Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1896-05-27
DuN'S REPORT.
There In Nothing Like Reaction In Business
The Stock Market Refuses To Obey Or
ders for n Panic.

says Saturday:
Failures for the week have been 29i
in the United States against 207 last
year, end IS in Canada against 23 last
year.
There is nothing like reaction in bus
mess, though the volume is small. The
stock market refuses to obey orders
for 4 panic. Manufacturers are not
gaining on the whole, but very
few are losing. The railroad
stocks average shade higher
than a week ago and there is abund
ant evidence that men of money are
watching for the right moment to buy
at the bottom, certain that the good
crops and definite political prospects
Will bring Improvement in the fall
Men of all parties have faith that the
American people will find the right
way to maintain the soundness of their
currency. There is no longer the
threatened danger that both houses
of congress will go wrong and
the success of sound money
men in both parties as far
west as South Dakota is most
significant The business world has
the best of reasons for refusing TO go
into panic, and it looks hopefully for
ward To definite Improvement as soon
as political uncertainties is out of the
way. The waiting conditions which
seems to some people nothing better
than stagnation still continues But
there is difference. Thousands OF
orders and contracts are merely
deferred because they can be more
safely given n little later.
There is nothing exciting in the
speculative market for exportable
products and the stories about damage
to wheat have been numerous, but the
general belief regarding the future
supply is fairly reflected in the decline
of l.52 cent per bushel. Cotton specu-
lation lifted the price fraction for
day or two, but it declined again, and
such movements are always easy at
this season when stocks can be easily
controlled. The European and Amer
lean mill supplies, with commercial
stocks, still exceed maximum consump-
ton for the crop year and the
promise for the coming crop is decided
ly good. If the output of pig iron
were always Il reliable barometer of
business conditions as some suppose,
the returns of furnaces in blast May /,
according to the Iron Age. ISIS. 3t0 tons
against 1881 April /, would be con
vincing. But the increase of stocks
unsold since January has been 243 80
tons and this, deducted from the OUTPUT
of furnaces, leaves 2,07S, 3lS tons for
four months. which is certainly in
excess of the actual consumption. be-
cause the stocks of the great steel COM
panies are not included in the state
ment. Since the steel billet pool was
formed these stocks have doubtless in
creased largely. There is scarcely any
improvement in the demand for fin
ished products, though the bar associa-
ton has become strong enough to en-
able makers of steel bars to get n
slightly higher price. The demand for
nails is so light that reduction of
price is expected; the demand
for structural work is less urgent. but
yet orders are encouraging in number,
although new contracts are for small
quantities. Bessemer pig is n shade
lower, and the ablest observers of the
iron market notice there is glaring in
congruity between pig at S12. so: billets
at S2025 and steel rails at SOS.
The boot and shoe manufacturers
have quite the best of it at present and
the factories are nearly all employed
full time, some of them having orders
for some months ahead. slight adj
vance in women's grain shoes is the
only change yet made in prices,
but a general advance is ex-
pected because the market for
leather is much stronger in tone,
though this week unchanged in quota
tions, while the Chicago market for
hides is quite excited because of scanty
supplies and the average of quotations
is nearly seven per cent. higher.
The textile manufacturers are still
waiting as they have been for months
past, and the extensive curtailment of
production does not strengthen prices
in the least