The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-04
IN GENERAL TRADE.
Only I'm the Textile Industries Is ANY
Depression Shown.

OhAS HI inc industries Is AnN
Depression Shown.
NEW YORK, May 3.-R G. Dun e.
Co.'s weekly review OF trade tomorrow
will say:
The greatest activity ever seen in Wall
street diverts attention in a measure
from progress in distributing and man
! ufacturing operations. But while on
every hand stock market operators are
counseling caution and attempting to
prove that prices are really more than
the condition of some of our railroads
warrants, the fact remains that without
brilliant crop outlook and great ac-
tivity of general trade Wall street could
hold no such carnival. Labor difficulties
are fewer and less threatening than for
several years before in the first week of
May, and prices of merchandise hold
We'll
Stability of prices and vigorous prose-
cution Of work at mills indicate the
wholesome condition OF the iron and
steel market Throughout the entire
range Of products of this industry the
current demand for immediate delivery
exceeds all previous records, yet makers
maintain a conservative position, and
prices are not pushed UP to the danger
point. 1t is at the finishing steel plants
that there Is the greatest urgency
for shipments and full capacity Is as
July there is prospect of respite Judg-
ing by the light engagements Of pig
IRON and following the unparalleled ac-
tivity Of the past six months, a season
OF comparative quiet would not be sur
pr1slng nor unwelcome. There was a
rush to get In orders for steel rails be-
fore the higher price became effective
and the erection Of new office buildings
causes great demand for structural
material, which is also in considerable
request on foreign contracts.
Dullness is still reported In the textiles
further reduction to 2.56 cents for
standard print cloths did not accelerate
operations, as buyers appear confident
that goods will soon be available at "a
cents. This unsatisfactory condition of
manufacture Is not helpful to raw cot
ton, nor is there support In better pros
poets for the next crop and port receipts
lar in excess of last years movement.
Still there is a feeling that the decline
mas gone far enough, and this negative
influence holds the market fairly steadv
There Is no Improvement in woolens and
Coates Bros average of 100 quotations
OF wool on May was 17.1 cents. against
1879 cents on April 1 and 22.76 cents a
year ago. Small concessions are report
ed IN few grades of shoes and in other
cases manufacturers are making slightly
better goods at old figures Western iob
bers are ordering more freely. and shin.
ments from Eastern shops are larger
than in the previous week or a wear aao.
Leather is quiet aside from activity in
betting
Further advances were secured in the
cereal market, Chicago spectators being
forced to cover May corn contracts at
90 cents. Attractive prices brought more
liberal receipts at interior cities and also
simulated operations on the farm.
Traders have forced the next crop op-
| lions to what seems an unreasonable
level, since there is evidence of a large
yield despite delayed planting through
excessive moisture. Wheat also at
tanned a high point, advancing In svnn
pathy with corn. According to corre
spondents of r. G. Dun & Co. there is
reason to expect heavy spring wheat
crop this year In the principal states
a full acreage has been planted, and the
weather Is most favorable for germina-
! ton.
On the Pacific coast, and in other do
mestic spring wheat sections, as well as
In Manitoba, a larger area than usual
is devoted to raising wheat this year.
! The marvelously healthy condition Of
! business Is best appreciated when 1t is
| discovered that the defaults last month
were the smallest in ninety-one months.
with the exception Of May to August.
1899, inclusive. In manufacturing lines
| there were but 1853 failures, with a total
Indebtedness of s., 1897, 694, against 17S last
year for $4514,00s AS 1899 reported the
smallest liabilities of any full year in
two decades, last months good showing
| Is made manifest by default In manu-
featuring concerns s777,965 smaller than
two years ago. Trading failures were
655 for S3,16SS3 and banking defaults
were $5290O0. The death rate was only
| three-fifteenthS of l per cent of all firms
IN business, and losses averaged "a. 20;
not a serious embarrassment to general
trade. The proportion of unpaid bills
was less than 46 cents for each $1,000 Of
solvent payments through clearing
| houses No matter in what light the
April record may be viewed it makes
an exhibit that cannot fail to give en-
| couragement.