The herald., 1898-04-16
Dun's Review

NEW YORK, April l0.-h. Vi. DuH q " ..
weekly review of trade tomorrow Will say:
The meaning of congress regarding Spain
Is not in doubt, but the form OF declaration
at this hour is in question. Preparations
for war continue as II 1t were lneVitaple;
There is some hindrance in business and
yet the volume of payments through
clearing houses is still 1873 per cent larger
than last year, and outside New YORK @
about 29 per cent larger tnan I'm ieoz,
the aggregate lower New YORK banks
may now realize that they are strong
enough for all possible emergencies and
greater freedom in business loans Sound
New York banks are not IN the least
alarmed about the business situation, nor
have they any occasion for alarm. The
have enormous orders taken in February
and March or earlier, which insure opera
tions for periods varying from a fortnight
to several months. But the new orders,
upon which they have to rely II partial
stoppage or closing of many works is to
be prevented, are just now restricted by
apprehension about the money market and
the possibility of loans. In the II iron IN bust
structural work held up by questions of
law; in Chicago the large postoffice order
is still waiting and the Russian order for
financial tr difficulty. While new business in
this line is still very heavy, the production
Is so large that it may easily be disastrous
lily checked by persistent restriction or
current demand. But foreign orders for
six large vessels are pending in eastern
shipyards and actual orders for cars alone
cover 10000 tons basic steel at Pittsburg
Angles have been advanced 81 per ton and
structural works are all crowded with or
ders. while pipes are in heavy demand.
With prices for print cloths still at the
lowest point ever touched, buying of cotton
willing to admit by the idea that order
goods, not equally over-produced may like
wise decline in price. The stagnation in
wool is something remarkable, the total
sales at the three chief markets having
been only 1,1S2144 pounds against 9606,eo0
last year and in the first half of April only
1885, ,0H pounds against 22,346OO0 pounds
year ago. Manufacturers are still waiting,
err better tone in the clothing trade of late.
They have ample orders for the present in
most lines though not in all. Wheat rose
SIC and held 21ac for the week, although
,O21 bushels (fiour includedC against
S76.719 bushels last year and Pacific GO
ports 827,36S bushels against 212, ,056 last
year. The total from both coasts for two
against 3057 ,4S2 bushels last year. The re-
ceipts from western farms show some de-
crease for the week. but for two weeks are
only about 900 bushels smaller than a
year ago. Meanwhile it is astonishing that
receipts of corn continue remarkably
heavy for the week more than million
larger than last year and for two weeks
more than 1,65O 900 bushels and the exports
for the week have been 46b3,O31 bushels
against 2.70S.7 bushels last year and for
half of April S.146,6S1 against OILS BUSH
els last year. Such extraordinary exports
of corn go far to show that the outward
movement of wheat is by no means of a
speculative character. nor likely to di-
minish speedily. The official report shows
that exports in March were 15,459575
bushels of wheat (iour includeO against
1901, ,722 bushels last year and in nine
months from the principal ports 163, ,909 $50
while the exports of corn in the nine
months have been 1888 ,934 bushels
against 1876, 231 last year.
The volume of legitimate business Is
enormous and meanwhile failures are re-
markably small for the week, they have
been 2o4 in the United States against 2O7
last year and 1S in Canada against so last
year.