The sun., 1900-05-05
THE APRIL FAILURES.
runs Review Comments on Last
Months business Troubles.
IRON AND STEEL CONDITIONS
Reduction In Prices Has Not as Yet
Gone Far Enough to Bring Ont
Much New Business. Says
The Review.

New York. May Ar. G. Dun & Co. =
weekly review of trade says:
| Failure returns for April are especially
valuable because they show that there
does not Dyist. in the most important
branches If business, the conditions
which thIeaten disaster. They call at
tentiun to one line in which some cnrtail-
ment had seemed from previous returns
! to be in progress and has been has tened
by extensive strikes in the bGildin.
trades In real estate speculation and
building Il few large failures cover oyt..
Il third of all the dpfaulted liabilities of
| the month, but in no other direction does
there appear any indication of unsound
ness or more than an entirely natural
ana safe increase of commercial credit.
In trading the failures were less than in
the same month of any previous year
ANA but for Il few builders aud con
TRACTORS would have been iii manufacture
| ing also. In most Of the large hrunchaS
/ of manufacture and also of trade fail
nreS were smaller than in amy other year
or in any other year but one.
The state of business has been riprc-
srntPd to fit ana used to support several
hrndrcd theories already. The simple
fact is that some reaction from tile all
rise of prices last year was necessary to
continued prosperity. Its duration may
therefore he expected to depend on the
promptness with which production and
prices adjust themselves to actual de-
mandS. Much progress in that adjust
ment has been made during the past
week, with increased activity already re-
sulting. Strikes springing from disputes
Df nd f,.,.
the coming year have also made distinct
progress toward settlement.
The Metal Market.
The reduction in prices of iron and
steel and their products has gone far
enough TO bring out much new business.
At the end of last week cut nails We're
reduced 40 cents per keg, and in plates
and bars somewhat lower prices have
been reported. Prices for sheets have
not yet been named, but in pipes and
tubes there is some yielding, with larger
business in fence and other wire since
the reduction. Not a sale of bessemer
pig is reported, the association still ask
ing S24.9O, while eastern pig is offered at
Pittsburg below $23, and local forge is
lower at $50, with eastern at S19.15.
Chicago local coke has declined 30 cents
and southern also. Eastern markets are
irregular, with growing belief that an
output exceeding consumption will re-
duce prices until the demand again eX-
pands. There are large foreign con-
tracts for pig pending, and important
sales of finished products for export have
been made. So great is the stress of
need in other countries that March ex-
ports of iron and steel were by far the
largest ever known in any month. Ii
helps toward better adjustment that coke
is quoted 81 per ton lower than month
ago and anthracite has also declined.
April exports of hreadstuffs have been
large, both wheat and corn surprising last
year's record. Atlantic exports of wheat
III five weeks, flour included. have reach
ed 11,0S0,903 bushels, against 10.T44.79
last year. Pacific exports 3,513,25O bush
rls against 2,000.T37 last year. and corn
exports 11.177},337, against 12,TI0942
last year. In spite Of conflicting stories
the movement of wheat from the farms
continues larger than year ago. Tho
price closed as it opened while corn de
rlncd > cents.
Failures for the week have been in the
United States POD against 1913 last year,
and 27 in Canada against 23 last year.