The sun., 1900-04-21
SURPRISES IN TRADE.
Comment by Dun's Review on the
Weeks Business.
BIG DEPRESSION In STOCKS.
Textile Industries Have Yet Large
Orders 10 BE Filled, and This
Serves to Keep Many of
the Mills busy.

New York, April 20.-R. G.. Dun &
Co.'s weekly review of trade says:
Formal reduction of S5 per ton iii prices
OF plates and bars and closing of mills
by the American Steel and Wire compa-
ny to avoid reduction in prices have filled
NE week With surprises. In the stock
market for steel and iron products
changes have begun the end OF which
cann0t well he fnluseen. Tie depression
~ stocks extended to railroad issues be-
cause Of strong efforts To bring about rp-
action. douhtts IS aided ly the shifting Of
leans made necessary hy the disposition
Of many bankers regarding industrial
securities. Confidence based On the
heavy business of the country and the
large earnings Of railroads gave good
support 10 their stocks, which declined
for the week iii average Of 81 cents per.
share. But the sensational losses of 81
per share ur more in Il day on some in
Iiustrial stocks depressed that entire list
to 4 point only about 81 per share above
the lowest average last wear. that of
Dec -. The decline for the most active
averaged 800 per share, of which II
cents WAS aftcrwald recovered The
street and gas stocks also averaged il de-
cline Of Sf.o5 per share.
Apart from the disturbance in specula-
tion there has been produced IL measure
of distrust regarding prices that aro
maintained by the great combinations
which may for the present tend to deter
buying. In the iron business the formal
reductions were almost wholly anticipat-
ed in actual sales, of which this paper
has given record To that extent they
only recognized existing facts. But an
thracite No. l I.ehigh has sold here at
$22.75 against SO in January, and east
crn forge sells for $40 at Pittsburg
against local gray forge at SPOTS, while,
bessemer from the east or from small
mills sells at S24.50 against S24.90 asked
by the association. Thus pig iron aver
ages per cent lower than at its highest
point, and finished products average IA
per cent lower. Some urgent and impor-
tant contracts have been made, includ-
ing that for the New York tunnel, requir-
ing 10000 tons at prices not stated. but
it is known that many others have been
deferred until the prospect is clearer.
The Textile Industries.
The textile Industries have large orders
yet to be filled, which keep many of the
mills busy, but there are many others
less fortunate, and their hunt for orders
without much regard for prices causes ir
regularity in the lines not of established
position. The staple wooden and worsted
goods hold steadily as the makers need
no more contracts, but in less favored
lines both for mems wear and in dress
goods the business is by no means salts
factory. Wool has been inactive without
change in prices. Cotton goods are by
some sold at concessions for future de-
livery, as all realize that present prices
will not long control cost of production.
Wheat has declined Il fraction in price,
and corn advanced Il fraction, both mar.
kets being rendered comparatively in
active by certainty that the remaining
foreign requirements will be easily met.
Atlantic exports in three weeks, flour
included, have been 5,T96,S06 bushels
against 3,622,T11 last year, and Pacific
exports 2.347 927 bushels against 1,152,-
0G9 last year. The increase in exports
of corn continues surprising. in three
weeks having been 93O4,I92 bushels
against S,S09,T46 last year.
Money continues easy, treasury pay
mentS and receipts from the interior hhv-
ing added about S3.500,000 to the supply
of New York banks, and IIondon's pur-
chases of stocks have exceeded sales
by about $4,000 shares for the week.
The volume of business continues heavy,
the earnings of railroads in April hav
ing exceeded last years by 1l.4 per cent
thus far and those of 1898 by PHI per
cent. and east bound tonnage from Chi
cago has been. in two weeks. 4O9.S00
against 162.330 last year and 169940 in
1892. Exchanges show some decrease,
for the month thus far 1916 per cent com
pared with last years extraordinary
speculative activity. but outside New
York the decrease at the principal clear
ing houses has been only Ia per cent.
The transactions for the month thus far
exceed those of 1898 by 61.9 per cent.
Failures for the week have been 1S4
in the United States against 1S4 last
year and IL in Canada against - last
year.