Omaha daily bee., 1922-05-08
Trade Review
RyR. O. DUNN 4 CO.

Constructive sismsnts that have Teen
ksthsFiHs force fof eoms time past are
h9s sAsItlas mere potent lhflasnso ea
ssasTai business Improvement IN seat,
msht. which has recently become clearly
dsfinsi. 10 supported by setasi gains 10
transactions. both In number sud iasxni.
tede. and unsatisfactory phases are less
conspicuous Practically sl!hea, s.ssp'
metals, lumber, textiles, hides and leather
and ether Important iines all disclosing
revival, shd many prices are ~ hshsr
levels. Nets ithstsnhing keen competition
for orders In diffeFent quarters, Wholesale
markets are more favorable 10 sellers.
sud The tread ts~sfd nfmhess may con-
eeissbls be carried further, Prom eoh-
dliish Of hesitation and waiting, buying
conservative. has aulssened and broad
ehed, and diversity Of demand 10 . mere
satiesahls feature, Purchasing had Teen
rspisnishmsnt Of supple. WAS finally
heesssitatsd, and operations Of this char
seter Constitute much Of the current bus
iaess Anticipation Of forward feaulrs-
msnis, however, ia now more OF factor.
ana thsrs 10 pisinly msfs OF a disposition
10 undertake commitments that have been
deferred because OF uncertainty over the
outlook. Doubts shout the future have
not appeared, but are not SO widespread
as formerly. and expressions Of belief to-
~aFd economic recovery are more ffe"
ausntiy heard. Bafemeters which measure
fiuetus tions In business are pointing up
ward in most eases and securities mar
kets have maintained q good undertone.
considering the rapidity and extent OF the
recent rise, Some Tightening OF moneY
rates at tho month end was not surprising,
tho May financing causing temporary
firmnsss. and tho status OF the rrssf,a
hanks reveals decided strengthening In
comparison with a year ago.
Cessmediiy rries Level Rises.
The rise Of \ little more than ] per
cent IN the monthly index number has
tendencies being definitely upward. Var
ious Important markets developed renewed
firmness last month after . period OF
irrsguiarty. and the recovery has since
baen extended. With demands broaden
ing. sellers are now In a stronger POSI-
ton. and tho advance IN such basic com.
moditiss As iron and steel. lumber ana
textiles has been = feature. Buying IL
stiii confined mainly TO immsdiate or
nearby requirements. yet there Is more
forward business, and quotations ON
future deliveries are on \ higher basis IN
some instances. As measured by puns
Index Number. however. tho general price
level is about SO per cent below the top
mark Of May I. 1890. when the compiis-
tion reached u point 40 per cent above
tho prewar basis.
Number Of Failures Reduced.
The eountry's business mortality AZ
measured by the insolvency statistics. con-
has been an irregular reduction In num-
her Of failures during recent months. Tho
April totai-sis1-is about IL per cent
below that Of March and discloscs a dc.
defaults OF January Of this year. which
was the highest point reached since the
beginning OF 1915. Many OF the weak
spots in tho commercial situation have
been eliminated In tn. period Of economic
adjustment, yet frequent insolycncics OF
unusual size keep the lisbilitics at an ex.
ceptionally high level. Thus. the April
tho s73.soo. 900 of January OF this year and
the 3s7.5oo.ooo o! last December. and re-
veaIs an increase OF more than 30 per
cent over tho SIS. 500, 900 Of April. 1921.
More than 81 per cent of last months an
dsbtedness. however. was supplied by ~
failures for 100000 or more in each in
stance.
Pig Iron Output Increased.
Despite the coal strike handicap. con-
tinuing throughout the month, pig iron
output increased again during April. As
WAS to be expected, the gain was less than
that recorded in March. but April's daily
rate OF production rose 1896 tons and
reached the highest point since February.
1921. Based on active capacity, tho pig
iron make at the beginning OF the current
month, according to The Iron Age, was at
an annual rate OF 2s.ooo.ooo tons. or
100000 tons more than last years ac-
tilal output Notwithstanding the coal
strike. there was net increase of in
number Of furnaces In operation on May
/. l6s then being at work, and there Is
striking contrast with the only 50
furnaces in blast on August ], last year.
In the current week, however, furnace
activities were reduced a little. for the
purpose OF conserving fuel.
DryEoods Advances Continue.
In common with the movement In some
other important markets. textile prices are
advances on a number Of fabrics. both
cotton and WOODEN. and the rise In raw
materials is clearly having q more potent
influence In primary circles. While there
10 comparatively little disposition 10 anti
cipate forward requirements in volume,
demands have quickened in some whole
sale lines and moderate seasonal gains ap-
pear In retail DISRUPTION. The unsettling
effects Of strikes in New England and in
coal mining fields continue however. and
rains and floods have made business ir-
regular In t>e west. Resistance to higher
prices remains a factor IN consuming
channels. and merchants are uncertain
as to what action to take on many goods
because OF tho attitude of buyers at the
counters On the whole. there is tend
ency to proceed conservatively, but the
general situation is Enthusiastically i'm
proved, and the present official report on
world cotton consumption showing q con-
dition closely approaching that of prewar
times. has occasioned favorable comment
Hide and Leather Improvement.
The present week brought = more de-
cisiye turn for the better in the hide
trade and allied lines. Liquidation in this
quarter has been extensive, with surplus
stocks reduced, and the markets are
clearly in a more favorable position. Re-
newed and more confident buying has
developed In domestic packer hides. sales
during the last fortnight approximating
Sooo00 hides. and the price list shows
number Of advances this week Not only
Las business been Of larger volume, but
demands have been more diversified. up
per and sole leather tanners and harness
operating more actively. While fall shoe
orders Of magnitude have not vet APP
peared. leather tanners anticipate q better
business during coming seasons. The call
Tor patent leather. which has been an out
standing feature for some time past, con-
tinues.