The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-27
DUN's REVIEW OF TRADE.
Spring Business Retarded by the
storms and Floods.


NEW YORK, April 26.-Dun's review to-
morrow will say:
Business continues very brisk for the
season in the face of some drawbacks,
which at times might cause marked hesi-
tation. Chief of these is the floods in
many directions, which have interfered
with railroad operations and interrupted
the distribution of merchandise. and the
weather all over the East has been adj
verse to an increase in retail trade.
Bank clearings, however, show that
while speculation has been heavy there
must have been a well sustained volume
of legitimate business. for the gains are
al per cent over 1900 and SO over 1899
outside New York. and 1890 per cent over
1900 and $40 over 1899 at this city Rail-
road earnings make similarly encouraging
gains. For the first half of April, roads
reporting show an increase of rs per cent
over last year and Z1 per cent over 1899
Reports from the interior show special
strength in conditions through Missouri,
Kansas, and Ohio, and the future is full
of promise, unless there is misfortune
with the crops.
Much unfavorable comment has ap-
peared regarding the advance in steel
rails to SIS. Yet the change is only in
keeping with the recent increase in prices
of pig iron and biliets. Pig iron is more
quiet. with little taken for delivery be-
yond July l. Domestic business in princI-
pal lines of manufactured steel is so ac-
tive as to discourage foreign buying but
machinery and speciality mills are ex-
porting freely.
After a prolonged period of waiting
for definite crop news the cereal markets
suddenly awoke to unusual activity. Much
of the increased trading and sharp ad-
vance in prices resulted from clever ma
ntpulation by a single Western speculator
who compelled the short contingent TO
cover May corn contracts at the highest
prices of the season. 1t is not surprising
that foreign buying decreases at the pres
ent exceptionally high level of prices.
ly in sympathy with corn, but there was
bad news regarding the German crop and
some damage occurred at the West.
Wool is fairly steady, and this is the
are quiet, with light demand from the
mills. There is less disposition to secure
raw material in advance of needs, al
though much faith is expressed regarding
the stability of price. Cotton responds
slowly to indications of damage on plan
tations Old crops come into sight freely.
and heavy losses in British exports of
goods and yarns do not promise a vigor-
Gus foreign demand for raw material
Another decrease is reported in ship
mentS OF boots and shoes from New Eng
land shops, although there is still a
heavier movement than in the same week
last year. Quotations are unchanged
Leather is barely steady at last week S
decline.
Continued activity and strength char
acterized the security market Numerous
records We're broken at the stock ex-
change. Most of the new movements I'M
dertaken, such as that in Union Pacific
stock, were not founded upon actual news.
Heavy liquidation was seen in the steel
stocks at times, and the industrial market
is still far behind the railroad list in
respect to activity and the favor of the
public. Money was easier.
Exchange was strong and higher Few
commercial bills appeared, and the short
interest created by bankers recently
caused several sharp advances.
Failures for the week numbered 2l5 in
the United States, against 204 last year,
and Is in Canada, against % last year"