Fair play., 1898-04-02
DUN'S COMMERCIAL REVIEW.
Kumory OF War Have Little Effect on Busi-
ness All the Conditions that Make 70,
Trade and Prosperity Favorable.


NEW YORK, March Pr. q. Dun &
90. 5 weekly review of trade says to-
day:
\ waiting state of things always
hinders business to some extent. WITH
more than s34 ,OOO. 900 gold received or
on its way since this movement began;
with ample bank reserves and treasury
reserves, and redemption of notes
nearly third smaller than III
February to date; with no stringency
in the money market and sterling
exchange weak; with the volume OF
business at clearinghouse outside Nc''
York larger than in 1892 by g." per
cent this month. and with failures
nearly 80 per cent. smaller than last
year. and - per cent. smaller than IN
the same month of le9a. there l. not
much visible groInd for panic. even II
earnest efforts should fail to maintain
peace with honor
Warlike reports come every day ana
stock operators make the most OF them,
and vet the average Of prices OF rail-
road stocks is 53.Os against ]3.2O two
weeks ago to-day. Nor have industrial
operations been perceptihly affected
except where extraordinary buying for
some weeks past has made necessary n
pause for breath. SO TO speak. or where
unnatural prices had caused halt be-
fore the destruction of the Maine.
Some decrease in new engagements
| would be expected with war apPar-
emily near. but as yet scarcely any IN
dication of decrease for that reason Is
| seen 1t is difficult 10 take dismal
views when the nation is SURPRISING
all records in marketing products. NJ
lantie exports of whca, FOR the week
have been .. 100, s26 bushels. against l.
272, ,a6s last year, and in four weeks. 3
| 3Oa ,5l4. -four included. against J.loj,i?3
| last year with Pacific exports, i.23?, ,Hj!.
! against sg9.242 last year. The price
| has declined 214 cents, but the heavy
| shipments and contracts for export are
| having a constant influence.
Corn has declined only small frac-
ton with exports not sixth lower
! than year ago to date.
! Cotton has fallen 4 sixteenth Ill spite
| of large exports, because sales OF fer
| tilizers and other evidences indicate
| that curtailment of acreage this year
will be less than was expected. Doincs-
| tic exports from New York III two
weeks have been S9.lO9 900 or 81 per
cent larger than last year. while in-
ports have been scarcely larger. fore
| shadowing exports again exceeding
! :. q, l.. a., S...
! 900 over imports. In such conditions
no strinsencv in money is needed 10
| bring money hither.
| Sales of wool have besn only ll.ill.-
800 pounds in three weeks at the three
| chief markets, against 1865. 30b last
| year, and quotations are yielding. with
/ sales of old wool. half 10 one cent be-
/ low current quotations for clothing.
! wit h no indication that manufacturers
are nearing the end Of their stocl;,
Cancellations are numerous. but in
proportion TO orders smaller than
/ for five years past. and find natural
explanation in an advance of prices
greater in home lines than distribu-
| ton Seems to warrant. Yet the mills
are nearly all full of orders for Some
months to come. and rather more de
mand for goods is seen since colde.
weather appeared. Cotton mills at
Fall River still increase their accunu-
lated stock of about 1000. .O0J pieces. and
print cloths have declined 70 2.o6 cents.
the lowest quotation on record. Some
print cloths have also weakened. but
ginghams are firm. and better grades
Of dress goods are sold well ahead.
The iron and steel industry IS more
fully employed than ever before in its
history. and although production ot
Bessemer pig is beyond all precedent
the price advances and billets are still
bought in open market by soma of the
largest producers Other pig is steady
in price and no decline appears in fin.
ished products, excepting steel plates
at the east, but for these de.
mand at Chicago is enormous. as
for cars and agricultural ilnple-
ment materials. pending orders for
cars covering 500 to 1000 each. TIL,
structural demand during the first
quarter was 80 per cent. larger than in
the same quarter for any previous year
and it is said the demand for pipe is
sweiled by pending contracts for l2G
miles Minor metals are compare
lively quiet; tin at l4.3 cents: lake cop
per at 2I cents and nickel in heavy de.
mand at "a cents.
Failures for the week have been 25l
in the United States. against 39l last
year. and y in Canada. against 80 las,
year.