The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-05
DUN's REVIEW OF TRADE.
Failing Prices Indicate an Adjust
ment TO Normal Demand.

NEW YORK, May 4.-Duns weekly re-
view of trade tomorrow will say:
Failure returns for April given today
| are especially valuable because they show
that there does not exist in the most i'm
portant branches OF business the condi-
tons which threaten disaster They call
attention to one line in which some cur
tailment had seemed from previous re-
turns to be In progress. and has been has
tened BY extensive strikes in the building
trades
In real estate speculations and building
q few large failures cover over q third Of
all the defaulted liabilities Of the month
but In no other direction does there appear
any Indication OF unsouRdness. or more
than an entirely natural and safe increase
OF commercial credits. In trading the fail
ures were less than in the same month Of
any previous year and but for a few build
ers and contractors would have been in
manufacturing also In most Of the large
branches Of manufacture. and also Of
trade, failures were smaller than in any
other year but one
The state OF business mas been repre-
scented to fit, and used TO support. several
hundred theories already. The simple fact
is that some reaction from the abnormal
excitement and expansion and rise OF
prices last year was necessary 10 continued
prosperity. Its duration may. therefore.
be expected to depend on the promptness
with which production and prices adjust
themselves to actual demands
The reduction in prices Of iron and
steel and their products has gone far
enough TO bring out much new business.
Eastern markets are ire gular. with grow
ing belief that an output exceeding con
sumption VIII reduce prices until the de-
mand again expands.
The close CT the wool year has come
without the scarcity which some expected.
but with the average Of quotations By
Coates Brothers reduced In April about
one cent. Sales have been small and yet
much in excess Of purchases for cousump-
ton. The market for goods excepting he
most favored staples has been so far un-
settled and irregular as tC give small en-
enlargement for buying wool at current
prices.
Cotton goods has also shown similar
weakness in transactions for future deliv-
cry and new business is narrow. Until
prospects for the new crop are more sell
Ted the pressure of English spinners for
supplies tends strongly 20 hold up prices
here though foreign mill stocks are now
heavy.
The demand for boots and shoes does
not compare with last years. and the opin- /
ion grows that stocks Of iObbers and re- /
tailers are large. The Chicago hide mar
ket has been weaker WITH larger supplies
than were expected.
April exports Of breadstufs have been I
large. both wheat and corn SURPRISING last .
years record. The price of wheat closed /
as it opened. while corn declined cents. /
All exports from New York in four weeks .
have been 1874 per cent. or over 81 900 coo /
larger than last year. Imports show a /
small gain.
stocks have been weak. largely be-
,ause 81 industrials which have continued /
10 decline. losing 1.30 per share for the
week
Failures for the week have been 20s in 1
he United States against 15S last year. and I
= in Canada against % last year"