The record-union., 1897-05-29
People Are Actually Doing More Business
Than They Realize.
Values Are Lower, and Leave Little
Margin for Profits,
Though in Quantity There is Almost
as Much Business Being Done as
in the Days of Greatest Prosperity
The Crop of Wheat nuch Larger
Than the Markets Expected.

Than the Markets Expected.
NEW YORK, May 2S.-R. G. Dun &
Co.'S Weekly Review of Trade to-
morrow will say:
People are actually doing more busi-
ness than they realize. They reckon by
values, but these are much lower than
in any previous year of prosperity, and
leave little margin for profits. In guam
tity there is almost as much business
being done as in the years of greatest
prosperity, and though the increase in
population would call for material ex-
pansion, the comparison is not discour-
aging. The recovery is slow, hesitating
and gradual, but more has been done on
the whole in May than in April while
the returns of April show the volume
of business only 10 per cent. smaller
than that of the best year heretofore.
Yet hesitation is doing its work every
weak and multitudes are waiting, be-
cause of possibilities at Washington,
who ought to be filling the demand for
labor and the products of labor.
Events have proved that the crop of
wheat going out is much larger than any
of the markets expected, and Western
receipts for the week were 80 per cent.
larger than last year, while Atlantic ex-
ports have been for four weeks G,3lo, 329
bushels, flour included. against 4,9SS,I0
last year. AT this season actual receipts
count rather than predictions, and the
truth is that the country has exported
an extraordinary quantity of wheat and
flour, and yet has so much to spare that
the May option has declined nearly
cent for the week.
Manufacturers are doing almost moth
ing in the wool market, though specula-
tion has kept the sales large-in four
weeks of May 2S, ,S05, 800 pounds against
20. 159, $50 in the corresponding weeks of
1892 There is some weakness observ-
able with Western holders and Eastern
prices begin to feel the weight of enor-
nous imports, although holders still
calculate a rise as soon as new duties
take effect.
The iron manufactures gains in spite
of the closing of some of the furnaces.
The production of pig exceeds consump-
ton, and is somewhat decreasing, while
the consumption has gradually gained
this week, in part because of several
tons for this city alone, and in part be-
cause the agricultural implement works
have made larger demands, and also be-
cause of the proposed leasing or nearly
all the rod mills in the country which
has caused some buying. Pig iron shows
no change in price, but it is noteworthy
that an advance of % cents in the Brit
ish price of American pig is considered
a relief, as lessening the urgency TO
Southern pig on the Northern markets.
Tin and copper are stronger, but the
tin plate makers have agreed upon an
advance and yet the best grade sells
as before at So 80, against So 80 for the
foreign.
Failures for the week have been PA
in the United States. the smallest in any
week since September, 1895, against 239
last var. and % in Canada, against ~
last year.
NEW YORK, May 2S.-Bradstreet's
tomorrow will say: Results of the
spring trade in staples, which is now
over are disappointing. The volume of
seasonable merchandise distributed is
less than expected without taking into
account an improvement in business
y
Central Western and Southern trade
centers report business very quiet. Dry
goods continue depressed. cotton pro-
ducts selling with difficulty, some varie-
ties only in concessions. The announce
ment of reduced or passed cotton mill
dividends. and that several large estab-
lishments will shut down to enable con-
sumption to overtake production, which,
,,,Ii or1 e
consumers to the lowest prices of record
for iron and steel, would appear to suffl-
ciently characterize the actual condition
of general trade. Increased exports are
reported from Pacific Coast ports but
there is comparatively little gain in do
mestic trade here. except in cattle, wool
and hardware at Portland.
Among 20 or more important staple
nroducts only two-hides and wheat
have advanced, while one-half the num-
ber-cotton, lumber, coal, Bessemer pig
iron. steel billets, steel rails, print cloths,
sugar, pork and coffee-are unchanged,
although there was a nominal advance
in prices of Bessemer pig and steel bill
lets Now that the wool manufacturers
have stocked up, wool is off as are cot
ron goods, when sold in quantity and
among cereals, flour, Indian corn and
oats are lower, as well as lard and petro-
leum.
Exports of wheat, -four included as
wheat, from both coasts of the United
States and Montreal this week amount
to 2.0S1 1916 bushels. compared with p
655 600 last week. 2.064 900 in the week
a wear ago, 2.426, 900 in the week two
wears ago, 2.401 900 three years ago.
and as compared with 1888, 600 in the
like week of 1893.
NEW YORK. May 2S.-Bradstreet's
Financial Review tomorrow will
say:
Speculation in securities was not only
somewhat more active this week, but
the market has been broader and prices
have exhibited an improving tendency.
The developments of the week have ap-
parently induced a large proportion of
them to change from the bull to the
bear side while there are evidences that
large financial interests are inclined to
give renewed support to the market
Europe has not displayed any very
marked increase in its absorption of
our stock, but the American depart
ment of the London Stock Exchange is
a little more active, prices there i'm
proving in sympathy with the better
tone of the general market, and on