Evening capital. (Annapolis, Md.) 1884-1910, 1889-04-20
REVIEW OF TRADE.
4 General Improvement. Of BUSH
ness Indicated.
EzoEgsIVE Production PREVAILS


ANA steel Industries Creates Sympathetic
SyeaiEncs. In General Busincss--a Sur
plus Of Cereals on Hand and Abundant
Crops IN Prospect.
NEW York, April 20.--R. G. Dun &
Co.'S weekly review Of trade says: Il is
stiil the fact that most Of the indications
usually considered Of value point to
genuine improvement in business. though
moderate in amount and and rather In
volume Of transactions than in profits
Yet in some districts the outlook grows
less satisfactory and the disheartenment
ard uncertainty in few important
branches affect all trade in some degree.
Crop prospects brighten steadily. Lower
prices result IN largely increased exports.
Money Is abundant, the treasury is pour
ing out freely, AMI there are no signs OF
pressure from abroad. Railroad earn.
ings areincreasing and payments through
banks. Yet failures in some important
branches Of trade are numerous. Col.
lections are generally slower than usual,
the iron and leather interests are EN-.
barrassed by production largely exceed
ing the present demand.
Favorable Reports from Trade Centers.
The reports from interior centers OF
trade are almost uniformly favorable,
indicating moderate. nut steady improve
ment At Kansas City wet weather has
somewhat affected trade and collections,
and at Pittsburg the slow movement and
weakness in prices of iron and steel pro
ducts, glass and coal. affect business
generally, but at Cleveland more inquiry
for iron ore Is reported and better feel
inc Is manifest. Similar influences doubt
less account IN part for the general dull
ness at Philadelphia, though the grocery.
provision and cattle markets there are
fairly active The wool market is wait.
ing; the old supply is nearly exhausted,
and new wool being not as yet available
in any quantity. Prices are mostly
nominal but average for 104 grades and
qualities nearly half cent lower The
classification OF w0rsted goods as woolens
by theappraiser at Philadelphia has been
Endorsed by the board of appraisers, but
has no effect on the markets as yet.
Depression In Iron and steel.
The direct influence Of depression in
the iron and steel business is large, but
it has still a greater moral influence be-
cause of the current impression that the
price or consumption of pig iron affords
q reliable barometer OF the general con.
dition Of business. It is evident that
this impression must be modified in
some measure In times like these when
the consumption for rails has declined
enormously. A Chicago publication of
mileage of all roads projected fails to
stimulate iron manufacturers, who are
well aware how many concerns are in
the market to purchase rails with bonds
not otherwise marketable. But when
the quantity. Of iron made into rails is
deducted. the remaining consumption
for all purposes this year exceeds that of
last year, by not far from 400,00 tons
per quarter, which is surely not dis
couraginu symptom. Prices are low,
however, and the tone of the market
weaker and il seems inevitable that the
production must speedily be much re-
duced unless the demand increases ma
terially.
Overpr0duction of Leather.
The overproduction of leather does not
appear to be caused bv any sudden
shiinkage in the demand for finished
products, since the shipments of boots
and shoes are larger than in any previ-
Gus year. But the depression in prices,
which has now continued since 1880 and
reached 80 per cent, is unprecedented as
To duration. and the excess OF produc-
ton undoubtedly begins to embarrass
many makers. The Gotten manufacture
is progressing fairly, with a consump-
ton d littla larger than in any previous
year, and the demand Nr goods this
week seems better, with print cloths
strong at 1910 for 6ls. The unusually
open winter accounts FOR the difficulty
in the lumber business, which in some
quarters Is much embarrassed by lack
Of supplies and in part for the weakness
IN the coal market. Copper has fallen
&3a at London during TIE week, and the
projects fer future control OF the market
40 not yet nlaterialize. Tin has also de-
clined to 20.S5c., but lead Is strong at
3.67 {.
surplus Of Cereals.
Wheat il but shade lower and corn
little higher than week ago. The
rapid approach Of another harvest with
an unsold surplus IN excess Of all prob
able demands, which seems likely 20 be
moi far from 10000 900 bushels July /,
is a sufficient cause Of depression in
wheat and the failure and suicide Of an
operator ut the west tell OF the losses
sustained The general average OF prices
Is . shade lower than week ago. al
though tho treasury has heea disbursing
money largely. holding in cash about
$1,000. 900 less than az the last report.
Reports Of merchandise Improve and f0K
two weeks OF April have been 20A per
cent larger than last year. while some
tendency to decrease appears in imports
Iii New York.
The 1yeeaas Failures.
The business failures during the last
seven DAYS number Cor the United States
I'll; Cauada. So; total, 2S8, as against
total of 289 last week. S22 the week pre-.
vious to The last. and los fnr the cores.