The sun., 1900-05-19
THE STATE OF TRADE.
Business Not What 1t Was a Year
Ago, Says Dun's.
INDUSTRIAL STOCKS LOW.
transactions In Some Lines Report
ed Hindered by Holding of
Prices So High as to Check
Consumption.

New York, May 1S.-R. G. Dun &
Co.'S weekly review of trade says:
Business is not what it was year ago,
but men do not agree in defining the diff
ference. The working force, then in
creasing 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 some merely spring dullness"
others think "the beginning of reaction"
The remedy for one difficulty does not fit
the other, and there is more need than
usual for close attention to the meaning
of events.
lii place of the wild speculation i'll Sc
culites which swellcd exchanges Il year
ago. there has come such liquidation that
70 preferred industrial stocks have sold
his week at prices averaging SS3.14 per
share, though the same stocks sold in
April lust year for S99.GG per share, and
20 common have sold this wppl, for S3S.-
ID which sold last year at ST69D, double
the price. Yet many of these companies
have earned and paid good dividends
and all have enjoyed year of eXtraor-
reached the lowest average they have
ever known, while the 10 most active
| railway stocks, though depressed about
! 81 per share since early in April, are
| higher now than i'll most of January or
February, higher than early i'll December
and higher than year ago.
Business in some lines has been hinder
| ed by the holding of prices so high as to
/
| by the Steel and Wire company, followed
| by the reduction Of $40 per ton in prices
| of its products, the closing of many pa
| per mills because of overproduction, the
sudden reduction 10 cents per 100 pounds
in lead from the price to which it wa.
raised late in December, the report that
tin plate works may be closed for awhile
for similar reasons, create feeling that
some business no longer has the guarding
and guiding influence of prices answer
ing quickly to the demand for consump
ton. But progress toward a healthy ad
justment has been rapid within the pas
week.
Boots and Shoes.
Manufacturers of boots and shoes hav,
also accepted contracts 21a cents below
prices recently asked for large quantities
of mems grain shoes and brogans and wo
mems grain and buff shoes. The yielding
in upper leather for some time and a re
duction of half cent in hemlock sol
and some other grades gave manufactur
ers an opportunity which some quickl,
embraced, though many others do not We
feel that concessions have gone ia
enough. The shipments from the eas
may probably be improved, and in tw
weeks of May these have been only 140
POI cases, against 1S1, TAI last year, de
cline of 2D.6 per cent, being also snallc
than i'll three other years of the past five
Hides ut Chicago are tending lower, an
after some reductions during the wee
country hutlS were freely offered Q
Thursday ut S;;l cents. The decline
though small, helps important industric
: The movement Of grain continues lar"
corn still rivaing wheat i'll quantity Q.
ported. Atlantic exports of wheat
three weeks Of May have been. flour il
cludrd. 8 ,S22::i2.N-ll bushels against I,Olt
5IO last wear and Pacific exports 2,2na
SOD bushels against 1,i6T,9u6 last YEA
while exports of corn iii the same wecl
have been 10.3S293S bushels again
6914.536 last year. Wheat has grow
slightly stronger and corn weaker duril
the past week, but in both grains Il
prospect for the coming crop is eXcellen
S Exports of merchandise from Ne
York in two weeks of May have cxcce
: ed those of last year nearly 20 per cen
while imports at this port in the san
weeks have been tritle larger than la
year.
Failures for the week have been III
the United States against 14I last ye
and 80 in Canada against IL last year.