The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-11
DUN's REVIEW OF TRADE.
Fundamental Conditions Declared to
BE Perfectly Sound.

NEW YORK, May 1o.-Dun's weekly re-
view tomorrow will say:
| "A panic In Wall Street does not mean
| that legitimate business has suddenly
ceased to prosper nor is the condition of
mercantile trade and manufacture adj
versely affected by violent fall in prices
of secur es. Throughout the entire coun-
| try fundamental conditions were never as
sound as at the present time, reports from
nearly every city this week showing an
! exceptional volume of transactions and
payments promptly met
Bank exchanges at New, York. $50 Sc
per cent larger than in the corresponding
week last year, and sos per cent in excess
of 1899, reflect speculative activity to a
great extent, but the increase of 27.3 per
cent over 1900 and % over 1899 outside New
York shows that there is no backward
| movement in actual sales of merchandise.
Railroad stocks did not drop an average
of s12 in a few minutes because traffic had
| decreased. since full returns for April
show gain in earnings of 81 per cent
over last year and 23.7 per cent over 1899,
with especially large increases in South
ern and Southwestern roads. Duns index
number of $50 quotations of commodities,
with due allowance for the Importance of
each, was $685. 20 on May l, an advance of
Ia per cent for April; an evidence of the
expanding demand for all products.
Production is not overtaking demand
at the finished steel mills, and all Pitts
burg plants are two months behind or
ders. while ninety days is the limit at
many. The tone continues firm and or
ders are liberal. Billets remain at the top
point for prompt delivery. In structural
shapes and railway equipment there is all
the business in sight that makers desire,
and no effort is made to secure additional
orders. Less Urgency is recorded in pig
iron markets.
LESS sensational events transpired in
the cereal markets than in the preceding
week, although quotations are slow to re-
cede. Corn eased off a few cents. For
eign purchasers have been driven out of
the domestic markets by the high quota
+ tons, and Atlantic exports for the week
were only 1,21,244 bushels compared
with 3.7O9.sS0 a year ago. Prospects for
the current crop are bright.
Shipments of boots and shoes from
Boston rose to an unusual point, -aggre-
eating 103.32S cases for the week. In the
local market prices are fairly steady.
Recovery in the price of cotton was
only temporary. and heavy liquidation of
spot middling uplands to the lowest figure
recorded this year. Even at a loss of 50
a bile compared with the quotation pre-
vailing year ago. there is little dis
position to secure raw material, either
by domestic or foreign spinners AS the
end of the crop year approaches there
is no sign of the famine predicted by
many experts earlier in the season, and
with most monotonous regularity port
receipts continue two or three times as
large as in the same week last year
With a large yield probable this year and
unsatisfactory conditions at the mills.
there is no inducement to hold stocks
'''rhe situation is similar regarding wool
and woolens Raw material is abundant
and a large clip probable while maHufac-
turers have only light demand for
goods.
Failures for the week numbered ISL in
the United States. against 1872 last year.
and % in Canada, against 10 last Year