The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-07-04
OUR NATIONAL PROSPERITY
BUSINESS REYIEWED FOR FIRST
SIX MONTHS or THE YEAR.

Generally Lower-Immediato Outlook
for Renewed Activity Not Hopeful.
New York, July 3.-Bradstreets to-
morrow will say: General trade in both
commercial and industrial lines is dull
ler, but the falling off is, in part, the
usual midsummer dullness. Compare
lively few changes are noted, but most
of them are decreases in either price or
demand. Quotations for wheat, Indian
corn, cotton, oats, iron and steel are
lower. Sugar has reacted after the de-
cline last week, leather remains con-
spicuously firm, with shoe factories
busily employed and petroleum and an
thracite coal are higher.
The sentiment of the trade at many
points is that the immediate outlook
for business is not favorable. AT some
western centers complaint Is made that
the purchasing power of the agricul-
tural community is curtailed by pro-
longed low prices for farm products.
st. Louis jobbers report some Texas
merchants countermanding orders, ow-
ing to the effects of the drought.
There is fair demand for grain, gro
ceries and staple dry goods at Minneap-
oils and Duluth, and in fabrics and gro
ceries at ST. Paul and Omaha, while
Louisville reports a better demand for
hardware, with collections improved.
Similar advices come from Baltimore,
Savannah and Charleston. These con-
stitute the most favorable reports con-
cerning the state Of trade. At Chicago
the volume of business for six months
is smaller than last year At New
York, Philadelphia, Buffalo and Pitts
burg there are no characteristics except
those of extreme dullness. On the Pa
cific, Seattle reports its June business
In excess of that of year ago and
Tacoma that lumber shipments to
Africa and to France continue active.
The general Industrial situation
shows no renewal of activity. The APP
parent improvement in wool has dis
appeared and manufacturers refuse to
buy raw material simply because 1T Is
cheap. Excess dullness marks dry
goods, although this is the usual period
for stock taking. Cotton mill treasur-
ers controlling 100000 spindles have
agreed to curtail production. large
amount of wooden machinery remains
idle and the iron and steel industries
are as fiat as heretofore.
Total wheat stocks available in the
United States, Canada afioat for and in
Europe and in Australia on July ag-
gregated 115, ,4S1 900 bushels, the small
est similar total on a like date for four
years and the smallest total reported
at quarterly intervals since July, 1894.
Exports of wheat from both coasts AMI
from Montreal, -four included as wheat,
one days shipments missing from four
Atlantic ports, aggregate 2,601,OO BUSH
els, against 2007 900 bushels in the first
week Of July /, 1895.
June bank clearings foot up better
than expected with a total at IS cities
of 4, ,2S5, eli, ,10S larger than in any month
since January and only "a per cent.
smaller than January a year ago.
They exceed those Of May this year
by IL per cent. Compared with June,
1894. the gain is more than 19 per cent.
and with June, 1898, the decrease Is
only "a per cent. The decrease IN
May from year ago was IL per cent.
For six months total clearings aggre-
gate 25,563, ,366,722 a gain over 1873 or
IL per cent, and over 1884 OF 10 per
cent, but a decrease from 1893 Of II
per cent The increase in bank clear
ings this week is based on increased
speculative activity at New York,out to
| a greater extent on monthly and semi
annual settlements in financial and
commercial circles throughout the
country. The total is 1,103,0 100000 or %
per cent more than last week, nearly l3
| per cent. more than in the like week
last year.
Business failures in the United States
for six months number 1902 the larg-
| est six months total since records
have been compiled The increase COM
pared with 1896 and 1894 is more than
1000 in each instance, Is and 16 per
cent. respectively. Compared with 1893
| Gncluding two months of the panic)
the increase this year is about 1,S4O or
% per cent, and contrasted with six
months of 1892, a period of prosperous
trade, there were AZ per cent. more bus
mess failures in the past six months.
Total liabilities of 1902 failing individ-
uals, firms and corporations are $l05,
535 900. This has been exceeded only
| twice before in like periods, in the PAN
| ic years of 1884 and 1893.
| The increase of total liabilities con-
trasted with 1898 is 3S per cent. 1t ap-
pears, probably, that underlying con-
ditions prevalent in 1898 and 1894 have
not all be eliminated as the ratio of to-
! tai assets to liabilities has been eXcep-
| tionally heavy this year, more than
! 81 per cent, which is characteristic of
periods of abnormal business embar-
/ rassment.
The number of failures in the eastern
states during the six months was 96S,
liabilities 1888 1853, assets S4,S460 041;
against 955 failures, liabilities $12569,-
337, assets, $6022,6S7 in the first half of
1895. General trade throughout the
Canadian dominion has been in smaller
volume, partly in consequence of the
| holiday on the first instant Toronto
! jobbers reported no change in demand
for or prices of staples. At Montreal
some manufacturers have closed tenn
porarily, the outlook not being regard
ed bright as to the near future. Hall
fax advices are that crops throughout
| Nova Scotia are promising and like re-
ports come from New Brunswick. For
est fires in Newfoundland are destroy
ing a large amount of property.
Bank clearings at Winnipeg. Toronto,
Hamilton, Montreal and Halifax ag-
gregate only s13,964, 900 this week
against S19, 9,244. 900 in the week year