The sun., 1900-04-28
IREACTION IN PRICES.
Dun's Review Comments on the Bust
ness Of the Week. .,...
STOCKS DOWN TO LOW POINT.
Depressed Greatly by Closing OF
Wire and Nail Mills and the Fear
of Other Discouraging In
dustriaI Results.

New York, April 2T.-R. G.. Dun &
Co.'S weekly review of trade says:
Inc reaction in prices came where il
was expected least-in the industry more
fully organized than any other to check
competition and in the branch which,
through contracts covering rodnakins
and other machinery and through pat
ents, seemed more fully controlled than
any other. Reduction of $40 per ton in
WIRE nails. barbed wire and galvanized
renee and SIS in smooth wire showed
that no control can afford to hold prices
so nigh as to check consumption. In a
week the prices Of iron products have de.
cllned 5.S6 per cent and since Feb Z 10.3
per cent. As the wire and nail prices
have been relatively tho highest, others
in the iron and steel industry cannot be
expected to fall in like measure. But
pig iron is wcakcl--No. ! local coke at
Chicago S23.a0 and southern pig is also
lower. Plates and bars can be obtained
for about is cents in good contracts
both at the east and nj I'ittsbnrg. The
proposed advance in ShrctS 10 3.tO cents
has not been attempted. and the cut mali
mills, which have gained much by selling
ut 10 cents per krg below wire nails, will
now lower prices The stoppage of il doz.
en- wire and nail mills besides rod mills
at Joliet and another of the National
Steel company indicates some change in
the actual demand.
The tendency toward lower prices is
strengthened by the idea that ovarpro.
ductlon may appear III other branches
In cotton goods. after the rise of about
80 per cent, following the advance in cot.
ton, it is asked whether the surprising in
crease in southern output has not cut
off part of the demand which eastern
mills find insufficient In staple goods
no change is seen, but in other lines and
fancy goods irregularity is increasing
and greater concessions are made for flu.
ture deliveries.
Stocks Depressed.
Stocks were depressed to the Lowest
point since December by the closing Of
wire and nail mills and fear of other in
dustrial results equally discouraging
But it was presently seen that only tn,
Steel Wire company had found a re
markable reduction necessary, and will
reviving faith industrial stocks recovered
over 81 per share. The railroad stocks
after depression in sympathy, We're agair
well sustained and closed little higher
Railroad earnings in April have been Ill
per cent larger than last year and %
per cent larger than in 1898, and tn,
state of business may be inferred from
Chicago east bound shipments, whicl
were in three weeks 5T2,936 tons agains
24S,131 last year and 254,g0 in 1858
Foreign dealings in stocks continue ON
moderate scale. purchases sill exceeding
sales
The produce market is inactive. thouSl
wheat yielded u fraction anil corn gainr,
cent for the week. ENpor Of boil
continue larger than Il year ago. .ttlnnti
exports of wheat in four weeks flour in
cludcd. having been S.0!ia .ij1 bush j
against sol iSl last ycar. and Pacii
exports 2.I21. .l!i6 again t.';l1:i.S22 IL
year. Corn exports III The Sums " k
have been - 432.tjti bushels agains; 10,
0j3.a25 last year. Exports of mcclellan
disc from New York in lhica weeks hay
been 37.9 pel' cent lalgcr tllan list year
and with al Of the heavy cntt n m We
ment the aggregate for the month pr0N
isrs to considerably exceed S1N0,aOA.ulM
while impolIs here are l3.6 per cent lai
ger than Int year, hut will fail brlov
exports by more than S3O,uDu.Uln.
Failures for the week have boon 20,
in the United States against III las
year and % in Canada against % las
wear.