The representative., 1900-05-24
THE CLOUDS GATHERING.


NEW YORK. May 1s.-R G. Dun & Co.'S
weekly review of trade today says:
Business is not what it was a year ago.
but men do not agree in defining the differ
ence. The working force. then increasing
fast, is now decreasing. Works are stop
ping to relieve excessive output in manu-
factures of paper, cotton, wool, tin 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 be-
ginning 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.
In place Of the wild speculation in Sc
curities which swelled exchanges a year age
there has come such liquidation that twenty
preferred industrial stocks have sold this
week at prices averaging $50. IA per share
though the same stocks sold in April last
year for $9966 per share, and twenty COM
sold last year at $76.99, double the price
Yet some Of these companies have earned
and paid good dividends and all have en-
joyed a year of extraordinary business.
The industrials have reached the lowest av-
erage they have ever known, while, the 60
most active railway stocks, though de-
pressed about 81 per share since early in
VI
uary or February, higher than early in
December and higher than year ago.
Business in some lines has been hindered
by the holding of prices so high as to check
consumption. The closing of works by the
steel and wire company followed by the re-
duction Of 81 per aton- in it's products, the
closing of many paper mills because of over
production, the sudden reduction of 20 cents
per 100 pounds in leady the price to which
1t was raised late in December; the report
that the plate works may be closed while
for similar reasons, create a feeling that
some business no. longer has the guiding
and guarding influences answering quickly
to the demand for consumption. But prog
ress toward a healthy adjournment has been
rapid within the past week.
The transactions at Pittsburg in Besseme1
pig seem to be largely at guaranteed prices
SO that definite quotations are avoided
though much Bessemer from the East is Of
fered at very low figures. Gray forge is q
shade lower there and also local coke at
Chicago, ea, while No. Lehigh is quoted at
$21 SO. Bar at Philadelphia for $1.75
while the Pittsburg association reafirms
its quotation Of &c, which is shaded. Plates
also sell there at $1.70, with $1.75 quoted at
Philadelphia. The demand for structural
and other products has been much reduced
in part by building strikes.
Woolen manufacturers are not meeting q
very satisfactory market at the advanced
prices asked, and until a change appears In
that respect, the holders of wool will need
patience. Cotton has broken in price and
may 60 lower as the time comes for new
crop prospects to have weight. but the de-
cline of " to Y in brown sheetings and
drills has been largely due to opportunities
in the export trade which have been prompt
ly met.
Will the storm break before Novem-
ber, or will the banks be able to stave
it off until after the election?
That the single gold standard will
produce worldwide collapse there is
no doubt. 1t is simply a question OF
time, and Of no very great length of time
either. l. D.