Evening journal., 1898-04-13
DUN'S WEEKLY REVIEW

When everybody is asking whether
it is to be war or peace, the state OF
business is not easy to judge Phoph-
, ecy is not the function of business
! journal, and there are times when
even the most careful study OF facts
gives no clear indication of the future
It is not possible to judge how far buy
| ing for distribution or buying for con-
sumers may be affected for a time by
! chances Of war. Every consumer may
imagine that he is going to wear fewer
clothes and use fewer tools and eat less
food than in a state of peace. But it
is likely that he may not. Since nobody
/ can judge just how wise bankers may
be in an emergency, there is SOME un-
certainty, but thus far scarcely any
| stCppage whatever Of manufacturing
concerns appears, nor any indications
that the producing force is likely TO be
diminished, nor is any such symptom
TO be seen in business reports.
Evidences Of existing conditions is not
confusing nor unfavOrable So far
banking conservatism has not caused
failures, which continue smaller than
for many years as in March, nor has It
caused stoppage cf any manufacturing
concerns, nor lessened the volume of
business reported by railroads in ton
mage, or clearings at principal points.
In five weeks Chicago east-bound tom
mage has been 779217 tons, more than
double last years. and II per cent
larger than in 1892 Rates are lower
and tonnage is more largely Of low
class freight, but quantities Of products
moved are enormous. Payments
through principal clearing houses are
27.8 per cent. larger for the week, and
27.0 per cent. larger than last year, and
3.S per cent. larger than in 1892, not
withstanding a great fall in prices of
| commodities in six years. Foreign i'm
, ports were very small last week, but
in five weeks have been only per cent.
smaller than last year, while exports
have been so per cent. larger for the
week, and SO per cent larger for five
. weeks, which indicates more than $50.
I 000O 600 excess Of imports over exports
3 for March. and no one can say how
large the remaining balance is.
Railroad earnings have been reduced
beyond all reason by rate cutting and
; yet have been for March 1853 per cent
; over last year, and &C FER cent. over
S 1892, all classes showing gain over both
years Even spectators who are crazy
C about foreign affairs have found
e enough good sense to raise the average
S price of railway stocks about 30 cts pei
S share for the week, and Of Trust stocks
S Go cents per share but the daily panic
] of bulls and bears proves nothing. The
D / substantial forces are not distrustful oil
b. American investm ents, though willing
Z to buy as cheaply as anybody will sell
e | Meanwhile the imports of gold, $2S,
e 100000 already received, besides S25
e 100000 ordered. with liquidation q
!. only $4,000, 600 Of the amount known tC
r be held on deferred exchange here
Il shows how great were debts due frCu
n other countries when the movement
e began. It is clear, at least, that NOR
It than s1O0,000,0O0 was then due.
=. The wheat outgO counts for mucl
e and continues Atlantic exports havin
a been 2.240172 for the week. agains
Y 1921 ,122 last year, and Pacific 1,226.57
bushels against 447 $50 last year. Sine
corn exports continue, 3,4S3, $50 bushel
against 3,323,277 last year, the strengtl
q Of the demand is not to be attribute
: to speculative agencies. 1t is fOrtunat
that Western receipts Of wheat do no
! fall short Of the extraordinary gain, bu
= are still 1908 bushels against /,
- 7S9. 10 last year, so that the stories O
. nearly exhausted supplies Of wheat ar
- fables for children The price rOs
., steadily and closed cents higher fo
wheat, with corn 1 cent higher. AT tn
=, same time the exports of cotton are eX
= traordinary. though just now deferre
n | by the caution which causes large
y shipments by rail to New York instea
- Ct outside from gulf ports. For fou
~ weeks it has averaged nearly S2,5OO,OO
y, per week greater than in 1895 from tn
largest crop ever grown, in spite of tn
fall in price, which has not change
during the week in spite Of many 70
ports OF decreased production.
IN In such conditions heavy industi;
n demands for a great force Of operative
ar have been effective. The truth is thi
N every great industry meets enOrmou
le over production compared with corr
n spcnding demands in amy ether yea
g however prosperous, and yet nearly a
or are keeping almost their whole fore
lie / employed, and some are increasin
lie force. In one branch Of wOclen mani
IN facture. two carpet mills have stOppe
es or are about to stop, as it is betwee
re seasons. but much complaint Of cance
Mt | lation because of higher prices, an
IL pcssibly in some cases because Of Il
st. fsrior qualities has not been fOllOw'
er by reduced pr0uucUCu. odlts ol MO
are insignificant, and prices have d
declined > cts for finer grades, and ov
cent in the average for all quotation
at only because spectators wholly unde
in estimate stocks held by manufacturer
ng In the iron and steel industry. with d
.ly mands greater than ever before fro
ty general sources, urgent orders from O
OF government enlarge work, but do n
He advance prices. In boots and shoes q
TX unprecedented purchases between Fe
III ruary 10 and March % have not pr
,er vented unusually large orders for on
lst season since, and with prices slight
he yielding as to leather the Chicago ma
ed ket for hides is also q shade lower.
on Disasters in trade shown this we
on by separate branches Of business
ial the month Of March, and also the III
quarter Of 1898, make the best repc
that has been possible for FIVE years.
is interesting to note that nearly
inc branches OF business show surprisl
Al Improvement. Meanwhile banks
wn extremely cautious. and c0mmerc
] foouc oVo l,tsf IN nor rent nf their q