Show Some SODe Fundamental Economic Changes j Are Now in Progress Business Readjustment It Is Declared Is Taking v Place Throughout America I While the close clote cOM of or the first halt half hat of ot a year ur urI Is I. usually Approached with wih some shrinkage In volume ot of business yet ct a seasonal Influences es e. only partly explain the tho contraction of ot or operations that Is I now evident In various quarters quarter Retarding factors at pres present nt do donot donot donot not app appear ar most mOlt conspicuously In weather conditions or In vacation Interruption Interruptions as a. asIs Is I sometimes the case cae at this period but rather In transportation difficulties which are arc intensified by frest tru labor troubles trouble In some lome localities und and In monetary restrictions tion ton and price uncertainties uncertainties These Thu are re elements element that have havo lately combined with wih some other to appreciably curtail commercial transactions and the tho prevailing lull lul In view of ot Its Il causes cause may prove provo to be moro moore than a passing development That I fundamental nta economic changes are In progress proC pro pro- rel roes ress differing at bottom bolom from those tho which have b ben n witnessed on pr previous lou occasions since th the wars war's r ending I Is not only demonstrated demonstrated demon demon- by movements n In some name leading trades trade tradel and Industries but Also by the tho re rev reversal reversal re- re v versal of ot sentiment among both sellers and buyers buyer and by statistics statistic of ot bank clearings and failures Tho The business readjustment moreover Is II not confined to an any one section sec eec C- C tion ton of ot the country Although perhaps more nore apparent nt In the East than elsewhere and the price declines which are era a a part put of ot It are clearly not no limited to the tho reduction vales sales at retail That the main trend of ot markets Is I also 18 downward Is II evidenced evi evl- d by Dun Duns lit list t l of ot quotations which again discloses more recessions than advances ad ad- vance vances and the continued disinclination of many Interests to commit themselves extensively ex ex- for tor the future I. I largely based on expectations expectation of ot further price r reaction acton to follow tollo While the sudden Idea and sharp fall fn of ot prices price of ot no some Ime mo commodities as a of ot raw silk lk and raw wool may not be duplicated In other lines yet each week adds to the tho h In Indications indications in- in I lol el of oret yielding I which g may mar later a h spread pread to food foud products If II present prospects for tor abundant grain IrAln crops are are reI realized d That the tho Increase In May ly domestic do do- merchandise exports over those thole of ot April Apri and the decrease In Imports Im Im- Im- Im ports foreshadows foreshadow A 1 definite reversal of ot recent torel foreign n trade tendencies as was 1 I promptly Inferred In some Imo quarters quartel upon I publication of the th official statistics statistic Is I open to question Subsequent monthly statements wilt will wi shed more light on the matter maUe but It I seem rot Improbable that tha the May lay y exports Included d some lome goods destined for tor shipment overseas oveta In April Apri but held up through port congestion and nd rot not entered In that months month record Certain It I. I that the May My returns are ure at t variance with the reports from different different dif dif- ferent sources of ot abatement of ot export buyIng buy- buy in Ing and a clearer Insight Into the general trend of ot foreign commerce Is I obtained by examining the eleven en elc months month figures From July 1 last lut to the end of May this year yer the exports export rote rose about 18 1 per c cent nt above cf ef the similar period of ot 1918 19 or from to whereon whereas where where- on as Al the Imports Increased from Crom 1 j I Ito I to or G p per r cent Such a I showing as ae this l ii II obviously of ot greater creater sig significance sig- sig than a months month's month exhibit and andI I It will wi require more than the May statement state state- mint ment nt n to demonstrate that the narrowing of tho excess exea of exports ov over r Import which hiss has hal be been ben n In Sn progress for tor some time past put but which was wa checked last lut month has hal definitely den den- nUlly come to an end At a time tm when good progress wa was being made Jade In bettering the