Omaha daily bee., 1922-01-02
Trade Review
BY X. q. DUN & co.

A year which has been marked by gen.
eral economic readJustment comes to Its
closing with qultness In business the pre-
vailing condition, but with promise of i'm
lull has been somewhat moro pronounced
than usual. much has been accomplished
An the way OF strengthening the funda-
mental situation, and the outlook is for
further gradual commercial recovery.
Final estimates of crop production em-
phasize the reduced purchasing power in
agricultural communities, smaller yields
and lower prices having far-reaching
influence, and unemployment In manu-
featuring and mercantile channels ac-
centuates the restriction of public COM
suming capacity The volume OF retail
holiday trade, however, was heavier than
anticipated in various places, and Of
ferings OF, goods at more. attractive
prices, which are beginning to appear in
different quarters, may be expected to
accelerate distribution. Witk depleted
merchandise stocks in many instances, a
large potential demand Is Indicated, and
buying for replenishment purposes is al
ready a factor in some lines Despite
continued irregularlty, the main trend
is still toward increasing stability Of
wholesale markets. and q belief. that the
point of extreme depression in most prices
has been passed serves to encourage op-
erations for the future. AS no departure
from the policy OF limiting commitments
to well-defined requirements has been
Withcbseub IcNlfdi duu ldtl0ileS
comes slowly in nearly all cases; yet
comparison with Industrial phases early
In 1921 dscloses a decided betterment.
Activity in building work in not a few
sections. with the probability of greater
expansion with the ending Of winter, is
favorable augury, wkile. placing OF de-.
ferred contracts for railroad equipment
may enter as a constructive element next
year. Discussion of prospects for 1922
is not being undertaken with a disregard
for the unsatisfactory features which
continue evident, nor Is there a DISPOSE
tion to minimize the unsettling effects
of the economic transition. r...
Contrasts in Statistical Records.
The statistical record OF the past year
differs sharply from that of 1920. With
out exception. the various barometers. re-
fleet the influence of the far-reaching
distinctly adverse. The effects of smaller
merchandise movements are seen In the
reduced figures of tank clearings, rail-
road earnings, and foreign trade, while
the contraction In stock and bond sales
on the stock exchange partially discloses
the changed conditions in that quarter.
Yet there was not an, entire absence of
constructive developments, and the pre-
ciptate fall in wholesale prices, il caus-
ing unsettlement, has a favorable bear
Ing on the future. Strengthening of TIE
banking position was one of the years
encouraging features, with the federal
IeseiNo TdtlU IiSlIB Lax dDoV6 Iuo ulBHeSL
basis of 1920.
Steel Trade Encouraging. f. 4
The year drew to close with some
promising indications in the iron and
steel industry. The fact that the rate of
mill and furnace operations has recently
receded Is not a reason for discourage
ment, because decline is usually wit
messed at this season. and the low figures
Of output for 1921 had been foreshadowed.
Even at the year end, when new business
Is ordinarily meagre, considerable buying
Of pig iron has developed at different
centers, while the continued activity in
structural lines gives rise to confident
expectations. Revival In quarters where
dullness now exists is looked for in the
not distant future, and the maintenance
Of a demand from some foreign countries
Is reassuring. Japan has been prominent
in this movement, and is reported to be
negotiating for more than 5000 tons
of rails in the markets here.
Dry Goods Steadier.
At time VIXEN general activity in
trading is absent, textile fabric markets
are being strengthened by the rise in
prices Of raw materials. Increased firm