The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-02
DUN's REVIEW OF TRADE.
The steel Pool Not Expected to Az
feet Business Materially

NEW YORK, March 1-Dun's review OF
trade tomorrow will say:
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 a slow movement of some de-
scriptions of drygoods. notably clothing,
OF which dealers fear they must carry
over unusually large stocks In the
west and Southwest, however, the sea-
| son has been satisfactory
| THE greatest industrial combination
ever arrangeu, that providing for the un-
ION OF the leading steel interests, has not
| directly affected business. as yet and
may not do so. otherwise than by remov-
| ing some of the unnecessary competition
from the industry.
| Meanwhile, prices of commodities de-
| cline slightly. Duns index number of $50
| quotations. made up with due reference
to the comparative Importance of the
amounts consumed. is 1855 as of March
| !, against, 5000 February l: loss of
| IL of per cent
But the decline IN clothing was the
main cause OF the lower average, more
imam onsetting advances in lumber build
ing materials, metals, and many minor
commodities.
railroad earnings thus far reported for
FEBRUARY exceed last year, by. GIG and
| those of 1899 by 35.3 per cent. The daily
| average of bank exchanges for Febrt-
airy was 32.9 per cent over 1900 and 49,
above 1899.
Nominal quotations of iron and steel
are misleading. According to published
lists. 1t appears that while pig iron has
steadily advanced for many weeks little
G en-, has occurred in finished product.
This discrepancy is due to the figures
fixed by the various pools and associa-
tons. but at which 1t is impossible to Sc
cure prompt deliveries Actual business
a civ
prices.
Further increase appears in sales of
wool at the three chief Eastern markets
$3.50. 500 pounds changing hands this week
against )2S.500 in the previous week. A
year ago total transactions were less than
half the present week s operations There
Is still no reason to believe that the heavy
buying results from better conditions at
the mills, as orders for goods do not APP
probably expand, except in few special
lines.
''Curtaiiment Of production by South
ern yarn mills has become general and at
Fail River there is much discussion of
the advisability of reducing output or
lowering wages. Loss in domestic con-
sumption of raw cotton seems assured
and foreign buying is far from satisfac-
tory. The position of this staple is not
made firmer by news that sales of ferti-
liZers surpass all records in many South
ern States Domestic crop conditions are
encourage
Announcement of terms for the great
alliance OF steel and iron properties had
been looked to for a decided impetus for
the stock market, but instead was used
basis for very free sales of the en-
tire list. The stocks to be issued by the
ombinA ton We're offered down in large
amounts, and the shares of constituent
companies declined in sympathy.
THE street seemed to .ose all reck-
oning to the probable earning power
of the new corporation, and railroad
stocks suffered almost as severely as the
average of industrials Their were heavy
investment purchases at the declines, but
insufficient 10 provide a market for all
the stock forced out. Foreign exchange
ruled firm without much variation.
Commercial failures in February were
/, 024 in number. and S11 ,2s7, 211, in amount
abilities of sl1 .S1l. In manufacturing |
there We're 2i2 defaults, for 81, 1881 in |
trading. 1871, for S4.444.S73, and I'm other |
commercial, including real estate brok- |
erage. and transporting, there were 80 |
failures. for 81. AS, 507.
Ranking insolvencies We're seven in |
and S4S2. 1872 in amount. Although |
total liabilities exceeded those of Febrll-
airy in either of the two previous years. il |
is most gratifying to find that the diff |
ference was entirely in the third class
which has little influence on general bust
ness. 1t is also worthy of note that near |
ly third of liabilities of manufacturing
were due to a single bankruptcy |
of a railway contractor, while not one of |
the 757 trading defaulters owed as much !
as SIfsl 0sG a"