Show i S ut LAKE TEL TELEGRAM GRAM z Rapid Gains in Industries T Of Country Now Expected ted General Genela Sentiment Declared More Hopeful as New Year Brings Encouraging Phases The The new year ear opened with some en encouraging encouraging en- en phases present and with general general gen gen- eral sentiment more hopeful Early unsettlement un un- un settlement In speculative markets re reflecting re- re financial Incidents In the West Yest was not continued and ad easing in money mone rte rates followed the moderate year end tightening g nl Annual reviews of business stress the t hf readjustments which have occurred In all al branches but the fact Is disclosed that fundamental conditions have bec strengthened anti and that a a more solid soUd basis for recovery now exists exiaa says sas Dunns Dunn's Review Revival from the point of ot de depression depression de- de has already gone some distance Important Industries as returns of pig Iron output attest and various constructive con con- constructive elements support the tion ton of a more favorable year In different differ ent quarters After Ater months of or restricted buying and limited production stocks of or goods havo run rn low In not a few In Instances In- In stances and demand for replenishment purposes tend to Improve the manufacturing manufacturing turing situation The expansion of or operations opera opera- tons at some mills mIls and factories has been so gradual as to be barely perceptible but rapid d pains were not looked k f for and nr even the sf slow progress which h has s marked rf I most lines U is significant of or the turn for the 1 better With I general a activity still absent It Is nevertheless re rea clear li that t the main trend Is toward Increased transactions a although at a narrow margin of profit The uJ changed n dap purchasing policy f of consumers which has been chiefly Involuntary Is plainly manifested in the Imol-I Imol de decIded decided decided de- de preference being shown for the staple staple sta sta- stapie pie and serviceable classes casses of or merchandise dise diso and In the closer coser regard for prices In Ia In these circumstances competition in I selling has not unnaturally raly become keener and it I Is revealed In more frequent price in retail circles The excess of or advances over declines in Duns Dun's list of wholesale quotations continues however and the statistical position of some markets mar mar- is sufficiently stron strong to sustain prices even oven when new orders are lacking The maximum call cal money rate of ot 6 C per cent of tie te closing week of ot 1921 1521 was not repeated in the opening week of or the new year With the year-end year requirements requirements requirements require require- ments met the situation developed re renewed renewed renewed re- re easing and the rate for to day day accommodation fell fel to 4 per cent on the stock exchange e Outside of or that In Institution In- In moreover a a. quotation ot of f 3 ZVi per cent was was' recorded These levels had hade hadnot hadnot not been e previously touched In a considerable considerable consid consid- erable b period while c charges do on nt time funds g this week also receded to a lower basis In foreign exchange there were no oat oat- oft oft- standing developments The recent high highmark highmark highmark mark for sterling ha hag not been duplicated but the London rate holds aroun around 20 against about 0 at this 1 date last year rear ts tsaO 1 aO at Returns of this 1 country's foreign 0 trade in December are b being awaited th with wih Interest and future overseas merchandise movements movements move move- movements ments will wi of or course coure have an Important bearing on the trend of or the exchange m market With a a further moderate Increase gold holdings of the federal banks reached a anew anew anew new maximum in the opening week of or the new year veal The gain for the week was I only but there has been a net addition additon of or nearly to the total since a year rear ago and th the aggregate amount held now exceeds No Io change In the reserve ratio rato was re- re ported l for tJ the week el yet the present p percentage percentage per per- of tl is only nr a tn little tr below I the top level Jevel of or last year rear and contrasts sharply with wih the high mark of or per percent percent percent cent in 1920 The best ratio In 1919 was per cent and In 1918 rato the highest point was per cent but a figure of or per percent percent percent cent was established in 1917 The net et earnings of ot the local federal reserve bank banle decreased appreciably last lat year ear falling from to From Irom the low point of or last lat July when the dally daily daly average was less than tons pig Iron production has ha expanded fully fully ful ful- fui- fui ly 90 per pel cent The Improvement has been continuous each of the past five months showing gains and tho the December average average aver aver- age ale reached tons or tons more than thanin in November The aggregate make for the last month as reported by the theIron theIron theiron Iron Ago Age increased to tons from tons In November and there was wasa a net rise of or five In th the number of or active furnaces With Wih holiday fewer than was expected total furnaces tn in operation as ns the new year opened numbered numbered num num- which contrasts with wih only six sIx- ty-nine ty last August Augst These statistical comparisons measure the Industry's re revIval revival revival re- re vival during recent reent months and afford tangible reason for encouragement While present demand for both pI pig Iron and steel Is quiet broadly considered signs are not lacking that a a buying movement may soon appear in some quarters Prospects for tor I 1922 are viewed with more confidence At the beginning of the new year hopeful hopeful hope hope- r ful l views were expressed In the dry goods gods trade The attitude of merchants toward I prices reflects a desire for stable markets markets markets mar mar- on a moderately low level to assist In maintaining consumption and some eone downward revisions of quotations were vere made on the opening day of or tho the week These changes included blue denims and bedspreads but the price movement was not uniform print cloths rising a little In I wool wool- goods prices for fall fail fal are expected I to be named shortly shorty and some New York state knit underwear mills mis have lowered wages to meet the reductions made in Southern and Western centers While the strike among local garment workers continues continues con con- reports from outside points Indicate indicate indi Indi- cate that employers and are taking action acton to decrease production costs which is considered essential to stimulate distribution of or goods for a a new season Running time at some plants on the other hand has been increased The influence of holiday and year end IJ cO conditions U remains I evident In hides and allied lines More than a week has passed without new business of ot consequence consequence consequence conse conse- quence In domestic packer hides and other other oth oth- er departments of the market also reflect dullness The trading aso however is not unnatural with wih annual accounting I in progress and the price situation has lost little If I any of ot Its firmness While some buyers anticipate that declines will wi occur on certain certin descriptions of or raw material material ma ma- ma- ma tenal the strength of or the statistical position po po- is conceded and the small smal supplies In different quarters tend to sustain quo quo- The kill In the Is reported re- re ported ort d to be very light t and most of ot the farger larger dealers will wi not consider some lower low low- h holdings er or IJ prices s so sa o of talked a good gd by hides fd tanners nes Some on en enl l large moderate e upper up up- per leather producers recently received Inquiries for sizable lots but actual sales tailed failed to develop and general leather demand lacks activity |