The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-05
so SAYS DUN AND co.
Production and Prices Must be Ad-
justed to Actual Demand.
SOME PROGRESS ON THIS LINE ALREADY
As a Result There Has Been an Increase in Ac-
tivity. Strikers Have Also Made Distinct
Progress Toward Settlement.
Movement of Wheat.
(By the Associated Press.)

New York May Ar. G. Dun and Com
row will say:
Failure returns for April are especial
ly valuable because they show that there
does not exist, in the most important
branches of business, the conditions which
threaten disaster. They call attention
to one line in which some curtailment had
seemed from previous returns to be in
progress and has been fastened by ex-
tensive strikes in the building trades.
THE state of business has been rep
resented to fit and used to support several
hundred theories already. The simple
= fact is that some reaction from the abnor-
NAL excitement and expansion and rise
of prices last year was necessary TO con-
tinued prosperity. It's duration may there
fore be expected to depend upon the
promptness with which production ana
prices adjust themselves to actual de-
mands. Much progress in that adjustment
has been made during the past week
with increased activity already resulting.
Strikes springing from disputes about
the terms of work and wages for the COM
ing year have also made distinct pro-
gress toward settlement.
1.-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 were
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 asking
$2490, while Eastern pig is offered at
Pittsburg below 1928 and local forge is
lower at 500 with Eastern a S19.75
Chicago local coke has declined so cents
and Southern also. Eastern markets arc
irregular with growing belief that an out
put exceeding consumption will reduce
prices until the demand again expands.
There are large foreign contracts for pig
pending and important sales of finished
products for export have been made. 1t
helps toward better adjustment that coke
is quoted 81 per ten lower than month
ago and anthracite coal has also de-
clined
THE close of the wool year has come
without the scarcity which some expected
but with the average of quotations by
Coates Brothers reduced in April about
one cent. Sales have been small and yet
in excess of purchases for consumption
Manufacturers have so far refrained as
to show that they were much better sup
piled six months or year ago than
dealers are willing to believe. The mar
ket for goods excepting the most favored
staples has been so far unsettled and
irregular to give small encouragement
for buying wool a current prices Inte-
riOr holders are still strong, hoping that
the end of the season brings the end of
manufacturers stocks. Cotton goods have
also shown similar weakness in transac-
tions for future delivery and new business
is narrow Until prospects for the new
crop are more settled the pressure of
English spinners for supplies tends
strongly to hold up prices here, though
foreign mill stocks are now heavy.
April exports of breadstuffs have been
large, both wheat and corn SURPRISING last
years record. Atlantic exports of wheat
in five weeks, -four included, have reached
11,0S0,903 bushels, against 10.744.7 1913 last
year. Pacific exports were 3,513, $50,
against 209O,737 last year and corn ex-
ports 15,573,337, against 12,O90,737 last
year.
I'm spite of conflicting stories the
movement of wheat from the farms con-
tinues larger than year ago. The price
closed as it opened, while corn declined
cents. All exports from New York in
four weeks have been 1874 per cent or
over $11 100000 larger than last year and
with the gain of SIS, 900 900 in cotton from
other ports the months aggregate for
merchandise should rise above hundred
millions. Imports show small gain but
Will hardly exceed seventy millions.
Failures for the week have been 200
in the United States, against 1873 last
year and n in Canada, against % last
year.