The herald., 1897-04-03
TARIFF LEGISLATION
PRODUCES NO APPRECIABLE
EFFECT
The Back-Action Clause Will Make
the Treasury Receipts Small
for @ Time

Associated Press Special Wire.
NEW YORK. April 2.-R. G. Dun &
Co.'S weekly review Of trade will say
tomorrow; The markets are still wait
ing, some sagging downward and others
recovering. The vote Of the house in
favor of new tariff bill has made no
impression In business since 1t has been
expected since November that some
measure Of the same general character
would become O law. II the bill stands,
with its provisions making new duties
applicable April /, the chances are that
foreign imports and treasury receipts
may be for time considerably restrict
ed. The market for products has been
variable and uncertain. Wheat closes
a cent lower than last week. and the
May option has declined Q cents. West
ern receipts for the week have been o.
7S1,557 bushels, against 1,951.205 BUSH
els last year, while the Atlantic exports,
-four included, have been 2.165.27S BUSH
els. against 1.2so,o1s bushels last year.
The movement Of corn continues so large
as to materially affect the demand for
wheat, western receipts having been
1,91s.s6s bushels for the week, against
1,s46,045 bushels last year and Atlantic
exports, 4,291,629 against 1,0sS.So6 BUSH
els last year. Current trade estimates
regarding the wheat crop are a little
more favorable and eomewhat more
likely to prove reliable, as the advance
of the season makes the condition of
growing wheat better known.
The buying Of wool by mills Is still
noteworthy feature. being far In excess
NJ rr1rronf f1v NJ hut L.
much larger volume of transactions
between dealers, and at the three chief
markets the sales for five weeks have
been 63, 725, 200 pounds, against 25,377, ,676
in the same week in 1892, when the mills
were well employed Prices are very
strong. both here and at London, where
the advance since the sale began IS
from Is to 20 per cent, but there are
feverish irregularities indicating that
holders are not all of one mind. ana
some remember that many large mills
have taken stock for a full year'e con-
sumI lion. The iron and steel industry
has been staggered, so to speak, by the
decision of the supreme court affecting
the railroads, since 1t is apprehended
that purchases not only OF rails but Of
cars, locomotives and bridge materials
may be affected. The demand for rails
is still considerable, and one order Is
pending for 10000 tons for Japan, but
the reduction in Mesaba ore. with the
want OF agreement as yet among pro-
ducers of hard ores, tends to encourage
the belief of lower prices for finished
products, and also TO hinder buying.
The great struggle between the ore pro-
ducing companies OF Mesaba has not
yet so far developed that anybody can
feel confident as to the future cost of
iron. Meanwhile. with pig order accu-
mulating, although some furnaces have
stopped production, the price of Besse-
mer at Pittsburg IL shade lower Mt
$10.25 and grey forge at 80. but there are
no quotable changes In prices Of finished
products. although the tone is rather
weak. The new combination in cut nai!r
only affected selling prices In eastern
markets.
BRADsTREET's REPORTS
Bradstreet's general review of trade
will say tomorrow: The course of gen.
eral trade shows some improvemnt, not
withstan an almost complete stop
page Of business In the South Mississippi
valley by washouts, overfiows and floods.
The condition of the country roadways
through the central western states and
the northwest Is such to still further de-
lay collections and check demands from
interior merchants. Another drop Is re-
corded in prices of Bessemer pig iron
and steel billets, and in wheat, -four,
coal, coffee and lard which is partly offset
by increased activity and higher prices
for wool and for woolens, for corn, oate,
sugar and petroleum. Interest in lum-
ber and shingles has increased on the
n rthwest Pacific coast. Most favora-
bl, trade reports are received from
northwestern spring wheat states.
There are 4042 business failures in the
United States reported by Bradstreet's
during the past quarter, compared with
4512 In the first quarter Of 1885, q falling
off of about 16 per cent. The decrease Is
reported from all sections except New
England and the territories. The large
number Of eastern state failures are
small ones. The total liabilities Of those
failures In the New England states are
22 per cent smaller during the past
quarter than year ago. Loans Of all
individuals, firms and corporations
which failed amount to 362,513. 900. fall
Ing on OF IS per cent from the corre-
spending total last year
Special reports TO Bradstreet's from
nfty cities, with reference to revival In
activity In Industrial linoa, indicate that
there are working at thooo oontors prob
ably not 70 exceed 104o ~ in7oxo6ok e
the number euploUo1 - ~ 1nnE19 lo6f:
shoes, clothing, in1ohiuSly y, G6S Mi. IN 5