Show fl GENERL BUSINESS CONDITIONS 11 By GEORGE E. E ROBERTS j N National City Bank of New York The Tb outstanding single event eYen In In in- buM busi business n ness nt i-es i during the tha past ut month ha has ha beeh boSh th tho e settlement of ot the anthracite coal coSi st rike Following 1 0 days of or Idleness th the the e longest longel period In the Industry operations 09 op op- e have been beeR returned resumed under a c compromise agreement which lt It seem a cp p pity Ily tootS not have bave both been arrived at at In Inthe Inthe th the e Under Udder thIS contract w which I rung until l August 31 31 l 2030 the h i. i m miners iners S have I renounced Ut their el claims I IO t to A It b tv ag Increase and have agreed to a It aplan p plan lan ot of possible wage once a a year 11 after January 1 1 1027 which se ems ms to arbitration In re return reo cc- t turn lurn urn for tor those these thee concessions concession the miners miner L apparently have Rained gained the off heck check ot or a Something equivalent to It It For neither si IJo de can It be said Id that lint a. a vi victory tory has hn b been ben een sOI Sd ed For all al parties arUe the thO te miners Dh D raters operators and the public Ule net result h has a. a been losses loues hardship In Inconvenience enl on nce l cd With Oth the tha made mads I In Ir n the tue u use e of or substitute fuel fuelS the c tl Ind Industry stry faces face th the grave giave danger that thal much m of ot Ha itS bulhe JI been permanently poems perma pena nelty n lost loot lost Nothing in short hort could demonstrate demonstrate dem deal J o more cle clearly the futility of ot tue r report to force in settling industrial l dir dif II f While tho the tot coal strike has hM not seri sen seriously erl b usty rena menaced business of ot tho the C coal oal nevertheless Its HI settlement should exert a a favorable favorable Influence nce every w whet where In general spring Log gives e e evidence e of s satisfactorily despite de Ca- s spite pite com complaints In some quarters rs that t trade rade has hta not been up to expectations It I will 11 be recalled that similar complaints com com- corn com p plaints l were u-erb heard a year ago at t this thi t ime which h did dIJ not nt alo the year yent f from rom making an good showing O on fl the whole both lB as 05 to tb volume of ot tu-l tu buM Busl- h nesB en and and profits When on it Is i. I t that hat for tot s snoe sm months loSS has be bedS l. l running r n I at very high levels It la Is not to t he e wondered at t that s some a I u up p should occur Indeed a a. a continuation o of r Increased cl buying and production might rather tather t havo have be been n viewed with concern 0 ag a leading to ove and the ne no- necessity t essit ton for forced tesy liquidation nox lSON O AND ANI ANI STEEl AND D S. S tIn In in the steM Industry pt and ind S II which were unusually heavy hevy I In n January outran ne ne orders orders s so that l unfilled untied bookings at the end of ot the month showed owed o s I decline for tor the first I L tUno Ono aine e the tie forepart o bf of the year t. t With t the he large consuming Industries Wag bIng this this' oe seems ma little Ule l likelihood ot at more than a 0 temporary tempora S slump lump In the pig iron market markel a a. adomi- adomi dominating domi na factor haS had hai been beed beer th the of coke colte which up to the time of the strike set et- et t U held Iron ren rn finn in the tho face tac of ot l lower ower t el prices and contributed to I a ad d decline In bias furnace l. l activity F Following rOt Fol t lowing the iho ot of the strike ah and tarp drop In cok Iron prices also alec I have weakened Mill 11 consumption of ot cotton colon In January amounting to 2 bales ex excluding i was la larger er than In December but not up to the tho level of January Janary a L year ago In the goods market sonic some I la I felt at at the falur failure o of forward buying to 10 open pen up In in- lat larger volume volume vol vol- ume u but bul uncertainty In Iii regard regard t to the thc I Corning coming raw aw cotton oton crop croft and the the substantial sub sub- discounts on ol late Jata months In th the S futures mar Ice 1 have naturally induced I conservatism With lh a considerable volume vol ume time ot Of prompt business moving and alo sIll I stocks apparently in good condition th the e trade continues to look for Cor Improve Improve- ment During February th the lbS AmerI American an Wo Wool Woolen len l- l en coi company pany opened pen d Its fall fail ti J lines 0 of oC t mens men's wear at I pi Prices Ices dat tal reductions and arid the other mule mills mils have hate e generally fal fallen n In line lne While no no great t amount of buying ha has b berI ten err 1 thus far tari the g general geral eral disposition In this S as In lit many other lines lilies Is iii I. I to hold of off ott t as Se long is Os possible Oble arid amid ard there is no rea tea reason son foi tOL believing that a good gooi l volume 0 of ot f business m may not eventually b bS b pl placed ed I. I In II silks also alao which h have been unusually r at active vel there there has bas recently been some talK tali cc ot of a a. slight slackening BUILDING AND AXI AUT AUTOMOBILES BuIld In construction on on the Oth Other