The star. (Reynoldsville, Pa.) 1892-1946, 1898-06-22
TRADE REVIEW.
Exports Exceed Imports During May Giving the
United States Large Foreign Balance.

II. G. Dun & Co.'S Weekly Review OF
Trade reports as follows for last week: (:
| lne passing of the war tax bill the
| onering of bonds and the collapse of
Letter and cash wheat, have made the
| week somewhat exciting. In spite Of
some features which cannot be justi-
| fled the tax bill was approved as prob
ably the best that could be obtained
from congress this year. and gave as
surance of needed revenue for the
emergency. Its bond provision has al
| ready called out offers for more than
! three times the amount desired and il
probably will prove the most success
iul loan ever invited by the United
states. A great victory In the field could
hardly be more important, especially
In its influence on foreign opinion. Not
| less significant was the excess of ex-
ports over imports in May by S65. $780,
Sh9 making a merchandise balance i'm
favor of the United States. $51l SS9, ,O37
IN eleven months OF the fiscal year,
while net imports of gold were $102, ,O26-
9S9, though in no previous fiscal year
have the net imports of gold exceeded
S91 ,466,l27 in 1882
Not less important is the official
showing that this nation has supplied
to Others 100, ,05S, POS bushels wheat and
2O4,OOO.OOO corn in eleven and a half
months without checking receipts from
In week because a crop Is promised
greater than the last by 100000
bushels. The decline would have come
sooner had not Mr.. Letter looked for
larger gains, but the benefit to this
country by the average advance of
nearly % cents for the crop year on
wheat exported has been about $4S.-
100000, and to producers much greater.
In corn, on the other hand, the cash
price has declined only l cent, and the
demand continues extraordinary, west
ern receipts amounting to 4,S79242
bushels against 3,SlS,19i bushels last
year, and exports amounting to 1862
600 bushels, against 1921 ,44S bushels
last year.
The cotton movement continues
large for the season, although the
price has advanced a sixteenth in spite
or favorable crop prospects. The ma
nufacturing demand abroad is good
and controls Liverpool, and at this late
season America let's Liverpool make
prices Here the manufacturing de-
mand is little better, though with de-
cline of prices of bleached shirtings,
but the mills have large stocks of mat
erials. There is also a stronger mar
ket for wool abroad, which with west
ern excitement makes quotations of
100 qualities by Coates Bros. of l cent
higher than June ], but there is scarce
ly any buying by manufacturers. who
are in doubt about the coming season
and have few new orders, except in
army lines. The break In the price of
sixteen -ounce clay worsted to 81. 20 has
somewhat discouraged what promised
to be healthy market. Sales of wool
were made extremely narrow by the
wide differences between excited west
ern holders and manufacturers who
have an uncertain coming season to
face.
Pig iron is extremely dull, though
bessemer holds last weeks advance
and other grades are not quotably low
er. No decline In consumption appears
ana, while bars are weak, with short
time the rule in eastern mills, they ad-
vance 2h cents at Pittsburg while Chi
cago reports heavy season contracts
stili coming from wagon, car and other
manufacturers. Heavy sheets are bet
ter at the East but thin are not bet
ter anywhere. Structural works are
full for the summer. and have had two
remarkably good weeks at Chicago
with buildings and bridge orders Plate
mills are well employed. and at Chi
cago the demand for pipe is better
especially from the Pacific coast. Ship
ments from there of rails In May in
cluded some to Sweden, Belgium, South
Africa, Siberia and three other coun-
tries. while orders from Calcutta have
just been taken. The anthracite coal
output In. May exceeded the allotment
by 1919 per cent.