Show Failures of Brokerage Houses Figure Largely in i Trade Mortalities Evidence Multiplies That Trend of Business Affairs Now Is in Right Direction I The TIle commercial situation is change changing changing chang chang- ing for the better Gains I do not come O other e than ne slowly a and Irregularly e l fy but constructive e forces are exerting greater great guat- er Influence antI and and the general feelIng feelIng feeling feel- feel Ing U a 3 more moro cheerful Business depends so largely upon unon sentiment sentient that the Ule present hopeful expectations are significant significant sig sig- sig- sig and they are being bein reflected I In preparations for Increased activities In different quarters says Duns Dun's n ReV Ite- Ite V I e ew The easier money conditions the re recent recent re- re I cent rise of ot securities markets market and ot or advance advance ad advance ad- ad foreign f exchange and trie ule sn sn rp irp vance of grain prices could scarcely have failed to strengthen confidence and their is now rather more morE it ur a dis dle- dispositiOn disposition dis- dis position to undertake deferred deterred commit commit- ments meats Response to the higher prices On farm products has appeared In a somewhat broader distribution of merchandise mer chandise In the West Vest and parts of the South Houth while operations are expanding in certain manufacturing as buying to replenish depleted supplies I develops The fact that purchasing is still mainly to cover nearby and well wel stil defined needs tends tende to qualify the reports reports re- re ports of ot improving business but po potential po- po I requirements are and stocks of goods d have V been thoroughly fl liquidated t gl in most Instances n c While I price l unsettlement continues to check demands dEmands in some channels many i om torn have been so reduced d In cost coet that further l Important d declines n are r not likely to hg be witnessed f and 1 Dun Duns Dun's U s n nat list of at wholesale quotations demonstrates that the movement in various lines Is upward Following man many mont months s of readjustment it is not to be anticipated I ed that commercial revival re will wIn be rapid or uniform but e multiplies multiplies multi multi- mull mullI I plies that t the trend d t is now in t the right f direction despite s tile the e nOa nOat many existing I obstacles es Following precedent business fall fail failures luree l- l urea ures decreased In number during the short month of February After de deI defaults do- do i faults had rl risen n to the highest point fauls I In several years In January with a h H 4 nA J nt U U c u reduction last month w. w wren wien en 2331 2311 In Insolvencies Insolvencies In- In solvencies were reported J liven ven wih with this improvement however the tho February Feb failures are ara the largest In number number num num- ber excepting those of January and last December of ot any month since the beginning of 1915 1916 and the liabilities continue much above the average Thus the February indebtedness of 0 Is ig only about less than that of ot January despite the fact that there were nearly OO fe fener feer feEr Er defaults last month and last December marked the only other so 50 1 I eavy caVY an amount has been Involved Involve by tho the commercial Insolvencies An mi unusual usual number of ot brokerage failures failure the 1 february statistics antI and the tile defaults defaults de do- faults for or more In It each Instance in instance instance In- In stance which occurred in different lines of ot business supplied nearly 53 5 per cent of ot the aggregate liabilities for the month February closed with encouraging gains recorded in Iron ana ano Ite l circles cir cl des cles ces and a new month has with the promise of ot continued Improvement The Industry d as a whole OI Is now producing producing pro pro- r r t steel at about b U a 55 51 per cent rate with the leading Interest peratIng Ing log at 60 to 65 per cent ana uno InO indications indies indica lons multiply that consumers' consumers i reeds eeds are pressing Most of ot the recent busing buy bus ing however has been for lor replenish replenish- replenishment ment mont of depleted stocks stocka there ther lein heln being little forward contractu end nd fresh price weakness has developed With stable prices business would probably be of ot larger volume as numerous numErous or order orders orders or- or ders der are being deferred pending more settled BEtted conditions Yet purchasing by bythe bythe bythe the railroads is again a conspicuous feature one system taking tons I of rail rai and concerns and agricultural Implement manufacturers are arc more mord actively In the markets for fur supplies I sUl Reports is on farm tarm implement trade conditions are similar In tenor to those tose that have come from many different branches of business during the tha last year or more A A. special survey of the tho situation made mado through correspondents of ot Duns Dun's Review shows show's clearly that agricultural Implements implement like most other other oth oth- er products have been in 11 restricted movement and that prices have de declined do- do dined appreciably Tho The curtailed ec purchasing purchasing purchasing pur pur- chasing power In rural sections nan nai af affected affected at- at this line ne adversely limiting buying of new equipment q e and the v volume vol ha haq ume Urne of sales l has been considerably r fy be below be- be low how the storage average With n a of constructive factors developing how how how- ever the outlook for tho the current year earIs ear earIs Is nor mort promising Ore Oro of oC tho the most Import Important nt features In this c. c connection has been baen tho the recent sharp harp rise In 11 grain prices which has strengthened the position position pos pos- Iton of farmers farmer and Indications point to an increased demand for Ir Implements and machinery in Sn the future Gains In some Bore Important branches of ot J business are not being being duplicated In Inthe Inthe inthe the hide trade and allied led lines Jul- Jul ness in hides has continued for many weeks sizable operations occurring in infrequently in- in nN bi i do 30 CO frequently and prices ara down about 2 cents from the previous top level With shoe manufacturers and other buyers of leather limiting commitments close to actual needs tanners are taking tak tak- ling ing raw material sparingly and holi hol- hol days in South American markets week tended to further restrict t de demand demand demand de- de I mand there Despite Despie curtailed ton tion stocks of ot leather leathEr are still accumulating accumulating accum accum- I while a slow retail retaH distribution tion ton of footwear last month month lower prices in many Instances Factories Factories Fac Fac- I tories I making nr novelty shoes s are busy I on Easter orders e however e The near approach of spring is haYIng having haY haY- ing lag a a stimulating effect upon dry goods business Demand for wash fabrics i and lightweight garments r has broadened broadened broad broad- ened and lve Western buying g although t rO h i still etl restricted is becoming more con cOn- The more satisfactory prices on farm products have tended to Improve Im lm- m I prove the tone of or trade In rural il l communities communities com com- while more encouraging re reports reports re- re ln ports also alBo c came me from mining and 1 lum lumbering tm- tm bering sections Purchases by both wholesalers and retailers however continue conservative with wih operations usually limited to deliveries within n ninety nety days and resistance to price advances ad sd- sd vances Is marked in fn all al quarters La Labor Labor Labor La- La bor troubles in New England affecting affect affect- lag ing production considerably remain an adverse factor All Al markets In which speculative operations operations op op- op- op are highly influential were unsettled during the week weel Following recent advances reactionary tendencies developed in cotton and wheat and i stocks and foreign exchange were depressed depressed depressed de de- de- de pressed at times No surprise was WIS oc occasioned occasioned oc- oc by these movements as the previous rise had been extensive and there was a natural disposition to take of profits 0 60 of on for r trI the May Mav long wheat side ware wre reP Predictions practically practical practical- t ly realized and even the subsequent setback left ler prices much above those of a month ago o Rain and snow in tile the I Southwest h ens h have I improved Winter I fen crop g gi i prospects but foreign demand has hasI given support to prices I |