The sun., 1901-03-02
fHE,SYAEl.9R RRADE.
Comment by Dun's Review on the
Business of the Week.
STEEL DEAL NOT FELT YET.
Loss In Domestic Consumption of
Raw Cotton Believed Certain,
but Grain Markets Are
FIRMLY Maintained.
New York, March 1.-R. G. Dun &

New York, March 1.-R. G. Dun &
Co.'s weekly review of trade says:
Jobbing trade in groceries, hardware
and iron specialties has further gained
In volume in the east since our last re-
port, and retail business has been good,
except for slow movement Of some
descriptions of dry goods, notably
clothing, of which dealers fear they
must carry over unusually large stocks.
In the west and southwest however,
the season has been satisfactory. The
greatest industrial combination ever
arranged, that providing for the union
of the leading steel interests, has not
directly affected business as yet, and
may not do so otherwise than by re-
moving some competition from the in
dustry. Meanwhile prices of commod-
tiles decline slightly.
Nominal quotations of iron and steel
are misleading. According to published
lists it appears that while pig iron has
steadily advanced for many weeks lit
tie change has occurred in finished
products. This discrepancy is due to
the figures fixed by the various pools
and associations, but at which it is i'm
possible to secure prompt deliveries
Actual business is done at extensive
advances over these prices, billets sell
ing at S21 at Pttsburg, or more than
dollar above the nominal rate, while
plates, bars and structural shapes are
only available when special terms are
offered. Even on distant deliveries
cl- I'M inI,a nd
every line of steel production at Pitts
burg has already covered full contracts
for the next two months, while there
is a general feeling that material adj
vances will occur before May /. Bess-
emer pig iron sold this week at $15.25
and gray forge at $1Eprices that had
not been equaled since early in August
Coke production is enormous, and Con-
nellsyillc prices at last show definite
advance.
Further increase appears in sales of
wool at the three chief eastern mar
kets, S,S30,500 pounds changing hands
for the week against s,52S,5o0 in the
previous week A year ago total trans
actions were less than half the present
weeks operations There is still nc
reason to believe that the heavy buy.
ing results from better conditions al
the mills, as orders for goods do not
apprecably expand, except in few
special lines. If manufacturers were
bidding for raw material largely, the
decline in prices would be checked, but
since June, 1899.
Cotton and Grain.
Loss in domestic consumption Of raw
cotton seems assured, and foreign buy
ing is far from satisfactory. The posi-
tion of this staple is not made firmel
by news that sales of fertilizers sur
pass all records in many southerr
states.
Grain markets are firmly maintained
Domestic crop conditions are encourag
ing, and the best explanation oi
strength is found in Atlantic exports
during February Of wheat, -four in
cluded. amounting to 1O,34S,20i bushcl
against 7.G71,552 last year and 1870
2e2 bushels corn against 12,T24,645 il
1900.
Announcement Of terms for the grea
alliance Of steel and iron properties ha
been looked to for decided impetu
for the stock market, hut instead wa
used as basis for very free sales Q
the entire list. The stocks to be issue
by the combination were offered dow
in large amounts. and the shares q
constituent companies declined in syn
pathy. The street seemed to lose a
reckoning as to the probable earnin
power of the new corporation. and raj
road stocks suffered almost as severel
as the average of industrials.
Commercial failures in February wei
1924 in number and -S11. .2S7211
amount compared with 1.242 in Jam
ary, with liabilities of S11,220,S11. ]
manufacturing there We're 212 default
for s439S741 in trading 15T for 81
444ST3 and in other commercial, il
Guiding real estate, brokerage an
transporting. there were 50 failures fl
S24I3,597. Ranli ing insolvencies wei
seven in number and S432, 1872 in amoul
against eight in January for S1,0TC
S57. Although total liabilities eXcee
ed those of February in either of Il
two previous years, it is gratifying
find that the difference was entirely
the third class, which has little inf
ence on general business. The bulk
concerns are either manufacturers
traders. and they are little affected !
the disasters among spectators, viii
failures in legitimate business entg
losses upon creditors in similar line
hence it is of Importance to know tn
total defaults last month in manufa
turing and trading were but SSSi3G
against an average of SS,S71,3S7
February, 1899 and 1900. 1t is al
worthy of note that nearly third
the liabilities in manufacturing fa
ures were due TO single bankrupt
of railway contractor. while not o
of the 757 trading defaulters owed
much as 100000.
Negro Slain by white Caps.
Burroughs, Ga, March /. - Jol