The sun., 1900-07-28
THE STATE Or TRADE.
Comment by buns Review on the
Weeks Business.
OUTLOOK IN IRON BETTER.
Deemed Not at All Surprising That
Whent Has Undergone n Fur
ther Decline In Price
This Week.

New YORK, July 2I.-R. Il. Dun d Co. Is
weekly review of trade says;
Speculative activity in raw materials
is not present to discourage new business.
Producers and consumers are getting to-
gether in more than one direction, al
though midsummer inactivity is empha-
sized by disturbed foreign relations and
hesitation always attending a national
political campaign. False starts are to
be feared, but the dangerous optimism of
last autumn is lacking and new business
is at lower prices.
In iron, the depression in which has
resulted in hesitation and fear in other
industries, the tone is better. and in the
Pittsburg district the mills have booked
& line of fair orders in bars and plates
Structural and bridge materials are bet
ter taken. The refusal Of the Amalga-
mated association to allow change in
he wage scale adopted in May has led TO
strikes ut numorpCs bar mills, and the
Republic company is to dsiGantle some
plants to secure concentration, but the
nonunion capacity will prevent serious
scarcity. Further business in bars shows
that agricultural implement makers are
more active. Gray forge has fallen to
b15 at Pittsburg, and bessemer steel bill
cts sold at SO. With the uncertainty of
the conference of steel companies at
Chicago removed, buyers may proceed
with less anxiety. Export orders ad-
yanced electrolytic copper from 16N to
1Gas cents in large lots. A corner in spot
tin, which was held at % cents, the high
est in over ten years, was broken by ar
rivals which were offered down to SO
cents, with bids one-quarter lower.
Jobbers in boots and shoes are demand
ing prompt delivery ON old orders, but
new business is scarce. Further delay in
fall and winter orders will entail reduc-
tion of forces at factories. Shipments
from Boston in four weeks were only
3O2,55S cases against 394, ,379 last year,
and it is necessary to go back to 1894 to
find as small a total for the corresponding
period.
The Decline In Whent.
1t was not surprising that wheat de-
clined still further this week, for the
price had been held far above the quota
ton ruling at this date in 1899, and crop
conditions are so generally satisfactory
as to assure an abundance for all home
requirements and the usual amount for
exports. High prices have curtailed for
eign buying to some extent, and in four
weeks Atlantic exports of wheat, includ-
ing -four, have been only 1896, ,436 bush
els against S,430, ,431 last year. The ship
ments of corn make a more satisfactory
comparison, in four weeks amounting to
12,120,435 bushels against II ,SS1 40 a
year ago. But the price has declined
about cent this week, making a loss Of
cents in less than two weeks.
Home money markets are in easy posi-
tion, and northwestern banks have ample
supplies of cash with which to begin the
crop movement, but the south will draw
upon its balances in New York. Short
time money commands only l per cent
less than long. The difference was IL
per cent two weeks ago. Gold did not
move again to Paris, as sterling there
was firmer, though declining Il ccntime
on Friday. But reports of exports to
London received some attention, as de-
mand bills are only "a to u cent below
the gold point. The Bank of England
rate remains at per cent, but perhaps
because withdrawals from New York
were f0reseen. General foreign political
troubles might concern our market, for
here can best be spared the funds needed
to make new war loans successful. But
new gold is received in quantity and the
treasury is about to pay the old = per
cent bonds.
Foreign commerce at this port alone in
dicates another heavy balance in favor
of the United States for July. In spite
of restricted shipments of cotton and
wheat, and some tmidity regarding
goods ordered for Chinese ports, exports
for three weeks exceed last years by
45.6 per cent, while the gain in imports
was only 81 per cent.
Failures for the week We're 231 in the
United States against 151 last year, and
% in Canada against 20 last year.