The sun., 1900-07-21
THE STATE OF TRADE.
Comment by Dun's Review on Bust
ness of the Week. ..
HALT In THE IRON MARKET.
Sharp Fall In Wheat and Corn Taken
to Reflect Public Conclusions
Regarding Extent of In
Ma jury to Crops. s.l

New York, July 20.-R. G. Dun &c
Co.'S weekly review of trade says:
The midsummer vacation has already
disposed of the prophets who gave it a
''week or two," but there are few signs
to indicate its probable duration. The
compact of lake ore producers not to sell
standard bessemer ore below $3.50 at
lower lake ports this year, with coke
held at $3.50, much lessons the probable
ity that the market will wait for besse-
mer pig to go far below SIS, and some
increased buying already appears by
makers Of implements, not as yet in sea-
son contracts, but enough to give hope.
OF opposite tenor are threatened suits by
the Bessemer association to force accept
ance of large quantities of pig by the
Steel and Wire company on old contracts.
The great rail interest makes no change,
nor the tin plate interest. now said to be
meeting demands from decreasing stocks.
The price Of angles weakens, and iron
bars and plates are much depressed by
steel quotations at $1.15, but not much
beyond waiting is probable until wages
for the coming year can be settled.
The halt in the great iron industry nec-
essarily affects both business and pros
poets III some others. The same extern
siye building strikes which have cut off
the use Of much structural steel have also
prevented vast use of lumber, which
was, like iron, extraordinarily advanced
in prices. The eastern association tried
without avail to hold prices, and the
North Carolina association caused eX-
tensive curtailment of output, while the
lake association two weeks ago resolved
to maintain prices, but the needed mar
ket does not yet appear.
Wheat and Corn.
The sharp fall of 212 cents in wheat
and Az cents in corn appears to reflect
public conclusions after hearing much
evidence, official and unofficial, regarding
the extent of injury to both grains. II
would not be far from the truth to say
that the contradictory character Of these
statements of injury has well nigh de-
prived them of weight, so that the public
reckoned on destruction of 100,000O0c
bushels of wheat by drought as possible
but not much more probable than thai
the official estimate of yield was 100000,
900 bushels too low. The same resulting
outcome in either case would be enough
to meet all probable home and foreign
needs for the current year. The legiti
mate conclusion us to corn goes even fur
ther and is by the public accepted as evi
dence that even the strangely increasing
foreign demand in recent years, witt
enough increase for gradually expandini
home needs can be safely met. Th'
shipments 90 on at Il quiet and moderat'
pace, in three weeks from Atlantic port
5,GG1 ,50l bushels wheat, -four included
against 6,505. 1903 last year from Pacif
ports 1851 81 bushels against 1,27S,G4
last yGur and Of corn 9G20,5 bushel
agains. 9.2S99,)D last year ~
The weal:ly return of failures begins t
have significance not heretofore belong
ing to them The decline in iron price
and the reyerses in cycles, real estate
baidiug and lumber are reflected IN Jui
altcaay ly nine failures for $lGp'G0O o
more each, of which one was in iron, on
III silk, t40 in lumber and building ar
fiye ID machinery and cycles The tota
failurcs for two weeks VI July were -
Sll.Tl2, oG which S3G68,S35 were j
manufacturing and $l.323,I5T il ttadin
concerns.
Failures Tor the week have been 231 i
the United Stut9s against l45 last yea
and 27 III Cnnuda against - last year.