Show Returns From Basic Industries Reflects Reflects Business Recovery Duns Dun's Review gives the the following interesting account Indicating domestic business recovery in the United States Further evid evidence nce of the decisive character of ot Ute domestic business recovery is f found und in current returns of production in basic industries No pr previous February has shown a pig Iron output equal to last months month's turnover while steel works automobile plants and and- ond t textile milr mili mit among other enterprises ar are running running running run run- ning at a rate The revival ha has haa not come come- suddenly having been way for many months but the movement this year has been at an accelerated pace Purchasing merely to cover immediate or nearby nearby nearby near near- by needs long had been the prevailing prevailing pre pre- practice whereas the present present present pres pres- I ent policy In many Instances Isone is isone isone one of ot securing protection against distant requirements D Demands mands ex extending extending extending ex- ex tending into the third quarter are not uncommon yet the sol up sold up condition condition con con- dIton of ot various manufacturers precludes the acceptance of or all al ordErs orders orders or or- ders dErs and not a few have withdrawn fr froni m the tha markets It I Is reassuring in the circumstances that efforts are being made made- to curb speculative tendencies although the therise rise iso of of prices has not been ch checked and buyers whose supplies must be quickly replenished are ready to pay premiums where advantages on shipments are obtainable Delays In transportation howver frequently frequently fre fre- are complained of with storms In i some sortie sections aggravating h ing g this difficulty and and numerous humorous commitments are being hel held In abeyance because of inability to se secure secure so- so cure early deliveries The general commercial situation Is marked by phases which leave no dOI doubt t as to their meaning and It Is nearly netly everywhere recognized now that business with wih comparatively comparative few exceptions Is experiencing rapid expansion Following precedent cOMmercIal failures decreased In number durIng during dur dur- ing February and and- contraction also occurred in amount pf pt liabilities With 1 1508 1500 OS defaults last months month s returns s show a e a reduction fully of-fully rl 29 per e cent from rte the tha euc Jan January Jn vary uary total was the largest reported since last AprI April and the February Indebtedness of or about is smaller b by more than 17 per cen cent t. t Further analysis of ot the Insolvency statistics discloses th the fact tact that there were wen fewer failures in February than in any previous month back to S September I I and a a decline of some 35 percent percent per percent I cent app r in comparison with the 2331 2381 defaults of ot February last year ear More than this last months month's liabilities show a decrease of 00 44 H per cent from those of or February 1922 92 when the Hum Aum Involved was unprecedented for the period A As had been expected the monthly month month- ly Iy J index numbers disclose a ct further I extension 0 of the commodity price I upturn Duns Dun's compilation which makes makee allowance for the relative I importance of the he hena many na dl different articles f nf Included CI e h In the e record shows that that the net rise during I February was about 2 21 per cent following an Insignificant change In in 1 January More ore or I less Sd advance In the general price level Jevel las has as occurred occurred occurred oc oc- oc- oc In irs each o of at th last six months nd the present nt Index Index number figure ro fg o of ot un 1 representing representing the cost per cipta of ot a ayears ayears years year's supply of ot commodities marks the hi highest riest point touched the beginning z of ot 1 1021 1 From the low basis reached on the decline de de- de- de dine cline in that hat year there has been beena a recovery of almost 20 per cent and many additional price increases have been established thus thu far Inthe in inthe inthe the current month This wee week Ie for tor example Duns Duns comprehensive list of wholesale quotations reveals a large excess excess' of advances seventy of the ninety-four ninety revisions being In an upward direction Not only were all al pr previous February February Feb Fob records of pig Iron output surpassed last month but ut the the- the daily dally daly average make malee at tons was the tho largest reported since March 1920 The net gain in active furnaces furnaces furnaces fur fur- naces in February according to the theIron theIron theron Iron ron Age was sixteen and the furnaces in operation at the beginning beginning begin begin- ning of the current m month nth were producing at a rate late in Ic II excess bf tons per annum Despite Despie this tills fact pig iron prices are still rising the weeks week's advances rangIng ranging rang rang- ing from 50 cents to 2 per ton and occurring In different In steel moreover higher levels have been reached an and the expected expected ex ex- upturn in warehouse warehouse- also has developed While the price element has caused postponement of some commitments commitments' commitments inability to Secure se secure secure se- se cure deliveries Is the main main Influence Influence influence ence In limiting new business No halting of the tho rise of textile prices has been witnessed aside from a trend toward easing In foreign foreign foreign for for- eign woo wool woo markets Published quotations quo- quo this week show a number of additional advances In staple dry goods In this countr country despite espie the recent considerable upturn and pressure for higher wages wages by mill mil is still sUl noted in different different differ dUter- ent manufacturing centers Reports of current business continue of an optimistic character with a more active distribution In both wholesale wholesale wholesale whole whole- sale and retail channels and all l merchandise under order orde seems to be wanted The point has been reached reache In some instances Indeed where It has been necessary to withdraw aw offerings or limit buyers buyers' commitments and more ot of 01 an effort efort has been made to restrain tendencies Meantime de delays do- do lays in transportation are fre complaIned com com- d of in sections where the winter Is breaking up slowly Unlike conditions in most other Important branches of ot business the domestic hide trade still reflects dullness Activity in sti this quarter has been lacking quarte bEen much or of this year and the present season for poorer quality stock not un unnaturally t leads to some easing essing of ot prices In ln con- con fore foreign p hides are in large demand with wih heavy purchasing of River Plate descriptions b by y Amer Amr- ican sole leather tanners at further further fur- fur ther tier advances Irregularities continue con con- apparent In irs th the leather market market mar mar- ket both as to business ar ana prices ana hd there is some somo art nty in footwear circle regarding buyers buyers' buyers buyers' action acton completed w after On Easter rush orders are re the th whole however the tho outlook In n th the hide tra trade ae anti and Ai lines nes Is ia not unfavorable and It-Is It l I-l the expectation of pone one inter ests eats that that renewed renewed activity will de do wi e- e elop before long In Cha channels wh re quietness now prevails NEW YORK YORI March 17 An An In increased In- In creased export demand has been boen r re ported for tor copper the pa past t week weck The small email smal lots lotI recently offering at con con- cessions hay have ared and quota quota- ton ranged from tram 1 to 17 r toward the end of or the week with wilt Enc producing In In- n- n terest reporting ilg sales pales ot of at 17 1 a this mornIng Iron unchanged nt |