The star. (Reynoldsville, Pa.) 1892-1946, 1899-05-17
REVIEW OF TRADE.
Stocks Decline but Business Activity Does
Suffer- Combinations Hinder Large
Orders for Iron

Large
Orders for Iron.
r. G.. r un & Co.'S Weekly Review of
Trade reports as follows for last week:
To speak truly of business this week
one must free the mind OF stocks For
severe decline in manufacturing
stocks has created an impression that
1t has some relation to productive in
dustry, but II has none. There was no
change In the money market worth
mentioning, and the volume Of business
shown by payments through the prin-
cipal clearing houses was u.5 per cent
larger than in 1892, the year of greatest
prosperity hitherto, which is more than
double the gain anybody considered
possible year ago.
Never before reaching a quarter of a
million tons per week, the iron manu-
facture reports may boast an output OF
25O,OS5 tons weekly, which, with 54.455
tons decrease in warrant and furnace
stocks, indicates a consumption OF 81
332 tons daily, against 3l,035 i'm March,
S4,Sl i'm February and 36,S3i in Janu-
ary The average for four months is
1902 tons daily, against 32,209 last
year. An Increase of 16 per cent in the
year would be less interesting If con-
sumption year ago were not far be-
!
Yet proposed combinations hinder
large orders i'm bars and sheets, while
| the structural business Is as heavy as
ever in small lots, with big contracts
about to come at Chicago for the
drainage canal; and the plate business,
too big for all the works to handle. in
vites no consolidation, the Chicago and
Philadelphia works being behind in de-
liveries and Pittsburg works troubled
by demands for 1000 tons vessel plates
and 1000 more close ahead for the gov
eminent docks at Algiers.
Only pig iron advanced, bessemer 30
cents and gray forge 25 cents, at Pitts
burg and local pig 80 cents at Chicago.
In minor metals tin declined with Lon
don to 25.3 cents and copper is weaker
at 10 cents for spot and 1Sla cents for
futures,
Nobody who has studied statistics
can tell why purchases of 100000
pounds Australian wool in bond for
export this week, following others in
previous weeks, should advance prices
of wool, nor were purchases of 100000
pounds territory wool by a speculator
readily explainable.
Prices are said to have been generally
advanced, with higher demands from
the interior holders. But 1t remains
question whether sales of 1O499.0OO
pounds for the week, against $500. $50
in 1892 and only little more in 1897,
will prove profitable. The market for
woolen goods is waiting for evidences
of demand, which do not yet appear.
and the delay in getting the new COM
binations into working order causes
some hesitation.
II government estimates were con-
sidered reliable, one based on entirely
| unknown acreage of wheat and cotton
| would be everywhere presented. Thus.
with official returns pointing to a great
| decrease in winter wheat production,
the price dropped cent and cotton de-
clined for options, though retaining
the advance OF Lie cent for spot. which
was established before the govern
ment report appeared. Nobody can
base a sensible estimate on state
ment of condition which takes no ac-
count OF the acreage of winter wheat
killed and abandoned. The best that
| can he said Is that worse returns were
expected in both markets. so that the
government report had practically no
| influence.
Failures for the week have beer 165
In the United States. against 246l last
year, and 20 in Canada. against y last
year.