The times., 1901-06-08
DUN's REVIEW OF TRADE.
The Labor Situation still Disturbing
the Industrial Quarter.

! NEW YORK, June 7.-Duns review to-
morrow will say:
THE labor situation in many parts of
| the country is still seriously unsettled,
and constitutes reason for hesitation in
some industries. discouraging new opera
| tions which satisfactory conditions would
! otherwise stimulate. But quick decision
| is to be expected in some of these labor
I controversies, and in the meantime trade
is encouraged by reports of a satisfac-
I tory condition of winter wheat over a
large portion of the country. As for spring
wheat, the crop was put in under very
favorable conditions. and there have been
few unsatisfactory reports.
Railroad earnings for May, SO per cent
in excess of 1900 and 23.2 per cent over
1899. reflect continued activity in the
! country. while at New York bank clear
ings gain for the week S6.S per cent over
1900 and 9.16 per cent over 1899, with gains
at the leading cities outside New York Of
27.I per cent over 1860 and 27.5 per cent
over 1899.
"Duns index number, published today,
covering $50 quotations, shows decline
from 1862 90, May /, to S93799, June l, or
25 per cent The cessation of manipula-
tion in corn contributed to a decline of
81 per cent in breadstuffs. Labor con-
troversies have become the factor of
greatest Importance in the leading manu-
featuring industry. AS a rule, manufac-
turers have not sought business beyond
July J. and it looks as though they had
been preparing for the conflict Pig iron
is extremely dull. Large contracts for
rails sustain billets, and finished steel de-
liveries continue heavy.
Efforts to secure advances in grain by
exaggerated reports of damage to the
growing crop have given place to more
rational statements, and the outlook is
generally conceded to be full of promise.
Speculative operations for a decline, how
ever. are far from aggressive. the severe
losses of the short interest thus far this
season making traders extremely cautious.
A slight furry in July wheat at Chicago
caused hasty covering and a sharp ad-
vance. which was of short duration, as
moderate profits were quickly taken.
Shipments of boots and shoes from
Boston continue very large for the last
week. exceeding the same week of 1900
by 20,000 cases, and since the year opened
forwardings have been over 2,000,000 cases,
far surprising any previous record.
Prices are steady, and jObbers report that
the better qualities are sought. Local
distribution is facilitated by the warm
weather, and this factor is even more po-
tent in the market for cotton goods, which
exhibited greater animation than at any
previous time this season. Other textile
lines were helped. though less extensive
ly. Better movement of domestic goods
and the consequent expectation that mills
would need raw material, together with
increased activity abroad, sustained cot
ton.
stock operations were on more mod
crate scale. but heavy railroad earnings
and a number OF industrial deals contrib
uted to the general strength of quota
tions. Exports of merchandise from this
city in five weeks exceeded the same time
last year by 81, ,699,506, while imports
gained s7690,773 Commercial failures
during May We're S73 IN number and
81 900, ,423 in amount Of liabilities
Last year the same month there were
957 bankruptcies with liabilities of S23-
n. ISL. Last months statement is more
satisfactory than the corresponding
month of any year since these monthly
records were first compiled, with the ex-
ception of 1899, when advancing prices
gave business an exceptionally success
full season. The May failure return is
specially good considering the collapse
of stocks, which had much less effect than
might have been expected