Birmingham state herald., 1897-04-03
WEEKLY TREND OF TRADE Markets Still Waiting With a
 Varying Mood. THE EE0TE OF THE HOUSE: on = ariff Bill Being Anticipated Had Little k Effect.
EAT ON THE DOWNWARD SLIDE
'wlng to Favorable Crop Reports and Large Movements of Corn-1ron and Steel Industries Feel Effect of Railroad
 Decision of the Supreme Court.

New York, April 2.-R. G. Dun & Go. will say tomorrow in their weekly re- view of trade: The markets are still waiting, some sagglng downward and others recovering. There is much dispo- sition to use the decision of the supreme court against the railroad commissions as an instrument for depressing socks, and yet the buying has prevented de- cline exceeding $1 per share, and for truss socks 20 cents per share. The reports of railroad earnings for the quarter have been somewhat encouraging, the aggre- gate having been on roads within che United States only 2-10 per cent. smaller than las; year, and the March returns have been rather more favorable than these for January and February.
 The vote of the house in favor of a new tariff bill has made no impression in businsss, since 1t has been expected since November that some measure of the same general character would become a law. If the bill stands, with Is pro- visions making new duties applicable April 1, the chances are that foreign im- ports and treasury receipts may be for a time considerably restricted,
 The market for products has been variable and uncertain. Wheat. closes a cent lower than last week, and the May option has declined ? cents. The move ment of corn continues so large as to materially affect the demand for wheat. Current trade estimates regarding the wheat crop are little more favorable and are somewhat more likely to prove reliable, as the advance of the season makes the condition of growing wheat better known.
 Cotton has no. changed in price, al- though the floods in the southwest have doubtless done much harm. The cotton in it's textile manufactures are slowly gaining in business, though print cloths and most staple cottons remain un- changed in prices, and restriction in out put seems to have given some relief to the market. The buying of wool by mills is still noteworthy feature, being far in excess of current consumption, but there is much greater volume of trade action between dealers, and in the chief markets the sales for five weeks have been almost 64,000,000 pounds. against 25,000, 900 pounds in the same weeks of 1892, when the mills were well employed. Prices are very strong, both here and at London.
 The iron and steel industry has been staggered by the decision of the supreme court affecting railroads, since it is ap- prehended 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 or ueT IS peHulHR TOT lU.UUU tons TOT Japan, but the reduction in Mesabi ore, with the want of agreement as yet among produc- CTS of hard ores, tends to encourage the belief in lower prices for finished pro- ducts and so to hinder buying. The great struggle between the ore-Droduc- ing companies of Mesab have not yet so far developed that anybody can feel con- fident as to the future cost of iron. Grey forge sells at $9.
 There are no quotable changes in prices xzfR RtNtc bod a1t 1oL for, f- rather weak. The new combination in cut nails only affects selling. prices in eastern markets.
 BRADSTREET'S REPORT.
 New York, April 2.-Bradstreet's will say tomorrow: The course of general trade shows some improvement, notwith- standing an almost complete stoppage of business in the South Mississippi valley by wash-outs, overf1ows and floods. The condition of country roadways through out the central western states and the northwest is such as to still further de- lay collections and check demand from interior merchants.
 Another drop is recorded in prices of Bessemer pig iron and steel billets, and in wheat, flour, coal, coffee and lard, which is in part offset by increased &C., tivity and higher prices for wool and for woolens, for corn, oats, sugar, and pe- troleum. heavy movement of fertil- lZeTS IS TepOTltu III tliE cOulH AtldHtlc states; interest in lumber and shingles has increased on the northwest Pacific coast and Galveston is exporting cattle to Europe direct. The most favorable trade reports are from northwest spring wheat states.
 There are 4402 business failures in the United States reported by Bradstreet's during the last quarter, compared with 4,512 in the first quarter of 1896, a falling off of about II per cent.
 Bank clearngs for March at eighty two cities throughout the United States show an increase of IS per cent, com- pared with March one year ago.