The star. (Reynoldsville, Pa.) 1892-1946, 1898-04-20
TRADE REVIEW.
Large Orders For Iron and Steel Work Are
Being DELAYED

X. q. Dun & Co.'s weekly review Of
trade reports as follows:
Preparations for war continue as II IL
were Inevitable. There is some him
drnnce In business, and yet the volume
OF payments through clearing houses is
sun 12.9 per cent larger than last year,
ana outside New York about 22 per
cent larger than In 1899, though specu-
lative stagnation here makes the ag-
gregate lower. New York banks may
now realize that they are strong
enough for all possible emergencies
and may give the government valuable
aid by greater freedom In business
leans. Sound New York banks are not
IN the least alai med about the business
situation. nor have they any occasion
for alarm.
The industries are doing we'll, be-
cause they have enormous orders.
taken In February and March or
earlier. which insure operations for
periods varying from fortnight TO
several months. But the new orders
upon which they have to rely II partial
stoppage or closing OF many works is
70 be prevented are just now restricted
by apprehension about the money mar
ket and the possibility of loans.
In the iron business there are orders
for about 10000 tons OF structural work
held up by questions OF law; In Chicago
the large postofiice order Is yet waiting
and the Russian order for rails Is still
pending, possibly because Of financial
difficulties. While new business offered
In this line IL still very heavy, the pro-
duction is so large that IL may easily
be disastrously checked by persistent
restriction OF the current demand. But
foreign orders for six large vessels are
pending In eastern ship yards. and
actual orders for cars alone cover 10000
tons OF basic steel at Pittsburg. Angles
have been advanced 81 per ton. and
structural works are all crowded with
orders, while pipes are in heavy de-
mand.
The stagnation in wool is something
remarkable. the total sales at the three
chief markets having been only 1,1S2,1H
pounds. against 9.6Os. 800 last year. and
in the first half of April only 3.SS5.044
pounds, against 22,346o00 year ago.
Manufacturers are still waiting, al
though somewhat encouraged by
rather better tone in the clothing trade
OF late. They have ample orders for the
present in most lines, though not In all.
Wheat rose 5Is and held 21s cents for
the week, although Atlantic exports
for the week have been 3.045,021 bushels,
flour included against s76,7l9 last year,
and Pacific exports, S27 1858 bushels,
against 212,056 last year. The total from
both coasts for two weeks of April has
been 7.379,136 bushels. against 3.o57,4s2
last year The receipts from western
farms show some decrease for the
week. but for two weeks are only about
600. 600 bushels smaller than year ago.
Meanwhile II Is astonishing that re-
ceipts OF corn continue remarkably
heavy, for the week more than a mil
lion bushels larger than last year. and
for two weeks more than 1,650.000
bushels, and the exports for the week
have been 4,65S,031 bushels. against D.
70S.73S last year and for half Of April
S,146,GSl bushels. against 6.032,015 last
year. Such extraordinary exports Of
corn go far to show that the outward
movement of wheat is by no means Of
speculative character, nor likely to
diminish speedily. The official report
shows that exports In March were 15.-
459,575 bushels OF wheat, -four included.
against 1901, ,722 last year. and In nine
months from the principal ports. 163,-
909, ,730 bushels, against 132,676,463 last
year. Meanwhile the exports of corn In
the nine months have been 13s,905,93i
bushels, against 1876, ,231 last year.
The volume of legitimate business IL
enormous, and meanwhile failures are
remarkably small; for the week they
have been 254 in the United states,
against POI last year, and Is in Canada,
against 30 last year.