Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-06-22
THE STATE or TRADE.
lie who Sees n Sct-Inck Must he
Looking Abroad.

NEW YORK, June 2l.-R. q. Duns re-
port says: The failures for the second
| week Of June show Liabilities Of only
2O92.3S2. 81 which t702 80 were of manu-
featuring. and sl.32e62J Of trading con-
Germs. against s2.9l7 535 in all for the same
week last year. Of which 'GsS.l37 were
manufacturing. and s9.2co 7fG In trading.
Additions for the first week o. June raise
the aggregate for the two weeks. including
the CordaCa concern. to Yi32l.A 81. Of
which Sl0.5l7g2j were manufacturing and
S3.GSi.uG trading. The failures for the
week have been o2s in the United states.
against PA last year. and 81 in Canada
against . last year
He who sees u setback in business AZ
this time must be gazing through teles-
scope pointed by mistake at some other
country. From ali parts Of the United
States the best advices obtainahle tell
Of rising tide Of { ale and industry
which threatens here and there 10 mount
too far and too fast. The volume Of all
business is by N means equal 10 that
of 1892 as yet. though I'm some important
branches larger than in that or any other
year.
Daily payments through clearinghouse
in June have been 90 per cent larger
imam last 1ffiF NA@ll OF ~ iANf
smaller than in 1s91. the last year of full
bushes. at this season y rise OF more
than quarter in a single year is most
significant though. I'm spite Of the recent
advances. thu prices OF commodities as "a
whole average a fraction Of per cent.
lower than year ago. Two influences OF
tremendous power contribute 10 the rise,
encouraging crop news, and confident re-
plensnng OF stocks which have been
for two years depleted TO the utmost
When business payments have 50 long
been $500 90 yearly less than before. u
is not strange that the increase should
be. at the loist. Slle0v0 a year. when
faith in the future inspires general re-
punishment Of stocks.
Excepting too heavy rains in Texas,
crop reports this week have been highly
encouraging. Future inquiry as 10 cot
ton cannot be predicted. but as yet moth
ing indicates a yield below 400 90
bales which would not be sup
posed 10 threaten famine. II the
commercial and mill stocks we're
remembered, now exceeding by 2503.o0O
bales a full consumption until september
lst Receipts continue small and con-
sumption close to the maximum here and
abroad. though the marketing Of British
goods is not entirely encouraging. Liberal
purchases Of all products by the South
do not indicate belief that any serious
misfortune impends.
The strong trade In tho CrS.- S,Owlng
States acords with the brighter crop pro--
poets. The lush for supplies in iron and
steel resembles "A bear panic IN the stock
market. Because prices are mounting.
everybody hurries to buy. so that they
mount higher.
Bcssemer iron IS reported SO At Pitts
burg: the bar association has advanced
common 10 $115; the wiTe-nail associa-
ton puts M the price 20 $50 per keg;
the stccl-rail makers have raised the
pfice 20 t2i. eastern and southern furna-
ces have both raised prices again 20 cents
per ton. and structural beams are Sl.3j.
and angles $50. IL Is undeniablc that
works in operation are crowded with or
de-s. and others which have been idle
for years are preparing 10 resume work.
At the same time the most potent cause
OF the upward start in prices. the general
belief that a combination Of coke produ-
GERS would raise the price OF coke to $50
after July lst. il apparently removed by
the war among the producers. and the
fail 10 $l25 in contracts for the las, half
OF 1885.
Advances continue in cotton goods. and
are sustained by unusual demand an,
scarcity al a time when the mills are
generally anxious 90 clear or other
stocks. Shipments OF boots and shOc>
for the week have been the largest ever
known I'm any week-lOl. i25 cases. accord
ing TO the Shoe and Leather Reporter
and for three weeks Of June have been
IL per cent. larger than in any previous
year Many shops are stopping though
most have orders 20 August or September.
With sterling exchange at the shipping
point. gold exports are not expected.
unless the syndicate sees fit 10 make
them for purposes OF its own, although
The merchandise balance would call FOR
shipments. and foreign trading In stocks
has been Insignificant Evidence Of bet
ter employment or money in. the interior
multiplcs. Funds cravitate hither, and
one large town loan for an Olneyville
mill. with good New York Endorsement
was placed for forty-fve days at 10 per
cent. per annum although commercial
loans are more eagerly offered and taken