The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-05
DUN's REVIEW OF TRADE.
Falling Prices Indicate an ADJUST
ment to Normal Demand.

NEW YORK, Nay 4-Dun's weekly re-
view of trade tomorrow will say:
Failure returns for April given today
are especially valuable, because they show
that there does not exist in the most i'm
portant branches of business the condi-
tions which threaten disaster. They call
attention to one line in which some cur
tailment had seemed from previous re-
turns to be In progress. and has been has
tened by extensive strikes in the building
trades
In real estate speeulations and building
few large failures cover over q third of
all the defaulted liabilities of the month,
but in no other direction does there appear
any indication of unsouHdness. or more
than an entirely natural and safe increase
OF commercial credits. In trading the fail
ureS were less than in the same month of
any previous year and but for few build
ers and contractors would have been in
manufacturing also. In most of the large
branches of manufacture and also OF
trade, failures were smaller than in any
other year but one.
The state of business has been repre-
scented 10 fit, and used to support, several
hundred theories already The simple fact
is that some reaction from the abnormal
excitemen t and expansion and rise OF
prices last year was necessary TO continued
prosperity. Its duration may therefore.
be expected to depend on the promptness
with which production and prices adjust
themselves to actual demands.
The reduction in prices of iron and
steel and their products has gone far
enough to bring out much new business
Eastern markets are irregular with grow
ing belief that an output exceeding con-
sumption VIII reduce prices until the de
mand again expands.
The close CT 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
much in excess of PURCHASES for consump-
ton. The market for goods. excepting the
most favored staples. has been so far I'M
settled and irregular as to give small en-
enlargement for buying wool at current
prices
Cotton goods has also shown similar
weakness in transactions for future deliv-
cry and new business is narrow. Until
prospects for the new crop are more set
tied the pressure of English spinners for
supplies tends strongly 10 hold up prices
here. though foreign mill stocks are now
heavy.
The demand for boots and shoes does
not compare with llst years, and the opin-
ion grows that stocks of iobbers and re-
tailers are large The Chicago hide mar
ket has been weaker, with larger supplies
than were expected.
April exports of breadstuffs have been
large. both wheat and corn SURPRISING last
years record. The price of wheat closed
as it opened. while corn declined cents.
All exports from New York in four weeks
have been 334 per cent. or over s1l ,O00. GOO
larger than last year. Imports show
small gain.
Stocks have been weak. largely be-
cause Of industrials which have continued
to decline. losing 100 per share for the
week
Failures for the week have been 20S in
the United States, against 15S last year and
81 in Canada, against % last year