The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1900-05-23
TRADE ~ 20 GOOD.
pared With Last Year Progress
Toward Adjustment.


NEW YORK, May l9.-R. g. Dun b
Co.'S weekly review of trade, issued to-
day, said i'll part:
Business is not what it was year
ago, but men do not agree in defining
the difference. The working force then
increasing fast, is now decreasing.
Works are stopping to relieve excessive
output in manufactures of paper, cotton,
wool, leather and some forms of steel,
while prices are suddenly reduced for
the same purpose in lead, wire and
nails. What seems to be "merely spring
dullness" others think "the beginning
of reaction" The remedy for one diff
Guilty does not fill the other, and there is
more need than usual for close attention
to the meaning of events.
In place of the wild speculation in Sc
curities, which swelled exchanges a
year ago, there has come such hquida-
ton that 20 preferred industrial stocks
have sold this week at prices averaging
SS3. IA per share, though the same stocks
sold in April last year for S99.66 per
share, and 20 common have sold this
week for $38. 40 which sold last year at
S76.99, double the price. Yet many OF
these companies have earned and paid
good dividends and all have enjoyed a
year of extraordinary business. The in
dustrials have reached the lowest aver
age they have ever known, while the 60
most active railway stocks, though de-
pressed about 81 per share since early i'll
April, are higher now than in most of
January or February, higher than early
in December and higher than year
ago.
Business in some lines has been him
dered by the holding of prices so high
as to check consumption. The closing
of works by the Steel and Wire COM
pany, followed by the reduction of $50
per ton in prices of its products; the
closing of many paper mills because of
overproduction, the sudden reduction Of
70 cents per 100 pounds i'll lead from the
price to which it was raised late in De-
cember, the report that tinplate works
may be closed a while for similar rea-
sons, create a feeling that some business
no longer has the guiding influence Of
prices answering quickly to the demand
for consumption. But progress toward
healthy adjustment has beeu rapid
within the past week.
Transactions at Pittsburg in Besse-
mer pig seem to be largely at guaran-
teed prices, so that definite quotations
are avoided, though much Bessemer
from the east is offered at very low fig
ures. Grey forge is shade lower
there and local coke at Chicago, while
No. Lehigh is quoted at S2l.50 here.
Bars sell at Philadelphia for 1.75c, while
the Pittsburg association reatfirms its
quotation of 2 cents, which is shaded.
Plates also sell there at Lie, with l.75c
quoted at Philadelphia. The demand
for structural and other products has
been much reduced in part by building
strikes.
Woolen manufacturers are not meet
ing very satisfactory market at the adj
vanced prices asked, and until change
appears in that respect the holders of
wool will need patience.
The movement of grain continues
large, corn still rivaling wheat in guam
tity exported. Wheat has advanced
over cent, and corn shows no change
for the week. but in both grains the
prospect for the coming crop is excel
lent.
Failures for the week have been III
in the United States, against l47 last
year, and 30 in Canada. against II last
wear