The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-19
DuN's REVIEW OF TRADE.
The Fall in Prices Merely q Read
justment of Values.

The Fall in Prices Merely q Read
justment of Values.
NEW YORK. May 1S.-Dun's weekly re-
view Of trade tomorrow will say:
Business is not what IL was year ago,
but men do not agree in defining the DIFF
ference. The working force, then in
creasing, Is now decreasing. Works are
stopping to relieve excessive output In
manufactures Of paper, cotton, wool.
leather. and forms of steel, while prices
are suddenly reduced for the same pur-
pose in lead. WIRE and nails.
What seems to be merely spring dull.
ness, others think the beginning Of re-
action. The remedy for one difficulty does
not At the other and there Is more need
than usual for close attention to the
meaning Of events. In place Of the wild
speculation in securities which, swelled
exchanges year ago, there has come such
liquidation that twenty preferred indus
trial stocks have sold this week at prices
averaging sS314 per share. though the
same stocks sold in April last year for
$685. sc per share.
THE industrials have reached the low.
est average they have ever known, while
the sixty most active railway stocks,
though depressed about 81 per share since
early in April. are higher than q 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 the Kansas Steel and Wire
Company. followed by the reduction Of 20
per cent in prices Of its products; the
closing Of many paper mills, because of
overproduction; the sudden reduction Of
70c per 100 pounds in lead from the price
to which it was raised late In December,
and the report that unpiate works may
be closed awhile for similar reasons,
create a feeling that some business no
longer has the guarding and guiding in
fuence OF prices answering to the demand.
But progress toward a healthy adjust
ment has been rapid within the past week.
Another week brings still lower quotations
for wool. Cotton has broken in prices and
may go lower as the time comes for new
crop prospects to have weight. but the
decline of an eighth to a quarter in brown
sheetings and drills has been largely due
to opportunities In the export trade which
have been promptly met. Large sales for
shipment to China have been effected, said
to cover 1900 bales. and for the first time
since August the American outlook in that
direction Is cheering.
The movement OF grain continues large.
corn still rivaling wheat in quantity ex-
poTteu Atlantic exports OF WHEAT IN SDrec
weeks Of May have been flour included)
s,232.0H bushels, against 7,01s540 last
year. and Pacific exports zoos. 800, against
1861. 906 last year, while exports OF corn
in the same weeks have been 1889, 95S
bushels. against 6,914.536 last year. Wheat
has advanced over cent and corn shows.
no change for the week, but in both grains
the prospect for the coming crop is ex-
cellent.
Exports Of merchandise from New
York in two weeks Of May have exceeded
those OF last year nearly 20 per cent, while
imports at this port in the same weeks
have been n triie larger than last year.
Thus far the figures run quite closely In
accord with the returns for April, which
resulted in heavy balance in favor Of this
country. Exchanges through the prlnci-
pal clearing houses continue to show de-
crease at some Eastern points. but increase
throughout the rest of the country.
Failures for the week have been 1T In
the United States, against LAT last year,
and 80 in Canada, against II last year"