Show Sagging Tendency e enCy ncy Reflected in April April- JL Review o of Business Busin s By FR FRANK GREENE i Managing Editor t A curious Interplay of ot opposing forces was visible d during April which linked with the fac fact that a aye aye ye year r r ago rago ago jn- jn tle same same period perlo saw saw saw- some som J rather ther marked n ed Reactions ren- ren ft lt tot to malt a character charac har ter of ot that months month's standing In trade and Industry that is at t theone the tho one time general and nd acc accurate rai In Jn purely trade lines something I like a step down was seen or it t this Is not exactly accurate It may maybe maybe be said that weather conditions prevented pre pre- vented the ae decided ld d step up that i was hoped for tor Industry also moved Irregularly as witnessed Co for one one In Instance Instance instance In- In stance in a new nev high Sigh peak for a I year being male in pig iron production production tion tron whereas steel mill operations and pig Iron and some steel quotations quotations quotations quota quota- declined from irom the March level Building too showed a sag In value value value val val- ue of permits taken out export trade In grain an and anI cotton continued to shrink as did cUd pi ices for tor those products and an agreement to curtail curtail cur cur- tail tali southern cotton mill opera operations lons was reported this latter line showIng showing show show- ing a slight ret net decline in goods prices while silks and woolens and their r raw w materials sagged in price or in output AUTOS SHOW DECLINE Automobile production showed a slight decline from rom the output of March Finally the general level of ot all commodities influenced by rubber textiles leather naval stores and lumber went wept lower On the favorable side It might be benot not noted d that the stock market undoubtedly aided d In inthe the spread pread or pessimistic by Its big break In Maich l I rallied during the month under review revie v which likewise aided the bond market The speculative ships ship's burden was waR lightened and the money mone- money market likewise was helped a good deal by y the redu reduction In I brokers' brokers loans at In the tle period from froin the die middle of February to the middle middle- of ot April Over the month under review the thenet thenet net tr trend nd of trade as reflected Inthe in inthe inthe the weekly and monthly ly returns showed a slight sag from Marc March In value of sal sales sale s some of ot which ma may have been du dud tc tc- one business day daf less figuring In th the reports for tor April ls is opposed PP S d toM to March reh but mainly I because uhs unseasonable weather held d down wn final distribution l WHOLESALE TRADE GAINS As compared with a year ago wholesale trade tude showed a gain whereas retail trade showed rather less favorably Even here a distinction dis dis- must be drawn between the reports as to mail mall order chain store and department store sales showed best results whereas re reports reports reports re- re ports as to small retail trade were less favorable Industry seemed on the whole to maintain the superiority superior superIor- ity over a year ago and over trade distribution proper noted in earlIer earlier earl earl- ier jer months Failures numerous numerous nu nu- I than a year car ago in April and the number rf t bank suspensions most of ot these In rural d districts re remained remained re- re quiet large Collections showed up relatively less favorably than did actual trade The Federal Reserve bank hank report of ot department store stor sales shows a decrease of at 2 21 1 per Cent from April a year ago with eight out of twelve e districts reporting decreases this particularly because of ot East faster r buyIng buying buying buy- buy Ing coming mainly In April a year rear ago Weather conditions made for tor a avery avery avery i very mixed set of f crop crop reports a athe as the month advanced The southwest southwest southwest south south- west and northwest almost exactly changed places as compared with a u year ago Plentiful moisture In Texas Oklahoma and Kansas where a year ago It was lacking caused some very o optimistic estimates of ot winter wheat to h issue from the States tates mentioned the first two predicting pre pre- dieting record yields The Tile May l delivery of wheat showed Continued on page 6 6 SAGGING TRADE REFLECTED 1 IN 1 t. t v APRIL REVIEW REVIEWS S r L Continued Continued from page paJo 1 t Rome som r Ie sharp advances and de- de before tho strike enAS en en entered en- en AS A. a as as a a. factor into tho the case but buta a J the net trend was was downward al alJ although al- al 0 J though tho the congested condition of or that delivery promised speculative t fireworks at on one time Pacific coa coast t j. j crop reports Deports were good this applying apply applY- IJ t ing to both fruits and grains towIng bw- bw Ing to plentiful moisture I N The TIle cotton crop season was conN con- con lit N s ceded eded to be late as was the tho general tI 5 k I crop situation In most northern e areas owing to lingering of or cold weather Some lar largo o potato grow grow- ing ar jis' jis i e Af tf d' d S 9 covering tho the field neld as as e C Ia iMay Ma I Winter wheat t. t prospects ts as of May ay i 1 1 viewed by western estern exports export and I averaged point to a a. possible yield I of ot bushels ls as against bushels Indicated by the tho April 1 condition figures and 38 bushels harvested last year earThe ear The are area abandoned Is 18 placed at ati about 6 per cent and the area left leftIn leftIn In wheat Is about acres I Of the bushels gain In Indicated Indicated ind in- in d above Is credited d to Kansas Nebraska Nebraska Oklahoma and Texas MORE PIG IRON Pig Iron production In April 3 3 tons was tons ahead of Marc March l largest Inco dinco March 1925 when tons ton were turned out but was well below w the tons of ot May Maj l Ja 1923 April automobile and truck output as liS estimated by the National Automo Automobile Chamber of Commerce totaled a a. decrease decrease de- de de decrease crease of ot only EO from March The Department of or Commerce reported cars an andl ll trucks In March a a. total second only to 10 October when It was An Interesting InterestIng Interesting Interest Interest- ing calculation made by the National Na Na- National City Bank of New York indicated in- in In Indicates that practically all aU of or the 1925 excess rover Over 1 1324 24 went Into export export export ex ex- port trade Cotton consumption n In March broke broke all aU records witt with bales used but reports of at probable probable probable able agreement on In May followed promptly on the tho publication publication cation of this total Cement production production production pro pro- In March was a a. million below below be be- low March a a. year ago and some ome cement Interests call caU attention to calculations t that nt show how present ar or soon to b be present productive Capacity ca Ca- as moro mor than ample for all aU possible or prospective needs based upon or building road construction activities Reports as to April building per building per mite to decreases of or possibly 5 per cent from March and of 1 i per percent percent percent cent from Mach Mt ch h and of 1 per cent of April a a. year ago The March excess of ot merchandise Imports over exports chiefly raw materials was the greatest greatest great great- est oat on record for or any month Of Ot the decrease In nil alt exports In March from the like month of 1925 was wad contrIbuted contributed contributed con con- by cotton and cotton goods and by grains or grain products mainly wheat and wt wheat eat flour PETROLEUM GAINS Domestic production and to total al consumption of petroleum In March was tho the largest since December and anI anda a a. little larger than a year ago stocks hand decreased eased slightly and andare andare andare are the lowest in In at least three years Gasoline production In March was the largest since last August and stocks rose h heavily avny In preparation preparation preparation tion for tho the busy season Prices Price have stiffened over ever tho month Soft coal production for the year year to date is 15 5 per cent ahead of J last year this mainly due to the strike in the anthracite fields Mall Mail order sales two houses for four foar months exe exceed ed a a. year ago by 10 per cent of those of the like period a a. year ear ago and exceed th the first four months of or 1920 by 3 32 2 per cent Chain store tore sales for four months exceed a n. year ago by 10 per cent Department store sales for three months ending with l March farch exceeded exceeded ex ex- exceeded I mOn a aYea year ago by I 5 J per r cent |