The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-05-12
LETTING DOWN EASY
No Sign of Panic Attends the
Fall in Prices.
PROSPERITY HAS LET Go
To Spit on Its Hands and Get
Better Hold.

| New York, May LL-R- G. Dun & Co. s
weekly review of trade Will say tomor-
row: With wholesome promptness the
| country is recovering from the en-
barrassment OF unnaurally high prices
In some lines the great manufacturing
associations have taken the lead; in
others, reduction is still deferred because
| the entire production caIacity is engaged
at high prices for some months to come;
| in others, it comes in spite of resistance
because buyers hold back orders for their
| own production until material concessions
are made. No disturbance nor stringency
of credits results nor any sign of alarm,
and the movement is perhaps more
healthy than it could have been entirely
controlled by the competition Of masy
small concerns. The proportion of works
and of hands unemployed is yet quite
small and the volume of business trans
| acted, though less than last year in New
England and in the middle-state cities, is
larger than ever before, at fiftyfour sIt
of sixty-three clearing houses in the en-
tire region west Of Pennsylvania and
south of the Potomas.
Production stimulated by high prices,
rises above consumption retarded by
them. The weekly output of pig iron May
l was 293 $50 tons, against 2S9,4S2 April /,
while unsold stocks sot held by the great
steel-makers increased 1865 tons. This
would indicate a daily Consumption of
40 461 tons. against 1852 in January,
hitherto the largest, but for the fact that
| considerable stocks have also accumulat-
ed in the hands Of consuming concerns,
of which enough to use much more than
1000 tons daily are now idle Bessemer
pig at Philadelphia, and Lehigh aVlley
No / here are quoted at so per ton, and
! the market wire has been reduced in cor
| respondence with barbed and plain. Con-
siderable increase of business is reported
! resulting from recent reducJ ions, but de-
mands for higher wages ;nd also for
| closing Of some iron works two months
| in the year, whether there is business Oh
! not, causes some hesitation regarding
! further contracts. The Smelling and Re
| fning company has reduced lead 50 per
ton, to 4 IA cents, and copper declined an
eighth, to 16 rs cents for Lake, while
| tin is also lower at % cents.
|. Wool yields a little more, chiefly in the
| finer grades A decrease Crf searly 10 per
| cent at the London sales is one cause, but
a more potent one is the continued alb
stention of manufacturers, who do not
! find the market for goods at the advanced
prices named this year at Fall City ex-
cept for a few staples. Cancellations
cause some trouble and slow payments
some, and prices of many grades are If
regular Cotton goods are also irregular
and in unsatisfactory demand; the prices
average only 10 per cent higher than
they were November l, while cotton has
risen 1873 per cent from, 3-S cents to
97-S cents,< and is supported by foreign
buying. Silk, on the other hand, has fall
len sharply 35 to 50 cents for the differ
ent grades, and from the highest point in
January 65 cents on ItaHas, $l40 on Jap
anese. 70 cents on Shang Hal and $1.Oo on
Canton, imports from China having
! greatly INCREASED. The openisg of Philip
pine ports has also reduced the price of
hemp from 15 cents last November to II
cents.
Shipments of boots and shoes from the
east for the first week of May were small
Ter than in the corresponding week OF
every year save one since 1894. Accounts
indicate that dealers stocks throughout
the country are unusually large and
many shops are closed, while many more
have but little work ahead. Prices asked
are practically as high as they Were
January l, though leather averages 4 per
cest lower and hides about 10 per cent
lower.
In spite of good exports wheat pros
poets suffice to cause decline OF 3-S
cents while corn has declined ? 3-S cents.
Corn exports still run much beyond last
years, in two weeks 6.7S0,500 bushels,
against 4,720,GG6 last year, and Atlantic
exports of wheat. flour included, have
been in two weeks 5.l59,50S bushels,
against 256.7O5 last year, with Pacific ex-
ports 1904, 697, against L09S,132 last year.
OF both grains the movement from the
farms is large enough to dispel all fear
that the supply viii run short.
Failures for the week have been 1872 in
the United States, against 165 last year,
and 10 in Canada against % last year.
BRADSTREET'S
New York. May 1L.-Bradstreefs tomor-
row viii say: The trade situation this
week may be summed UP in the phrase:
Inactive demand and weaker prices
While in many respects the Industrial
situation is easier than II was. the unset
Element in the trade continues, the reflex
action being exhiHted in unsettled de-
maud for building material and weaker
prices for lumber and for many products
used in the building industry Iron and
steel buyers are still holding off, most of
the business done being for small lots
| for immediate consumption. Further de-
clines are noted in steel billets and for
some finished products, while sympathetic
| weakness is reported in other metals.
| such as copper. lead and tin There u.aS