The record-union., 1896-05-16
STATE OF TRADE.
CONDITIONS AS REPORTED FOR
THE PAST WEEK.
Business Not Expected to Materially
Change for Some Time
to Come.

NEW YORK, May 15.-R G. Dun &
Co. will say tomorrow in their weekly
review of trade:
Failures for the week have been 224
in the United States against 211 last
year, and 80 in Canada against 81 last
year
1t is now the middle of May, too late
for business to change materially until
the prospects of coming crops are as
sured and definite shape has been given
| to the Presidential contest by the con-
ventions. Until the future is more clear
there is prudent diSinclination to pro-
duce much beyond orders or to order
beyond immediate and certain needs.
If this waiting spirit prevails two
months longer it will crowd into the last
half of the year an enormous business
il the outlook is then good. For the
present there is less business than a
year ago, though in some branches
more, and the delay following months
of depression is to many trying, and
caused numerous failures.
Speculative markets are comparative
ly inactive, but the stock market is
stagnant and the average price of rail-
road stocks has declined less than one
per cent. for the week, and the average
Of trust stocks only about half of one
per cent.
| An attempt was made to manufacture
excitement in cotton out of the Govern
ment report, but the price closed eX
actly as it began the week, and the port
receipts have been actually larger than
/ last year. All current arguments based
on the assumption that the quantity
used in manufacture had been or is now
at maximum rate are disproved by
the closing of many mills for want of
demand, and the general effort to re-
! duce wages, which have caused some
strikes.
/ Wheat is unchanged in spite of all
rumors. The volume of domestic busi-
ness, though large in some branches,
is represented by payments through
/ clearing g-houses 1873 per cent. smaller
than last year
The railroad earnings have been for
the first week of May 3.S per cent.
larger than last year. showing a trifle
better than the returns for April
The most fortunate of the chief in
dustries a present is the boot and shoe
/ manufacture which is not only
shipping to customers within six per
cent. of the largest number of cases ever
! Warded in the first half of May, but
is getting many new orders, and there
/ are many urgent requests to anticipate
orders for June and July delivery, in
! dicating that distribution to consumers
/ has outrun executions. Prices are un-
| changed at the lowest average yet
reached, but there is a rather rapid ad-
vance in hides at Chicago, and leather
begins to stiffen little.
| The iron and steel industry, on the
/ other hand, is pronounced as dull as it
ever has been at Pittsburg, in part be-
( cause of doubt about the maintenance
/ of prices recently advanced, and the de-
/ nland is SO small that in spite of such
advances prices average IL per cent.
! lower fer the week, Bessemer pig being
no higher than it was three months ago,
and No / anthracite is lower. The at
/ tempt to hold common bar at Lie leads
/ many large consumers to prefer steel
I bars, which sell at lie, and prices OF
nails are expected to be reduced be-
cause Of scanty demand. There is much
4 promise for future structural work, but
! orders are deferred.