r hand which h has been ro so 0 large a S factor factO r In the bu business volume ot of the put past i v fl few V ye years rs continues to be pr je ed Iri Id lr ef ei- ei high volUme According to 0 lh the F F. W W. Dodge Dudge contracts contract S awarded In thirty seven n states dumin 6 Jan January ar amounted mo to tl which II Although 14 1 per pen cert cent less lets than in D Decem et- et ber ben were nearly 60 50 per c cent nt more the than a In January Januar ot of last year In addition n to to 0 projects ls already contracted ton for additional addi addi- I. I n new w work worl contemplated was esti estimated i. i mated mate at al only 6 per pen ten cent sl- sl t under the he record amount amoun reported In ito December De De- cember an and 26 per cent o er the total tots l te reported In J January 1925 While It I is is agreed that hat con construction work cannot canoe 1 Continue Indefinitely at the pies present nt pa pace pali e r the he work worl already placed or ar In pr prospect spec it Reems ems sufficient to Insure activity fo for r some time to come come Accompanying ac sc i- i 1 In building building- prod production eton In tot kindred kindre d Industries l. l such as lumber luber and cement cornea t. t remains at t high levels level The he automobile Industry continues to 0 t tv v the tut future re optimistically and th the th is S ta tar at least leut r retail fal sales sOles apparently have hay e justified the heavy y production schedules schedule 5 pUt in force b by many of ot the companies 5 Accompanying the te reaction reaton Iri iii Ii rubber tubber r from tom r recent cent high levels level tire tre prices pries have hay 0 been cut 8 3 55 5 to 1234 pe per cent which Wi will wi ii assist the automobile companies to main main- L- L fain tain satisfactory profits and prices S GENERALLY AT itT III IwU Git LEVELS T kl t trade and Industry as a whole e it Is evident that the volume measures measure cs tip up uj to 10 o unusual proportions Bank debis debit tA Ou outside o of New York City which ate ar LI 0 p perhaps the he best beat sIngle measure of ti the cc tr trade d dO are running lOnger larger ller tJan to CC eVer beC before oe re at al this season railway shil shipmeNts ship ship- I- I merits meNts of ot factory ry prod products products- are ate likewise ie above till all previous r record and factory a c y I rd employment op y IS W at Sj a high lOOM ev Despite I E he large total of ot business and the coy cor- cor con con- 0 able speculation that has Lake fak It place itt Iri s securities and and In real eat estate in 1 sOIne sections the speculative In Commodities 1 continues conspicuous I b by n It Ii itS absence Commodity prices prie o on the to me wh whole le have hav hown cnown a I moderate moderate- downward downward down down- iward i- i ward tendency Speculation te foOds feeds de on in ft fears r Of shortage and and mt at present presen t tact there ro Is little apprehension henson of shortage hortage In mo most Bt at lines Indu Industrial rl l capa capacity appears appear equal al t to to It If not In ns of of orl any demands 10 likely to b be l laid IdIot l t upon croon pon It I. I the tile railroads is Ore are re equipped for tor prompt deliveries del erles am and od labor laor supplies supplies' thanks to tI the e great increase In per capita ou output output out out- t- t put hav have In general b been bOen en ample amp le for all needs So SOS SO far tar a as ad the he Imm immediate future if is concerned no new f factors have con come o is to light that would et necessitate lt the re revision r e- e vision ot of any reasonable hopes hopes- hopeS regardIng regard regard- fl fled It- It log Ing the he years year's h The ThO stock Ins mar Fket F- F ket H It I Is true ha has hal been subjected to h heavy avy liquidation and ard som some ot of e ex ex- ex x- x trenie phases Of at the Florida Florda real estate te appear to be he pasting but the these se seare are lre not wholly unexpected developments development s. s The TOoS prosperity which tile the tle country Isnow is J isnow now now enjoying enjoying Is based upon solid sold foun toun- ou a- a da tons Agricultural buying power powe r while still sUI at a I disadvantage as cor com compared Ii par pared 1 with Other sections has bas great greatly grealy I imprOved an anti and 1 tOe the purchasing power of ot labor wages w Jes was nev never r higher This Is dally daily daly finding reflection In the records Os being made by mall mail mal order sales and ti the 30 rd of ot chain chair stores and department nt l throughout the hoe country Business flu Busi ii- ii ness efficiency c continues t a-t high hig levels level is resulting In rapid turnover and economy i tn In fl the tue use of ot credit Excellent profits Is have been ge generally conserved to strengthen cash eaSI position pOlton and ad od Inventories es hOve have hive been kept moderate Finally FInaly ti the tie ct credit situation Is easy so far A ng lS regular Sr business Is concerned and while lo corn some some- somewhat e- e what t firmer t tendencies may may devel develop OP during Curing the tho year If It business expands too vio o stringency or scarcity of ot money ne need ed od edid be expected In BUSINESS OUTLOOK With the different branches branche of I Ind In- In a- a d dusty