transportation situation situa I tion fresh fruh railroad labor Ibor troubles trouble have hae further further fur tur- ton ther handicapped the Iron and steel Indus Indus- try The he difficulty of ot securing c needed ma- ma terhA accentuated by the Oh weeks week's eel development devel devel- ham hampers hamper en the tho movement toward re recovery recovery re- re covery In production and fuel shortage hortage ha haw ha re-I re forced some pig piC Iron makers maker to pay py record prices for tor co coke e. e as high as AI 17 1 having been bun established A new feature In tn the coke I market to which The Iron Age Ace directs at attention attention at- at Is II the Inquiry coming from South American and European sources source but th the scarcity of supplies and extreme prices price In Inthis inthis I this country are ire expected to prevent rev nt any ny heavy leavy exports An order that all 1 coal cars carsbe carsbe cr be tent sent ant empty to the te mines and that none be h held ld for reloading with wih other freight Is I. Isan isan an added drawback to steel trel Interests and nd nearly nil ill 11 of ot the I leading companies report a D falling failing off of In mill mi shipments with wih no apparent prospect of ot Immediate Improve improve- meat ment Generally producers and consumers alike alk are more or len lees seriously n- n I by existing conditions and not a little Ittle business that might otherwise be consummated consummated con con- summated Is I. of Ot t necessity being held in ab abeyance It I 1 i I no O longer r to be doubt doubted d that the I general gen gen- nual n- n stat eral prOc price prIc trend In primary dr dry goods good nark market markets mar nar k ket t. t Is I. downward even though published wholesale quotation s yet ft clo few tew r revisions More significant than tha any change chancel In current prices price are re the ort of or- t feting of ot merchandise for tor forward d delivery deliver lver at concessions concession and the tho growing expectations expectation of ot further r reductions In the future While 1 talk Ik of ot a shortage of ot goods to follow tollow persists per per- Ie In sonic some Ime quarters quarter Quarter consumption n as been restricted by the prolonged d era o of I high prices and by other factors t and th the steady o of tr Imports from ma abroad r I as shown hown In the official statistics make makes for tor Increased competition In selling A n An abundance of ot raw silk lk and raw wool I is II I available Assistance having been asked aked 1 In financing the new clip chip of ot Western wool now I coming on the market mAket and the tho outlook fo forthe for tor the new cotton coton crop although not such luch a aI as asI al I Ito to suggest A Ir largo large e yield has ha recently turn turned turne more more promising With lh the chan change e in th the I buying disposition of ot consumers cancellations cancella- cancella I of ot textile ord orders order n have become of ot somewhat somewhat some some- what common occurrence and the genera general I attitude of ot the the trade remains one of ot hesitation hesi- hesi tation and ond waiting Another week has not brought an any es u- u Improvement In hide and antt I leather leathe ather conditions and prices 1 remain nominal nomina and nd In the absence bence of ot II sizable able bust busi- n ness While Thile relatively few tow downward revl revl- sioni Iona appear In published quotations th the weakness of ot tho the situation Is I. not all al on th the theand surface and some pretty low prices would probably be recorded if It bu buyers r w were we're ro die die- dIl- dIl posed to operate with wih any degree delre of ot free tree dom A. A It I is I. I New York City calfskins calfskin which were wee an as A hl high h as a. A 10 no 11 sn 11 and 1 12 I IO last year have recently moved d at S I O and te and dc Chicago c city rt O skins have sold old at a as previously noted The ex extended cx- cx x- x tend tended d period of ot Inactivity In trading has ha caused large accumulations of ot hides anc and andIn skins In the tho hands of ot both producers produce am and collectors while importations of ot tor foreign bides during durin the ten months ending with April Apri were morn more mor than double those thoe of ot the same lame m months of ot 1918 19 In the circumstances circum- circum stances It Is not surprising that packers and other Interests are making efforts to re- re duco their holdings and that tha a price readjustment read read- rad- rad Is I. in progress |