Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-29

causad manv mines to open through
ont the Summer and Fall of 1926
This demand died off, but the produc
| tion of soft coal did not. In conse
uuence enormous stocks or 1uel were
| piled up, amounting, with coal IN iran
| sit and in consumers hands. almost to
| 100 600 900 tons. When the strike was
| called in the central competitive neie
| Anril l there was ample coal In Slgnt
| and the strike to date has almost ne
| effect. The production from the non
union mines has been around S,0oo,ooI
| tons n week. almost as much as Is
used in the Summer time Throughout
| the country, and reserve stocks are
only slightly diminished. Prices are
somewhat flrmer, but no runaway
market is in prospect. The anthra
cite mines have apparently lost some
of their markets of goods owing 10 re
sentiment by consumers over the long
drawn.out strike in the hard coal nelds
in the previous year.
Hectic Days for Oil.
Petroleum and all its products had
a hectic wear, The tremendous flush
production of the Seminole and west
Texas fields, coupled with heavy out
nut elsewhere, raised output hlgh
above consumption, forced huge stocks
of crude and refined oil into storage
where 1t was held at high expense
depressed prices to a point where for
most companies they offered no pront
and disorganized the entire industry.
Hardly an oil company in the country
escaped being affected unfavorably.
Gasoline consumption at the same
time advanced to new record heights
or the effect would have been worse.
n 0Cf
fiscal year saved buyers OF gas fuliy
a quarter Of billion dollars.
Decentralization caused weakness IN
the prices of copper, lead and zinc In
the last year and consequent diminu'
ton of profits to producers and re-
finers, In some months copper pro-
duction exceeded shipments to con-
sumers by nearly 20,000,000 pounds.
Prices went to low levels In February,
but recovered somewhat later in the
wear. Production was reduced and
economical methods aided in retaining
profit margins. However, high cost
producers suffered. Statistical posi-
ton of the red metal has improved
lately.
Stocks of lead increased some 10000
tons from January /, and this led to
a weakness in prices. Efforts also
production. Zinc supplies held by
smelters are very high, but the worst
of the overproduction period for both
lead and zinc seems past.
Silver output still Is heavy all over
the world while consumption Is on
the down grade. However. prices are
fairly steady. Demand for nickel has
slumped slightly but renewal of ac-
tivity in automobile manufacture and
in the steel. industry should make for
Improvement. Aluminium is in good
demand and heavy stocks from last
year are being reduced but profits OF
producers are not likely to be so high
as in 1926 fiscal year.
In the last six months cotton manu-
facturers have experienced a sharp
recovery. Goods demand has been
splendid for most lines. For the in
dustry as a whole, business for 1927
so far has been at least Is per cent
above that for the corresponding
period of 1926. The Association of
Cotton Textile Merchants of New
York claims sales of it's members were
from 81 to "A per cent higher in JAN
uary, February and March than for
those months in 1925.
Goods prices have advanced some
what and this has strengthened profit
margins. None the less, there are
many mills which have been obliged
to cut production or curtail dividends.
The heavy export shipments and
heavy domestic consumption make it
likely that most of the heavy 1926
cotton crop carry over will be used up
by the time the new crop is piling UP.
The floods and Instantaneous
Spring made the prospect brighter
for higher raw cotton prices, but the
weather will be the determining factor
as to this for some months yet. Pri-
vate estimates do not predict crop
of over 100000 bales.
Wool Prices Low.
Wooden producers are finding a
fairly steady demand for fabrics for
both mems and women's wear. The
prospect is that sales will continue
active for some months. But despite
the fact that wool prices are low,
profit margins for manufacturers are
very narrow. The leader of the in
dustry has just found it necessary to
discontinue the dividends on it's pre-
ferred stock.
The rayon manufacturers did the
largest six months business since Jan.
uary in their history. and some are
sold for months ahead. Prices have
been steady. Real silk goods produc-
ton has been heavier than consump-
tive demand, and as a consequence
some companies have found profit
margins narrow.
Clothing manufacturers had a good
although not an extraordinary fiscal
year. They did splendidly around the
Christmas holidays and at Easter
time, but in some months the weather
was very disadvantageous. The Sum.
mer outlook is good.
Hide prices have steadily increased
owing to reduced cattle Strengthening.
The reflection of this advance In leath.
er has benefited the leather industry
prices in which have been strong. The
Fall. Winter and Spring demand for
shoes was good, but Summer sales de.
veloped slowly. The vogue of reptile
feathers aided sales. Shoe dealers
profits have bettered those of last year.
Hat sales were fully up to normal
up TO late Spring, when the cold
weather affected straw hat sales. Fur
prices were strong and pelts were in
good demand, with the possible excep
ton of the Government sealskins.
The automobile tire trade had the
| finest volume of business since Jan
uary l ever experienced. This has
been due largely to the stability of the
rubber market. which has not been
subject to very sharp or sudden price
| changes despite the British govern
ment restriction plan limiting output
Stocks were sufficiently heavy to care
for requirements and this prevented
! abrupt price advances. Mechanical
| rubber goods and footwear also die
well. Crude rubber is about 20 cents
a pound cheaper than in the previous
year and raw cotton cents a pound
| less.
| The quality of radio reception owing
to air congestion and uncertainty as
to revolutionary developments which
would affect the value OF present day
equipment combined to give the radio
industry comparatively anxious
year. Sales fell off at least 20 per