The times., 1901-04-20
DUN's REVIEW OF TRADE.
An ENCOURAGING Aspect Given TO the
business Situation.

~ Z W OttNs April IS.-JuD S weekly
review OF trade tomorrow will say:
Favorable crop reports, heavy bank
clearings with record breaking railroad
earnings. a large distribution Of spring
and summer goods, and easy collections
give the business situation an encourag-
ing aspect. Wall Street speculation does
not yet discount any approaching reac-
ton in commercial lines, and the money
market seems to have turned the corner,
at least for the present
Cotton and wooden goods retain their
gain of last week, though partly on ac-
count of the idleness of many mills The
wool market is steady, notwithstanding
the absence of demand from large pro-
ducers of goods.
AT New York payments through the
clearing house increased 1001 per
cent over 1900, and 652 per cent over 1899;
while at leading cities outside New York
the gain is $50 per cent over 1900, and
32.1 per cent over 1899 Railroad earnings
thus far reported for April show a gain
of SO per cent over last year and 21.S per
cent over 1899.
Aside from the uneasiness caused by
labor controversies no setback has ap-
pvored In the leading industry. Condi-
tions of supply and demand are similar to
those existing for the last few months.
In some lines purchasers are increasingly
importunate. while in others there is
slightly less urgency for prompt ship
ment, but in all branches of iron and steel
manufacturers requirements are in ex-
cess of available stocks.
Shipments of boots and shoes from
the East declined to S5.547 cases, against
81, ,453 two weeks ago, but there still ap-
pears good margin above the movement
a year ago. The leather market has met
with further reverses, especially in the
light weight division.
American credits abroad steadily ex-
pand. Final returns for March show a
trade balance on merchandise account of
$40, ,026, 6j6, which makes the excess of eX-
ports over imports for the last twelve
months $573, ,374, ,569. Imports in March
were the heaviest of recent years, barring <
the same month last year and the four
months Immediately preceding July, 1897.
when goods were rushed forward to avoid
the Increased duty.
Stock speculation was again of large
volume, but the market was often ragged,
and specialtieS monopoltzed great share
of attention of traders.
There was less hesitation felt about
the money market. Rates showed ten
dcncy to decline for both call and time
loans. though collateral was closely Scrut-
inized. The bank statement of last Sat
urday was the occa sion of a more secure
feeling among borrowers, and there was
expectation OF a good report today, as
the treasury mas DeeO paying out InOieS
I'm large amounts for purchase of bonds,
the gains from this source more than
offsetting the small loss to the country
Commercial loans are inactive and the
drygoods market supplies most of the
paper sold. The outlook for this year 5
crop of cotton has been ascertained by a
careful canvass of the Southern States
Correspondents of r. G.. Dun & Co. re-
port that planting averages about two
weeks later than usual, owing to heavy
rains While there is reason to antici-
pate a large acreage, cancellation OF many
orders for fertilizers shows that the sharp
decline in cotton prices had the bene-
fetal result of restricting operations to
some extent.
planters have encountered some diff
ficulty in securing sufficient labor, owing
to the great demand in other industries.
1t is expected that the cost of planting
and picking the current crop will be
greater than usual on this account.
Georgia mills are running full time. while
in other Southern States there is much
reduction. Port receipts continue largely
in excess of last years, but prices are
held steady by better foreign purchases
and less expectation of record breaking
yield in 1891
Failures for the week number POS in
the United States against Isl last year.
and twenty-one in Canada, against seven
teen last year