The times., 1901-05-11
DUN's REVIEW OF TRADE.
Fundamental Conditions Declared to
BE Perfectly Sound.

NEW YORK, May 10-Dun's weekly re-
view tomorrow will say:
"A panic In Wall Street does not mean
that legitimate business has suddenly
ceased to prosper, nor is the condition of
mercantile trade and manufacture adj
versely affected by violent fall in prices
of securi les. Throughout the entire cOun-
try fundamental conditions were never as
sound as at the present time, reports from
nearly every city this week showing an
exceptional volume Of transactions and
payments promptly met.
Bank exchanges at New York, $50 So
per cent larger than in the corresponding
week last year, and 90.S per cent in excess
of 1899, reflect speculative activity TO a
great extent, but the increase of 2Z3 per
cent over 1900 and % over 1893 outside New
York shows that there is no backward
movement in actual sales of merchandise.
Railroad stocks did not drop an average
of S12 in few minutes because traffic had
decreased, since full returns for April
show a gain in earnings of 81 per cent
over last year and 23.7 per cent over 1899
with especially large increases in South
ern and Southwestern roads. Dun's index
number of $50 quotations of commodities
with due allowance for the Importance of
each, was S962.20 on May l, an advance of
IA per cent for April; an evidence of the
expanding demand for all products.
Production is not overtaking demand
at the finished steel mills, and all Pitts
burg plants are two months behind or
ders. while ninety days is the limit at
many. The tone continues firm and or
ders are liberal. BflIets remain at the top
point for prompt delivery. In structural
the business in sight that makers desire.
and no effort is made to secure additional
orders. Less urgency is recorded in pig
iron markets.
Less sensational events transpired in
the cereal markets than, in the preceding
week, although quotations are slow to re-
cede. Corn eased off a few cents. For
eign purchasers have been driven out of
the domestic markets by the high quota
tions, and Atlantic exports for the week
were only 1,2l1,244 bushels. compared
with 3.7O9SS0 year ago. Prospects for
the current crop are bright.
Shipments of boots and shoes from
Boston rose to an unusual point, aggre-
eating 103 32S cases for the week. In the
local market prices are fairly steady.
Recovery in the price of cotton was
only temporary. and heavy liquidation of
options was accompanied by a fall in
spot middling uplands to the lowest figure
this year. Even at a loss of 50
a bale compared with the quotation pre-
vailing a year ago, there is little dis
position to secure raw material, either
by domestic or foreign spinners. As the
end of the crop year approaches there
is no sign of the famine predicted by
many experts earlier in the season, and
with most monotOnOuS regularity port
receipts continue two or three times as
large as in the same week last year.
With a large yield probable this year and
conditions at the mills
there is no inducement 10 hold stocks.
'Fhe situation is similar regarding wool
and wOolens. Raw material is abundant
and large clip probable. while manufac-
turers have only light demand for
goods.
Failures for the week numbered Isl in
the United States, against 1872 last year
and % in Canada, against 10 last Year