Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1901-05-11
BUSINESS Is SOUND.
Wall Street Panic Is No
Criterion.
IRON MILLS BEHIND ORDERS.
Those at pittsbura, so Stated, BY
Dun's Review - Reports From
Nearly Every City Show Excep.
tional Volume Of transactions,
RON MILLS BEHIND ORDERS.

New York, May 1t.-R. 6. Dun &
Co.'S Weekly Review Of Trade. issued
today, said in part:
A panic in Wall street does not
moan that legitimate business has
suddenly ceased 10 prosper, nor is the
condition Of mercantile trade and
manufacture adversely affected by a
violent change In prices Of securi
ties Throughout the entire country
fundamental conditions were never so
sound IN at the present time. reports
from nearly every city this week
showing an exceptional volume Of
transactions and payments promptly
met
Mills Behind With Orders.
Production is not oyertaking de-
mand at the finished steel mills, and
all Pittsburg plants are two months
behind orders. while 80 days is the
limit at many. Although the expected
advance in bar iron did not appear,
the tone continues firm and orders
are liberal. Billets remain at the top
point for prompt delivery, but reason
able terms are available on forward
contracts. In structural shapes and
railway equipment there is all the
business in sight that makers desire.
and no effort is made to secure addi-
tional orders. Less urgency is re-
corded in pig iron markets. but buy.
ers do not find terms more satisfac
tory, and, in fact. forge and foundry
iron IS rather more firmly held AL
though the total number of furnaces
in blast on May | was 20 smaller
than on Feb. l. 1900, the Iron Age es.
Inmates the weekly capacity at 301,
1875 tons, which exceeds all previous
highwater marks. The activity of
steel manufacturing Is emphasized by
the decrease of 34.279 tons in furnace
stocks during April, despite the I'M
paralleled production.
Less sensational events transpired
In the cereal markets than In the pre-
ceding week, although quotations are
slow to recede. Corn eased OF few
cents, but is still about 10 cents
bushel, or nearly Is per cent above
the quotation at the corresponding
date IN two preceding years. Western
operators continue to entertain strong
views, and appear little daunted by
the larger receipts attracted to interior
cities by the unusually profitable
prices offered. For the week arrivals
aggregated 3,247.094 bushels. against
2,196,a02 last year. Foreign pur-
chasefa have been driven out of the
domestic markets by the high quota
tons and Atlantic exports for the
week have been 1,211,244 bushels.
compared with 3.7o9.SS0 a year ago.
Cotton and Wool.
Recovery in the prica of COTTON was
only temporary, and heavy liquidation
OF options was accompanied by a fall
in spot middling uplands TO the low
est figure recorded this year Even
at a loss of SO a bale, compared with
the quotation prevailing year ago
there is little disposition To secure
raw material, either BIZ domestic or
foreign spinners As the end of the
crop year approaches there is no sign
OF the famine predicted by many ex-
perts earlier in the season. and with
most monotonous regularity port re-
celpts continue two or three times as
large as in the same week last year.
With a large yield probable this year,
and unsatisfactory conditions at the
mills, there is no inducement to hold
stocks The situation is similar re.
garding wool aud woolens. Raw ma
terial is abundant, and a large clip
probable, While manufacturers have
only light demand for goods.
Failures for the week numbered
lS7 IN the United States, against 1872
last year, and 26 in Canada against
Is last year.
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