Birmingham age-herald., 1895-06-22
AND SETBACK IMPOSSIBLE.
Clearing House Payments Show a Decidedly
Marked Increase.
CONFIDENCE IN THE IRON MARKET SHOWN
By Large Demand for Structural Pig and
Steel Bnlets Show Heavy Rise.
Reserve Plants Being Pressed
Into Service.

New York, June PR. q. Dun e. Cos.
weekly review says: Failures for the
second week of June show liabilities of
only $2.092, ,3S2. of which S702 357 We're man
ufactui:ng and 81 1,329,625 were trading
concerns, against $2,917 ,5S5 in all for the
same week last year, of which s6sS,l3
were manufacturing and $2,220,7 766 trad
ing concerns. Additions for the first
week of June raise the aggregate for two
weeks, including the Cordage concern, to
S14, ,321, ,S41, of which $10517325 were man.
ufacturing and $3Gs4116 were trading
concerns Failures for the week have
been 2SS in the United States against 2li
last year, and thrty-one in Canada
against twenty-five last year.
lie who sees a setback in business at
this time must be gazing through tele-
scope pointed by him at some other
country From all parts Of the United
States the best adviccs obiainable tell Of
rising tide of trade and industry which
threatens here and there To mount too
far and too fast. The volume of all bus
mess is by no means equal to that of lS9Z
as yet, though, in some important
branches, larger than in that of any
other year Daily payments through
clearing houses in June arc 26.9 per cent
larger than last year. though Sc per cens
business at this season A rise of more
than a quarter in a single year is more
significant because in spite Of advances
the prices of commodities as whole av-
crage a fraction of per cent lower than
a year ago.
Two Influences of tremendous power
contribute to the rise encouraging crop
news and confident replenishinB stocks
which have been for two years de-
pleted to the utmost. When business
payments have so long been $l5,90O.-
100000 yearly less than before it is not
strange that the increase should be at
the rate of $1l 600 O0O,0 IL year when
faith in the future inspires general re-
plenishment of stocks.
Excepting too heavy rains in Texas
crops reports this week have been highly
encouraging. Future injury to cotton
cannot be predicted. but as yet nothing
idicates a yield below 7,500.000 bales,
which would not be supposed to threaten
famine If the commercial and mill stocks
were remembered. now exceeding by D
500, 600 bales q full consumption until
September /. Receipts continue small
and consumption close to the maximum
here and abroad, though the marketing
of British goods is not entirely eneour-
aging. Liberal purchases of all pro-
ducts by the south do not indicate the
belief that any serious misfortune i'm
pcnds SO the strong trade in the grain
growing states accords with brighter
crop prospects
The rush for supplies in iron and
steel resembles bear panic in the,
stock market. Because prices are mount
ing everybody hurres to buy, so that
they mount higher Bessemer iron has
reached $l2.65 at Pittsburg, the Bar as
sociation had advanced common $1.l5,
the Wire Nail association puts up the
price to $l.50 per keg. the steel rail
makers have raised the price 10 $24,
eastern and southern furnaces have
both raised prices again 30 cents per
ton. and structural beams are 155 and
angles 125.
tion are crowded with orders and others
which have been idle for years are pre-
pairing to resume. At the same time the
most potent cause of the upward start in
prices the general belief that COM
bination of coke producers will raise the
price to $1.50 after July /, is apparently
removed by war among the producers,
and fall to $1.25 in contracts for the
last half of 1886.
Advances continue in cotton goods
and are sustained by unusual demand
and scarcity at a time when the mills
are generally anxious to clear off old
stocks. Shipments of boots and shoes
for the week have been the largest ever
known in any week, being 105401 cases,
according to the Shoe and Leather Re-
porter, and for three weeks of June have
been IL per cent larger than any pre-
vious year Many shops are stopping,
though most have orders to August or
September
With sterling exchange at the ship
ping point gold exports are not expected
unless the syndicate sees fit to make
them for purposes of its own, although
the merchandise balance would call for
specials, and foreign tradings in stocks
have been insignificant. Evidences of
better employment of money in the in
terror multiply, but funds continue
gravitatng hither. and one large loan
for Olneyville mill, with good New York
Endorsement, was placed for forty-five
days at / " per cent per annum, although
commercial loans are more freely offered
and taken.