The times., 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 ad-
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
141 per cent over 1900 and So over 1899
outside New York, and 1880 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 22.1 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 billets. Pig iron is more
quiet with little taken for delivery be-
yond July 1. 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
nipulation by 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.
Wheat has also risen sharply, particular
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
best that can be said. Eastern markets
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 tfdn 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 were broken at the stock ex-
| change. Most OF the new movements un-
| dertaken, such as that in Union Pacific
! stock, were not founded upon actual news
! Heavy liquidation was seen in the steel
/ stocks a 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 10 In
| the United States, against 204 last year,
and 26 in Canada against % last year.