The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-11
TRADE STILL OF THE BEST
INTERFERED WITH GEN
ERAL BUSINESS
BLAST FURNACES ALL BUSY
Despite the Enormous Production or
Iron and steel, supply Fails
to Keep Pnce With
Demand.

NEW YORK, May l0.-R. G. Dim q,
Co.'S weekly review G trade tonnrroV
will say: ~
. A panic in Wall street does not mean
that legitimate business has suddsniv
| ceased to prosper nor is the condition
of mercantile trade and manufacture nd
Versely affected by violent fall in nrica
OF securities. Throughout the entire
country fundamental conditions wa,e
never as sound as at the present time.
reports from nearly every city this wee,x
show an exceptional volume of transac-
| lions, and payments are PROMPTLY met
production is not overtakng dcnHlnd
I at the finished steel mills and All pt,ts
burg plants are two months behind or
ders, while ninety days is the Hmff AZ
many. Although the expected advance
In bar iron did not appear, the tone CON
,tlnues firm and orders are liberal All
let's remain at the top point for Dromnr
delivery but reasonable terms are a.ail
able on forward contracts. In structure
al shapes and railway equipmcnt there
is all the business in sight thai pakera
desire. and no effort is made to secure
additional orders. Less urgency is record
ed In pig iron markets, but buyers do
not find terms more satisfactory and
in fact forge and foundry iron is rather
more firmly held. Although the total
number of furnaces in blast on Nav
was forty smaller than on February I
1890, the Iron Age estimates the weekly
capacity at 301, 1875 tons, which exceeds all
previous highwater marks The activity
OF steel manufacturing is emphasized
by the decrease of 34,729 tons in furnace
stocks during April, despite the unparah
leled production
Less sensational events transpired in
the cereal markets than in the precedin,,
week, although quotations are slow 10
recede. Corn eased off few cents. but ia
still about 10 cents a busheI, or nearly
% per cent above the quotation at the
corresponding date in the two preceding
years Western operators continue to
entertain strong views and appear rItlte
daunted by the larger sects attracted 70
interior cities by the unusually pro6t-
able prices offered For the week arrivals
aggregated 3247. 04 bu, against 2193 300
last year. Foreign purchasers have been
driven out of the domestic markets bv
the nigh quotations and Atlantic ex
ports Tor the week have been ,2l1, 244 b.
compared with 37O9,So0 a year ago
Shipments of boots and shoes from Ros-
ton rose to an unusual point, aggregating
IO3,32S cases for the week against 70
81 cases in the previous week, and 6S.
1871 In the corresponding period last year
Recovery in the price of cotton was
only temporary and heavy liquidation Of
opllohS was accompanied by a fall in
spot middling uplands to the lowest
hsure recorded this year, Even at loss
or ~ bale, compared with the quotation
prevailing 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 bv
many experts earlier in the season and
win most monotonous regularity port
receipts continue two or three times as
large as in same week last year. With
large yield probable this year and I'M
satisfactory condition at the mills there
is little disposition to hold stocks Raw
material Is abundant and large cIip
probable, while manufacturers have only
a light demand for goods
Failures for the week numbered 1877 in
the United States, against 192 last wear
and 26 in Canada, against is last year.