EXPORTS OF CRUDE OIL, REFINED OIL, AND NAPHTHA FROM ALL PORTS, TOTAL EXPORTS OF CRUDE OIL, REFINED OIL AND NAPHTHA FROM NEW YORK, PHILADELPHIA, BALTIMORE, BOSTON, SAN FRANCISCO, NEW ORLEANS AND PORT ARTHUR. YEAR 1912. REVIEW OF THE DRY GOODS TRADE OF NEW YORK. FOR THE YEAR 1912. It was demonstrated in the dry goods markets in 1912 that when the fundamentals of trade are sound it is possible to make headway against such factors of uncertainty in American business as the tariff and a presidential campaign. Both of these elements were ever present in mercantile houses where dry goods were handled, as Congress was dealing in a legislative way with tariff affairs, and a presidential campaign of unusual importance was underway with the tariff issue one of the chief features. The year started out with stocks of very moderate proportions and with manufacturers and merchants striving to stimulate activity after the hard year of liquidation and adjustment in 1911. Very unusual labor difficulties in mill centres presented themselves in a formidable way in the woolen and worsted trades as early as the second week in January. The basis of action was different from anything previously encountered in labor troubles in textile. centres in New England and at the beginning were clearly misunderstood by manufacturers as a whole and by nearly all merchants. Until it appeared that production was being curtailed greatly by disorders and that wage increases were being forced when trade conditions hardly warranted them, commercial interests as a whole treated the interruptions to business rather lightly. As events succeeded each other it became apparent that the underlying causes of the troubles had to be considered of mercantile importance not only in woolen and worsteds, but in all lines of production affecting the dry goods trades. The restriction of output at a time the demand for goods was increasing came to have a most interesting influence on the cost of merchandise, and in many instances the curtailment was due to purely social conditions in manufacturing centres. The first few weeks of the year were inactive, cotton goods markets being very weak as a consequence of the largest crop of cotton ever grown in the American fields. The low prices for goods finally began to stimulate the demand and the depletion of stocks of heavy goods soon began to be felt in all lines of trade. The desire to secure business on which idle mills might get running again made competition sharp and it was several weeks after the turn of the year before merchants began to advance prices to a profitable basis. The business as a whole for the first six months was slow although outside of the centres affected by strikes, production was gradually increasing and retail buying was steadily getting better. Recovery from poor trade was assured every week despite the uncertainties of the spring and summer in the way of political campaigns and tariff' debates. After the textile tariff bills were vetoed by President TAFT, and Congress adjourned, business went into an active stride which continued generally steady to the turn of the year. A restricted yardage in goods wanted for dress purposes noted in 1911 was in evidence during the whole of 1912. It was also noted that the demand in dry goods markets was for much costlier merchandise and goods of a more novel or fancy character. This was true of articles and fabrics, and it is probably true that no year in recent history compares with this one in the variety of high quality dry goods sold in all markets. Coarse yarn goods, not always low priced, sold much better than fine yarn goods, and the fine cotton goods industry passed through a most unprofitable year. Fine worsteds did not sell well in either. men's wear or dress goods yet the business done in the woolens and the coarser worsteds was good. Expensive lines of silks came into wide vogue and as the year was closing brocades and other costly weaves came into prominence in fashions. The total imports of cotton manufactures for the year reached $67,978,226, compared with $65,804,994 in 1911, and $66,971,878 in 1910. The importations of laces and embroideries were ahead of the two preceding years, running to a value of $38,099,887 compared with $36,065,819 in 1911, and $35,927,461 in 1910. These large importations in the face of a substantial addition to the domestic production after 1909 were explained by the fact that the year was an exceptional one in the volume of laces and embroideries worn. The height of the fashion had passed before the end of the year. Of the cloths imported there was an increased value in velvets and velveteens. In 1911 5,327,686 square yards were brought in valued at $2,428,804, while 1912 figures showed values of $2,788,053 with a reduced yardage of 4,947,085. The importations of cloths totaled 45,497,927 square yards compared with 52,031,130 in 1911, and 55,276,921 in 1910. Importations of knit goods again showed a decline, the total for the year being valued at $3,363,822, compared with $3,593,724 in 1911, and $5,313,958 in 1910. The operation of the PAYNEALDRICH tariff laws explained in some measure the restriction of imports of knit goods and cloths, but on the other hand it was the belief of merchants that the trade of the country preferred the domestic merchandise in many instances. It was a large year in linens, the importations showing a total value of $21,614,235 with a volume of 136,093,083 square yards in 1912 compared with 115,452,862 square yards in 1911 valued at $18,428,406, and 125,799,819 square yards valued at $19,463,568 in 1910. Linen handkerchiefs imported in 1912 were valued at $2,106,086, compared with $2,484,203 in 1911, and $2,531,457 in 1910. Linen laces, embroideries, ruchings, curtains, etc., were in somewhat larger demand, the total importations reaching a value of $4,117,000 or substantially $100,000 in excess of the two preceding years. Although 1912 was a year of activity in the silk trade the importations showed a decrease, the total silk manufactures imported being |