Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1897-05-06
A GLOOMY OUTLOOK
TRADE IS BAD AND PROMISES TO
BE WORSE.
PRICES TAKE A TUMBLE
Prospects of Speedy Peace in Europe
Affect the Grain Market-Failure
Hold Their Own-Bank Clearings
Fall OF over Three Per Cent. -
Latest Trade Reports.

New York, May 1.-R. G.. Dun &
Co. weekly trade statement says: In
spite OF the moderate improvement IN
most OF the great industries, business
is disappointing. Expectations of
speedy end Of the war in Europe
through Turkish victories has helped
to depress grain. The demands in
Austria and China caused exports OF
$6500,0 900 in gold. Merchandise i'm
ports are greatly increased and final &C
tion of congress on the revenue ques-
zion seems more remote. Wheat rose
last Saturday nearly two cents, but
has fallen since that day about cents.
This is largely because the European
markets did not supply the expected
demand, and because events have ap-
peared foreshadowing speedy peace:
tidings from wheat growing states and
receipts from farms and enormous ex-
ports of corn, however, all had their
influence. Corn exports were 1880
900 bushels FOR the past four weeks,
against 4.497 600 last year; while the
Atlantic exports Of wheat in the same
weeks flour included were only 4,231,-
000 bushels, against 1897 900 last year.
Nor is this surprising; for if in use two
bushels of corn only equal one bushel
of wheat, two bushels Of corn would
cost about 60 cents, and one bushel OF
wheat nearly 80 cents. Exports of
gold would not have much influence if
there were not an extraordinary in
crease in merchandise imports and
some decrease in exports from New
York. Imports increased 60 per cent
over last year for the week and for four
weeks were 80 per cent. greater. A.
Boston imports of wool We're extraor-
binary and at Philadelphia they
amounted for tie month to 81 PTS, 900.
The thought that this abnormal in
crease may continue as long as action
on the revenue bill is deferred ENDS
to affect exchange. bur he main in
luence is the exceptional demand for
a reconstruction OF the Austrian mon
cary system and for japan. or the
great industries, iron and steel manu-
facture is slower in advancing now, as
it was much quicker in the winter
Prices of Mesaba ore have not yet been
established. though ore better tha0
'oval has been sCld at 81 As 70 81 30
and pig Is wc1lHr. Bessemer is 50 -
with one sale Of 1000 tons a 50 q 0;
Piusburg, and grey forge at $3.50.
Nails are about cents per keg lower
and tin plates 8 cents per box. A
heavy sale of lake copper is reported a
II cents, and lead is trifle weaker.
There is more business in cotton and
woolen goods and little better tone
in prices. The mills are rather better
employed. "
Failures in the United States for the
week were 227 against 23S last year.
Bradstreets weekly trade statement
says. The more conspicuous features
of trade are less satisfactory. including
moderate reactions in the prices %
staples, a falling off in the volume Of
transactions in various lines. continued
slow collections and less favorable con-
ditions in iron, steel, cotton and some
other industries. There is less demand
for staple varieties Of iron and steel
makers are reporting trouble in secur-
ing specifications for contracts on hand
Southern pig iron has secured lower
railroad rates to points west Of pitts
burg and Buffalo all Of which saving
has been given to the purchaser. The
outlook is for shutting down some fur
naces in the Pi-tsburg district. Sales
Of wool have declined sharply. but re
ceipts % foreign stock bought up weeks
ago make a fair total. Nearly a years
supply has been imported during the
first four months of this year The
movement of cotton is slow and prices
are low, buyers purchasing large lots
only where tempting inducements are
offered Wooden manufacturers are
fairly supplied with orders, and are
inclined to ask an advance on new bus
mess. The three months restriction
on the output in cotton goods has end
ed and the mills now run on full time.
The only advance on general recog-
ni2cd conditions are those of pork and
cotton Higher prices for woolens is
an effort to anticipate the tariff EX-
ports Of wheat flour included) from
both coasts of the United States were
ll59000 bushels this week, against l.,
2f0 900 bushels the same week a year
ego Exports Of Indian corn have
also fallen off this week. amounting 70
&G57O0o bushels, against 47690o0 last
week"
The total bank clearings Of the prIn-