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THE MUSIC TRADE REVIEW.
264
THE CONDITION OF TRADE.
PECIAL telegrams to Bradstreet's report a fair
increase in the volume of merchandise distribut-
ed during the week, due in part to the pressure
to move grain, produce and other staples to the full
extent of the demand prior to April 5, beyond whieh
existing railway freight rates do not extend.
There has been a distinct increase in the volume of
general trade at Portland, Me., Philadelphia, Pitts-
burg, Cincinnati, Louisville, St. Louis, Chicago, and
St Paul, not only as against the earlier portion of the
month, but in comparison with a like period in 1886
as well. Considerable interest will attach to the
movement of produce and merchandise by rail dur-
ing the next fornight, in view of the experimental
nature of the new freight tariffs, as well as on account
ol the complaints made as to classifications already
arranged. The increase of east-bound freight rates
again last week corroborated our reports as to the
rate of movement of produce east from Chicago. If
the Inter-state Commission will arrange to make pub-
lic west-bound tonnage statistics weekly the result
must prove a distinct gain. The railways have thus far
refused to do this. Lake navigation promises to open
with higher rates on the supposition that high rail-
way freights will result from the Interstate law. This
has advanced the price as well as the demand for
lake tonnage. Agricultural progress in the valley of
the Missouri and in Dakota has been delayed by the
flood, but elsewhere in the Northwest and the West
the weather has improved, country roads have hard-
ened and business is more active. Spring wheat
seeding has not progressed in Wisconsin, owing to
exeessive dampness. In the South, except in portions
of Georgia where it has been oold, the weather has
favored the crops-
Total bank clearings at thirty-six cities for six
days ended with yesterday, specially wired Brad-
street's aggregate $858,092,499, against $990,906,097,
last week, and $952,720,160, in the like week of 1886.
This shows a loss of, $132,814,000, or lS^per cent.
during the week, and 10 per cent, against last year.
Domestic money markets generally are active, and
S
WRITE FOB PRICES.
rates tend upward, largely dependent on the de-
mand for April settlements. The request for ac-
commodation from the interior, from speculators,
investors, merchants and manufacturers at Chicago
is heavy, and funds are leaving Milwaukee for the
lumber and mining districts. Collections are better
than last week. The New York stock market is dull
and inactive, though prices are, if anything, tending
higher. Fears of a stringency in the money market,
together with the uncertainty surrounding the Balti-
more and Ohio "deal," unite in producing this re-
sult. Bonds are dull. Money at New York is firm,
though rates, it is thought, will aoon be lower. For-
eign exchange has tendered to higher quotations as
the result of Increased inquiry and a scarcity of
supply.
Wheat has been irregular and fractionally lower
on a bearish sentiment West and decreased export
demand. The outlook for the California wheat crop
this year is not for a "bonanza crop." Exports are
at low ebb there; sowing is behindhand, and the
rainfall Is against a full crop. The reports of the year's
hog packing at the West, showing an excess of about
150,000 hogs over last year, and an aggregate decrease
in stocks of provisions March 1 about equal to 81.-
000,000 pounds of products, have added strength to
provisions. The Chioago cliques supposed to be con -
trolling mess pork and wheat are still believed to be
buyers on every break in that market.
Iron continues dull so far as new orders are con-
cerned, but deliveries on old orders are heavy, and
consumption continues active. Advance reports to
BradstreeVs show that the total imports of iron and
steel for two months of 1887 aggregate 465,000 tons,
against 269,000 tons in two months of 188G, a gain of
73 per cent.; in value, $6,787,000 in 1887, against
$4,631,000 in 188(1, a gain of 47 per cent. Leading
members of the trade here look for a deeline In this
excessive importation prior to June, with a subse-
quent revival in prices. Eaw ootton is l}£c. higher
than last year, and %c. higher than last week, on
heavy consumption and signs of exhaustion of the
crop. New York and New Orleans only have consid-
erable stocks of desirable cotton.
The movement of cotton goods is active, particu.
larly in Chicago and Boston. Prices are tending up
ward for brown and bleached cottons. Woolens
continue slow. Kaw wool is steady, with the down-
ward movement checked. Prices are 2 (a) 3c. lower
than on January 1. Supplies are ample until the new
clip. Sugar is firmer and higher on lighter supplies
in primary markets and reduced crop estimates in
Cuba and Europe. Coffee is more active, and options
are x / 2 c- higher, Rio more excited on renewed inquiry.
The failures reported to Bradstreet'a this week are :
In United States,
In Canada
wrfk.
281
23
In United States,
In Canada
,
1887.
2,917
325
week.
20D
31
1885.
247
37
1H86.
191
30
1884.
192
37
January 1 to Marc) i. 25.
1884.
1886.
1885.
3,107
2,139
3,848
536
342
407
1883.
196
32
1883]
Sit;!
BUSINESS FAILURES.
HERE were 181 failures in the United State*
reported to Bradslreef's during the week,
against 200 in the proceeding week, and 191,
247, 192, and 196 in the corresponding weeks of 1886,.
1885, 1884, and 18H3 respectively. Additional com
parisons are given in the following table:
T
Week
ending
Mai: '2. r >.
Stah-sand Territories
1887.
Middle States
41
New England
43
Southern
22
Western
47
Pacinc States & Territories, 28
Total, United States,
Canada
181
23
fYe-
vious
Weeks corresponiling to
week. .
Mar, 25.
1887. 1886. 1885. 1884. 1883.
53
53
63
43
48
28
23
25
'21
28
41
37
68
3it
37
57
51
72
t>'.»
61
31
27
19
20
2'2
200
31
li)l
30
247
37
192
37
196
32:
FIVE YEARS' FAILURES, UNITED STATES AND CANADA.
StaUt and Territories....
Middle States
New England
Southern
Westorn
Pacific States & Territories,
Total, United States,
Canada
,
1887.
677
408
687
900
245
2,917
326
Failures for the year to date,
with comparisons.-—
—^
1886.
1885.
1884. 1883.
691
777
664
671
368
442
427
384
775
944
744
69f>
1,003
1,328
1,062
931
302
349
270
281
3,139
342
3,840
407
3,167
53G
2,962
:«t3
About 83 per cent, were those of small trader
whose capital was less than $5,000.
50 YEARS' RECORD.
WM. BDURNE & SON,
ESTABLISHED 1837.
BOSTON,