Newark post., 1922-05-03
General Summary OF
Business Conditions
Trade in This District Shows
Better Than Anytime This
Year-Iron and Steel
Improve

general business conditions in the
Third Federal Reserve District has
occurred during the past month, a
slight Improvement in demand in sew
eraI industries has given the situa-
ton a somewhat better tone But the
total volume of business being trans
acted is still small, and it cannot be
said that there is a normally active
market for any commodity. AS COM
pared with the excessive dullness of
the first three months of the year,
however, business is improved. The
increased buying of iron and steel
products first noted two months ago
has continued, and operations have
expanded; but as has been the case
for some time, activity in this district
lags behind that of other iron and
steel centers. The railroads have
bought car parts and rails in fair
quantities, and automobile manufact-
urers have purchased generously.
Castings have sold well, and for struc-
tural shapes there has been increased
call. 1t is to be noted, however, that
sales Of final steel products to ulti-
mate consumers are not as large as
sales Of steel products for re-manu-
facture, and since operations are pro-
ceeding at rapid rate stocks are
slowly accumulating. For the first
time in many months, no price con-
cessions have been reported and quo
tations generally are firmer, a fac
tor of distinct encouragement to the
industry as whole.
With large increase in the number
of building permits issued during
March over those issued in February,
prospects of considerable building ac-
tivity have become brighter. Actual
operations are not as numerous as
they were expected to be at this time,
but the large number of contracts
let indicate that construction will 20
forward rapidly during May and June.
All building material manufacturers
report that the demand is steadily
increasing and that prices are un-
changed
As was anticipated, buying in the
coal industry has declined since the
strike began. Sales of anthracite are
! small as result of the mild April |
| weather, and bituminous demand has
fallen off because public utilities and |
industrial plants had previously laid
i in adequate reserves. Present stocks,
together with maximum production of |
non-union mines are sufficient to sup
+ ply normal needs for about four
months; but in view of the small de-.
mand, non-union mines are not operat-
F ing at capacity. Thus far there is
little prospect of an early settlement
F. Of the strike. The unions refuse to
deviate from their original demands
: Of 20 per cent increase in wages
and continuance of the "check-off"
system, and the operators are equally
persistent in theri refusal to meet
these demands. The strike has sue
cessfully closed all of the non-union
mines, and some Of the non-union min
ers in the Connelsville district have
walked out.
Little migration from union to nom
union fields is reported, but to linn
Iited extent miners have withdrawn /,
their savings deposits and have re-
burned to their homes in Europe. This !
movement, however, has not yet gain ;
ed force, nor is it expected to become !
general.
Reports from the textile industries
Pre- conflicting. The demand for some
products has recently increased and
hat for others has fallen off. Buy
ng in the cotton industry is excep-
flonally slight, and the trade is much
depressed With the exception OF $
fnghams, which are selling fairly I
yell, thesot hton goods are inactive. I
he demand for cotton yarns, too, q
fas declined and prices have receded, 9
everal spinners reporting that pres
nt quotations are under the cost of Q
reduction. The raw cotton market a
dull, and this is true also of the e
aW wool market. Although general c
fool quotations have not declined to r
ny extent from the high point reach II
recently after a spectacular ad- II
ahce, price concessions have been n
Pade in individual sales. Much OF o
ne sluggishness in the raw wool mar V
et Is attributed to the uncertainty Y
TO the permanent tariff schedules. j
pefatlons in the woolen and worsted D
Hrh industry have been reduced, but Ii
demand has fallen off to SO great O
extent that stocks are neverthe- II
fS accumulating. The call for WOOL IL
and worsted cloth is small and de- a