sty thus In better beter adjustment thc than in they have been for years tho outlook I C Justifies restrained d optimism The Tho Ca danger dan dan- nger n- n ger of ot cour course o lies le In overconfidence I lea leadIng lead lead- adIng ad- ad Ing to overproduction and disturbance of ot 0 the normal balance blance In Indu Industry try In vie view of cit th the lbS exceptionally heavy output 0 of ot heavY 1925 con conservative bu business men will wi a not 05 be tak taken n by surprise If It the volume of business this Ihl year falls fails fals to constant constantly ly overtop all al previous records constanty or chou should id oven even fall fail tal somewhat short of iL Its Il ri-ce ri recent ft level li vel In Tn some come ore localities et It t act li-act there the re are lre indications that building operations on and 1 speculation In real estate have be been en overdone and It Is not Impossible in Ill I certain other industries where unusual 51 optimism now prevails production rn may cy be pushed too bard Should this pro prove ye yeto to be the case caRe some slowing may ace occur ur during Curing the tho tatter latter later p part rt of ot the year b but Ut there seems oems to be ba littI likelihood of ot an anything In the tue way of ot a 4 serious re reaction re- re act action ion MO MONEY NET 1 11 AXIS AND 1 BANKING n. Movement nta In tb money market maket durIng during dur Cur ing log February were were were-In In accordance with Win the usual seasonal tendencies at this thus time tim e of ot tile the year With lh the pawing ot the Jan January arr slick Macic period and growth of ot spring ing trade money has come Conic In Into o gre greater ater demand and there has be been n In Increased in- in cre creased ased borrowing from the reserve In-I In ba banks By Idy reason of ot the ife fact tact that New NewYork Yo York York acts rk acts as aa cu custodian of ot a a large larAe part a rt of the sur surplus lus funds of the country th these e Inc Increased od demands I hAve been felt tel p vr plc- r- r tic at at this center Funds Junde allowed to accumulate here hete on deposit have bays been 0 recalled r ailed to 10 the Ulterior In substantial vO tulue and slid N New York banks hayS have beta I for forced forcel ced to borrow considerable sums ate at Bt atthe th the e reserve e bank to maintain From Fr oni th th low point of the post holiday post post-bolday liquidation reached on J January n ury 27 21 to Fe February 21 21 2 redIscount of the New NOW NewYork Yo York rk Re Reserve er e bank have increased 1 or somewhat more than th the e Increase shown shonn for all al fed federal ral i cc- cc Se serva VS t-VS banks banis the s sOulS same period call CIUI Ino moSey money ey rat rates s which had touched I 3 per cent at t the J January low levi levi-IS II 1 I ro rop rose se to lo around 4 40 4 to 6 per cent enl arid and ard i ti tm time mS money was wa likewise slightly firmer i tI iere was no appreciable Clane now now- ev ever er In tile commer commercial lal paper tb Lbs tum re remaining g around 4 43 4 to lo 4 per Y nO cent cent W t i tOte the major credit requirements ti of th the e spring gm Madd I S c just W ahead Ohead It scenic seema probable r that tilOt further moderate firm firm- ne ness neM ss U id to 0 be expected While It Jt Is Iru true truS th that et l commercial m credit requirements e are lo low w when compared with lt the volume i ea oC of t I bu business being done nevertheless as has be been en pointed but before banks have th their funds fund fully tuly employed and barring a I continuation of ot gold Imports stOOl add 1 ti lonal onal credit In any Important amount tI can n b be obtained d only through an ex expansion expansion ex- ex p of at federal l r reSet reserve toads loans Not Nol on only ly are banks s naturally more reluctant reluctant ant a nt to Increase their borrowings in view ot of the higher discount rates recently es established hed but It Is doubtful whether th the e reserve authorities would look wun favor fa vor upon additional d n member el r bank her bor- borI o ro rowing v at a time when lIen lh tIle the volume l of 01 r ru funds employed ed In Securities Is so large Jarge r rh The fhe ho general tendency of at money rates h hl has O beeh forward since the Summer 01 or 1 1924 and with wih business still in large v volume the tile time Ume dotS does r riot 1161 t yet Appear pear to be at hand hond for tor an tn alteration of this thi tr trend end s' s STOCK SOCK rot E EXCHANGE LOANS JAS An Interesting dl development ht o of ot th the th p pUt past aSt month has ha been the thi publication of ot t the he fit first ot of it ii I series of ot to r be b is Isu Issued d monthly h her t Wt b by the New ew Y York ork stock exchange giving figures on t the he total borrowings of ot its members member and t the he Inauguration of ot weekly reports by ti the tle le federal rese board giving the t df Of loans blue by sixty onO o New Y York C City ity member b rin banks banks' ts to d dealers and b brokers Thus for the first time Ume Authentic h Intorn Information ton on s called so-called d street cal l loans loans' becomes regularly available T There here has always alway been an air of ot mystery mys mys- t tery ery about about these figures and their Pub pub- pubU li cation will ivill wl add |