The times., 1901-05-25
DUN's REVIEW OF TRADE.
The Labor Situation Not a Serious
Factor So Far.


NEW YORK, May 2I-Dun's review to-
morrow will say:
THE labor situation is the cloud how
| ering over the business world. but the
| difficulties are not sufficiently widespread
at present to seriously interfere with the
progress of manufacture and distribution
Some settlements of strikes have been
effected during the week. and other seem
probable at an early date. Meanwhile
prices hold firm, the capacity of producing
plants in the leading industries is well
employed. and crop advices are satisfac-
tory.
Railroad earnings continue to show
remarkable gains-9-6 per cent over last
year and 29.S per cent over 1899 for half
Of May. Even with speculation on re-
duced scale bank clearings gained s9.7
per cent over 1900 for the week and 362
per cent over 1889, while at leading cities
outside New York the gains are 31.I per
cent over 1860 and 500 per cent over 1880.
"A feeling of confidence in the perma-
nence of values appears to have settled
in all divisions of the iron and steel
manufacture. Tranquility regarding the
future is undoubtedly due to the action of
the large combination, which has made
no effort to secure exorbitant prices. but
UIdUHeSLS an intention 10 MAINTAIN
tions at the current level. Notwithstand-
ing much talk of dullness in pig iron,
Bessemer is firmly held at s16.75 delivered
at Pittsburg and SIG at valley furnaces.
Foundry irons are somewhat easier. All
lines of finished steel are crowded to the
limit of productive CAPACITY, and ma
chinery houses at Chicago are granting
nachinists' demands rather than risk de-
lay.
Although slightly smaller than in the
two preceding phenomenal weeks, ship
ments of boots and shoes from the East
were more than 10000 cases, and far in
excess Of the same week in earlier years
Textile fabrics still exhibit the least ami
nation, and conditions at Fail River cot
ton mills are far from encouraging, fur
ther reduction in time and possibly in
wages being under discussion. Woollen
mills exhibit a little more activity and
buy raw materials
'Corresp spondents report the winter
wheat outlook steadily improving, and
there is every reason to anticipate an
abundant harvest. A few sections have
slightly reduced acreage, and losses by
drought in Texas may amount to about
half the original area planted. In the face
of better domestic crop prospects, quota
tions continue firm. injury in Germany
affecting foreign markets.
Comparative quiet prevails as to cot
ton. Receipts liberal; spinners are buy
ing little. and there is a steady improve
ment in reports of the current crops con-
ditiOn.
The money market was favorably af-
fected by the showing of the bank state
ment, with respect 10 the liquidation of
loans, and displayed an easy tone, though
there was not much change in rates. Mer-
camille demand for money in New York
Is still light, so that some banks which
have been holding funds for probable re-
Quirements of commercial clients were
glad TO put it out for varying terms at ~
per cent at the stock exchange on all in
dustrial collateral.
Money is the chief factor in foreign
exchange movements, that market ruling
firm.
Failures for the week numbered $50 in
the United States against 1S5 last year,
aud 2 in Canada, against 20 last year"