The representative., 1900-04-26
THE COMING CRASH.

THE COMING CRASH.
The bogus prosperity which has bee
built upon the single gold standard
topping to its fall, and not even food
OF bank paper can prop it up mucl
longer.
r. G. Dun & Co.'s weekly review of trad
today says:
Formal reduction Of IS per ton in price
OF plates and bars each. closing of mills b
| the American Steel and Wire compan
have filled the week with surprises. L
the stock market and in the market TO
steel and iron products changes have be
gun, the end of which cannot we'll be fore
| seen.
Apart from the disturbance in specula
tlon there has been produced measur
OF distrust regarding prices that are main
talned by the great combinations which
lor the present tend to deter buying. II
the iron business the formal reduction
were almost wholly anticipated in actua
sales.
Some urgent and important contract,
have been made, including that for tn,
| New York tunnel, requiring 10000 tons a
| prices not stated, but it Is known tha
many others have been deferred until tn,
! prospect is clearer
MANY FACTORIES IDLE.
There is slightly better demand fol
| hides at Chicago, attributed to their i'm.
proving condition.; but the distribution o.
boots and shoes does not keep all the fac.
tories at work Some are closed many more
are running part time, and very few o.
| these In operation have orders for a single
month.
There is no room for doubt that greatly
restricted buying has been caused by the
high prices asked, which the makers de.
clare unavoidable until prices of leather
yield. The shipment from Boston in three
weeks have been 31,152 cases or 11.6 PEI
cent smaller than last year and little
less than In 1898. Yet large business is
claimed In leather, which is still held with
out yielding and satin is quoted half q
cent higher.
The textile industries have large orders
yet to be filled, which keep many of the
mills busy, but there are many others less
fortunate, and their hunt for orders with
out much regard for prices causes irregu-
larlty In the lines not of established posi-
tion.
The woolen and cotton goods hold firm,
but In mems goods the business is by no
means satisfactory. Wool has been mac
tive without changes in prices
Raw cotton Is held at 9.81 cents with all
the more ease because there seems to be
nobody in this country impatient to buy ex-
cept in the speculative markets. Northern
mills have taken with the stocks they
held last September. enough for the whole
years needs.
The spinners abroad who have yet to
supply themselves are paying over 9.3 cents,
the average export price for $33 900. 900
worth shipped in March.
In spite of decrease in other staples, these
were the largest merchandise exports ever
known except in December, 1898, and the
value Of the minor domestic exports chiefly
manufactured. rose to $50, 500 in March.
a sum never approached In other months.
Wheat has declined fraction in price
and corn advanced a fraction, both markets
being rendered comparatively inactive by
quirements will be easily met
Atlantic exports in three weeks, -four in
cluded, have been 5,796, SOC bushels against
5.622.71 last year and Pacific exports 2,347,-
927 bushels against 1,152,O69 last year. -.
The increase in the exports of corn con-
been 9,3O4,79 bushels against 8,809, TAG last
year.
Failures for the week have been 1874 in
the United States. against 1874 last year.
and II In Canada. against % last year.
pros nsa ARE mostly along lines
weakening of pig iron is reported Wire
prices apparently are unchanged Steel
billets are weak at the declines paid last
week, and bar steel and plates are like
wise lower.
The other metals have shown reac-
remains seasonably weak, but talk of i'm
pending labor troubles has hardened BIZ
luminous coal at most markets.
1t has been a weather market for the ce-
reals and most agricultural products. these
advancing early this week, but weakening
toward the close. The strength of pork
products and the small movement has stim-
ulated corn. and there Is less weakness in
this than in the other cereals.
Stormy weather and flooded water
courses at the South have checked or re-
tarded cotton planting, but this feature
and the statistical strength Of the market
have not been sufficient to produce any
outside bull movement, while the quiet
ness in dry goods and the weakness noted |
in cotton yarns have been additionally dis
cOuraging features.
Wool is weak, but there is rather more
Inquiry, and now, as one year ago, rela- |
lively highest prices rule at points of pro- |
1uction. Backward weather conditions have
affected the lumber trade demand, but in |
this, as number of other lines, the ad-
vanced prices demanded are credited with |
checking business.
In spite of the persistent manipulation |
II the Southwestern and Pacific stocks,
'ealizing sales set in on a large scale and |
prices generally tended to sell off,
Bradstreet.s today says: More. rather
'rice situation Is to be noted this week.
PARTLY the result of weather conditions but
partly, as in the case of iron and steel
rade, because of the continuance of those
missionary efforts in the direction of low
r prices which have been such a feature
II the ircn and Steel trade of late.
That the basic conditions of trade remain |
m the whole favorable is, however, evi-
lenced by number of features. Railroad
'arnings continue heavy. and the decrease
loted in bank clearings is chargeable large
y to religious and other holiday observ-
|nces. and to restricted stock speculation.
Heavy rains and cool weather early in
he week had depressing effect on trade
md collections, but with the advent of a
warm spring temperature. improved con-
ittons OF retail demand which IL at present
most important element in the general
rade situation. have been noted.
The bear campaign in iron and steel took
n new phase this week when a number
t wire mills were shut down, because, It
5 alleged, OF an over-supply of these goods.
nect upon general demand, as was prob
bly, expected, and new domestic business
interfefed with.
The strength Of the export demand pre.j
iOusly noted III these columns however ia
till feature. und we have the best OF rea-
ons for believing that very large guam
lty OF Southern iron, variously estimated At
1900 to 10000 tons, was sold this week to
Q abroad ut nearly or about full prices.
ponsible for the slight weakening shown
I the price OF raw sugar this week. while
he refined market remains unchanged |
Weather influences are again reflected in |
he market for dairy products, which has
'eakened under large receipts.