The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-05-05
REACTION IN PRICES.
Dun & Co. Says, Was Necessary to
Continued Prosperity.


New York. May 5.-R. G. Dun & Co.'S
Weekly Review of Trade
Failure returns for April are especial
ly valuable because they show that
there does not exist in the most import
ant branches of business the conditions
which threaten disaster. They call at
tention to one line in which some cur
tailment had seemed from previous re-
turns to be in progress and has been
fastened by extensive strikes In the
building trades.
The state of business has been repre-
scented to fit and used to support several
hundred theories already. The simple
fact is hat some reaction from the
abnormal excitement and the expansion
and rise of prices last yea was neceS-
Sary to continued prosperity. It's dura-
ton may therefore be expected to de-
pend on the promptness with which pro-
duction and prices adjust themselves to
actual demands Much progress in that
adjustment has been made during the
past week with increased activity al
ready resulting. Strikes springing from
disputes about the terms of work and
wages for the coming ye@r have made
also distinct progress towards settle
ment.
h action Of prices in iron and steel
and their products has gone far enough
TO bring out much new business. AT the
end of last week cut nails were re-
AGAEA IL Git RG4 KS NA-IA IL EANAN@2 0@@0
bars somewhat lower prices have been
reported. Prices for sheets have not
yet been named, but in pipes and tubes
there is some yielding, with larger bus
mess in fence and other wire since the
reduction. Not a sale of bessemer pig
is reported, the association still ask1ng
S24. sc. while eastern pig is offered at
Pittsburg below s23 and local forge IS
lower at $50, with eastern at 1873. Chi
cage local coke has declined so cents
and southern also. Eastern markets
are irregular, with growing belief that
an output exceeding consumption Will
reduce prices until the demand again
expands. There are large foreign con-
tracts for pig pending, and important
sales of finished products for export
have been made. It helps toward better
adjustment that coke is quoted 81 per
ton lower than a month ago, and an
thracite coal has also declined.
The close of the wool year has come
without the scarcity which some ex-
pected, but with h average Of quota
tions by Coates Brothers reduced in
April about one e Sales have been
small and yet much in excess Of pur-
chases for consumption Manufacturers
have so far ~refrained as to show that
they We're much better supplied, six
months or a year ago than dealers are
willing to believe. The market for
goods, excepting the most favored sta
pies, has been so far unsettled and ir-
regular as to give small encouragement
for buying wool at current prices. IN
terror holders are still strong, hoping
that the end of the seasOn brings the
end of manufacturers stocks. Cotton
goods have also shown similar weak
ness in transactions for future delivery
and new business is narrow Until pros
poets for the new crop are more set
tied, the pressure of English spinners
for supplies tends strongly to hold up
prices here. though foreign mill stocks
are now heavy.
April exports of breadstuffs have
been large. both wheat and corn sur
passing last years record. Atlantic eX-
ports of wheat in five weeks. -four in
1 Guided, a reached II. 0S0, 903 bushels,
against 10, 744, 79S last year. Pacific ex-
ports 3,5l3, go bushels against 1880, 49,
last year., and corn exports 1888, 337
against 1850, TAI last year. In spite of
conflicting stories the movement OF
wheat from the farms continues larger
than a year ago. The price closed as it
opened, while corn declined 2 cents.
All exports from New York in four
weeks have been 33.4 per cent, or over
S1l,G0O,o00 larger han last year, and
with h gain of SIS, 600, 600 in cotton
from other ports. the months aggregate
Tor merchandise should rise above a
hundred Millions Imports show a small
gain, but will hardly exceed seventy
millions.
Failures for the week have been 209
in the United States against 15S last
year and p in Canada. against % last
/ year.