Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-07-03
DUN & cos. REPORT.
The Quarters Failures Midsummer Vacation
and Its Effects on Business.

New York, July 2.-R. G. Dun & Co.
in their weekly review of trade will
say, Failures for the second quarter Of
1897 were 1881, with liabilities of $48,-
409,63S, of which AZ with liabilities of
81, a24,154 were of banking and financial
concerns, IS with liabilities of $3,051. 403
were of brokers, agents and insurance
concerns, 65I with liabilities of $685.
402.SS4 were of manufacturers, and
2l56 with liabilities of 81 go, $50 were of
traders. Almost half the commercial
liabilities were supplied by 63 failures
for 100000 each or more and over one
iifth by failures of five cotton mills in
New Bedford in April. On that ac-
count, New England failures show a
large increase but in other sections the
aggregate is smaller than for the cor
responding quarter in most preceding
years. But for these five failures the
defaulted liabilities would have been
the smallest in the second quarter of
any year since 1892.
Mid summer vacations have COM
menced in many works with the de-
crease Of orders usual at this season.
The customary vacation is called n
strike where agreements regarding
y
been reached, and the extensive strike
of amalgamated iron workers an
ncunced July l. is of this nature, but
the strike of coal miners in Illinois in
Illinois and ether central Western
states is not. and may prove costly. in
some iron and cotton works wages have
been reduced, owing to low prices. one
cotton mill in Virginia closing because
80 ipv, y.st.
a better demand, the employees will seek
an agreement and in its absence. the
workers before long, so that the situa-
ton is distinctly of midsummer
character.
demands after the tariff bill has passed
put the pressure in the market of large
importing stocks may defer IT. The gem
eral belief that removal of uncertainty
VIII in any case increase business? So
much depends on crops. the Frightening
prospects are of the highest Importance.
ESTIMATES by persons usually most pes
simistic now far exceeding made a month
ago on promising 559ee0.0,0 bushels wheat
win lower condition, but largely increas-
ca acreage of corn. Cotton prospects are
brighter rs the crop appears to be early
rather than late in regions which were
not flooded.
midsummer although the demand for fin
ished products still increases and disap-
po'ntment is due on it to the fact that
the increase is not vet enough to keep
az mills at work and thus to bring bet
yer prices. which now average slightly
lower than ever before. though not l per
GEM, GEM. below those OF March. 1885, Ills
nlEher at IA. cents with larger eonsump-
tlon. and copper at 1914 for lake. with 4
neavy exports, while lead has advanced
70 30 cents. Shipments of boots and
SHOES Tor two months have been smaller
anan ior I'VE previous years. and buyers
are stu disinclined TO take freely. Press
are the lowest since last fall prices Of
leather have yielded l cent for hemlock
sole and are the lowest since the frenzy
Der.
Textile manufacturers are waiting and
cotton mills curtailing production with
large stock on hal nf( prices scarcely Sc
ally increasing u n0n 49,
asd prices In
Enormous
sine