF considerable advance in
underwear rates also caused much
comment. 1t wes thought that y the
reports were true certain classes OF I'M
derwear would be protected on basis
OF i40 per cent. In general all classes
Of trade are uneasy at the prolonGation
OF the tariff agony and the feeling per-
sists that any rate. upward or down.
ward. would be preferable to present UNI
ce-tainties.
Great Interest In Rug Auction.
favorable development was unusual
interest in the rug auction sale. Buyers
from all over the country were in at
tendance and bidding from the start was
active. Prices in general were shade
higher than those OF the last sale. One
at the surprising developments was the
fact that interest tended to increase as
the end of the Offering drew near. prices
showing a corresponding advance as bid
ding became more active. The sale re-
vealed a substantial measure of opti-
n1ism In the country and proved to the
more pessimistic that merchandising
prospects were mending.
Reports of merchandising activities by
banks, tobbing houses and the Credit
Clearing House disclosed reduced in
debtedness and a generally better tone
in wholesale and jobbing lines. Whole
sale dry goods business particularly In
the West, was reported moving encour-
agingly, road sales showing good gain
In volume and number of orders. in
comparison with those of the correspond
ing week of last year. Collections also
improved. Continued high prices OF
wheat, corn and cotton apparently have
brought trade in agricultural sections
to fairly favorable condition in con-
trast to the depression of a few months
ago. Active spring buying by the gen.
eral public. however. was said to have
not made it's appearance.
Slow but steady improvement in
mems wear fabric trade was. evident.
Selling agents are frankly more
optimistic. and although they adj
NIT progress win be slow. they are
equally certain that it will continue on
the constructive sides Even worsteds,
which have been continually sliding. dis
played livening tendency. Tweeds con-
tinue TO feature women's wear business.
hut other fabrics tried hard TO crowd
into the foreground Buyers and sellers
were enthusiastic over prospects for
Easter trade. Viewing the situation from
the side lines, however, 1t was significant
that radical price cuts in twecds were
made and retailers also showed an cas-
ing in this direction. The opinion that
even greater price reductions will occur
following the Easter period prevails in
many quarters In the wash goods
market ginghams continue to move
better than does any other lire and de-
mand Is increasing. National Bingham
week occurs this month and retailers
fully expect that the Bingham trade will
continue relatively good.
Raw SILK Market Quiet.
The close Of the raw silk market left
jobbers and other buyers combining their
activities TO immediate need goods.
Prices locally were fairly steady but
below quotations in primary markets.
The persstency OF handlers OF raw silk
In sticking out for n pcgged price ma de
MT Yokohama has made manufacturers
very skeptical of raw silk values. II IL
claimed that raw silk at present prices