The daily morning journal and courier., 1898-04-09
WEEKLY REVIEW OF TRADE
THE STATE OF BUSINESS NOT EAST
 TO JUDGE.


 This Owing to the Fact That Everyb ody is Asking Whether it is to he Peace or War
 -Careful Study of Facts Gives No Clear Indication of tho Future.
 New York, April SIR. G. Dun & Co.'S weekly review of trade to-mor- row will say: When everybody is ask ing whether it is to be war or peace, the state of business is not easy to judge Prophecy is not the function of business journal and there are times when even the most careful study of facts gives no clear indica- tion of the future. It is not possible to judge how far buying for distribu- tion or buying for consumers may be affected for time by chances of war. Evidence 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 of any manufact- uring concerns, nor lessened the vol ume of business reported by railroads in tonnage, or clearings at principal points. In five weeks Chicago east bound tonnage has been more than double last years and Y per cent. lar ger than in 1892. Foreign exports have been 50 per cent. larger for the week and 56 per cent. larger for the past five weeks.
 Railroad earnings have been reduc- ed. beyond all reason by rate cutting, and yet have been for March 16.3 per cent. over last year and 66 per cent. over 1892, all classes showing gain over both years. The wheat outgo contin- ues, Atlantic exports having been E. 240,172 for the week, against 1,521, ,122 last year, and Pacific 1,226,574 bushels, against 447,5S5 last year. Corn exports have been S,4S3,650 bushels, against B. 323,277 last year. The price rose stead- fly and closed two cents higher for wheat, with corn one cent higher. At the same time the exports of cotton are extraordinary. though just now SteAtoSo larger shipments by rail to New York instead of outside from gulf ports. For four weeks it has averaged nearly $2,- 500,000 per week greater than in 1895 from the largest crop ever grown, in spite of the fall in price, which has not changed during the week, in spite of nancy reports of decreased produc- tion
 3t
 In such conditions heavy industrial demands for a great force of opera tiyes have been effective. The truth is that every great industry meets enormous over production compared with corresponding demands in any other year, however prosperous, and yet nearly all are keeping almost their whole force employed, and some are increasing force. In one branch of woolen manufacture two carpet mills have stopped, or are about to stop, as it is between seasons, but much com- plaint of cancellation because of higher prices, and possibly in some cases be- cause of inferior qualities, has not been followed by reduced production. Sales of wool are insignificant, and the prices have declined two cents for finer grades and over one cent in the aver age for all quotations, only because spectators wholly underestimated the stocks held by manufacturers. In the iron and steel industry, with demands greater than ever before from general sources, urgent orders from the gov ernment enlarge work, but do not ad- vance prices.
 In boots and shoes the unprecedent- Z z1 .1.... < A March 26 have not prevented unusual ly large orders for this season since and with prices slightly yielding in leather, the Chicago market for hides is also a shade lower.
 Failures for the week have been 232 in the United States, against 252 last year, and thirty two in Canada against thirty-six last year.