The morning news., 1897-08-07
BUSINESS ALMOST ON A BOOM.
FAILURES IN JULY SMALLER THAN
IN ANY MONTH SINCE 1892.

nOwIcdge Their Error Business
Reported by the Clearing Houses
Lnrger Last Month Than In Any
July since IS02-PrOnOunced Gains
at Chicago, st. LOais and Calves
ton.
New York, Aug 6.-R. C. Dun &. Co.'S
weekly review of trade tomorrow will
say: "Four years ago, Aug. 5, 1898, the
first edition of Dun's Review was issued.
In that month failures amounted to over
$tO,000000, while in the month just closed
| failures have been only $,117727, the
smallest in any month since 1892 The
statement Of failures by classes for July
and for six months shows that in manu-
featuring failures have been smaller than
in any other month of the entire period,
in trading smaller than in any other
month except one, and in many branches
Of each department smaller than in most
months Of which records exist.
The pessimists who pronounced reports
of gain fictitious and misrepresenting
have grown weary of their denials and be-
gin to see the dawn of better days Last
month was the first for four years of
which the volume Of business reported by
clearing houses was larger than in the
same month of 1892, and the telegraphic
dispatches from all parts of the country
given this week show a gratifying i'm
provement This is partly due to a large
yield of wheat and good prices, though the
crop is probably not as large nor are
prices thus far as high as in 1892, but of
cotton the price is higher and the yield
probably larger than in that year. Other
! farm products are realizing good prices
and the possible decrease in the yield of
corn may help to market the enormous
surplus brought over from last year
! Liquidation of a powerful commission in
wheat brought a reaction of cents on
! Thursday but gain of IL cents occurred
the day following
1T is the wrong year TO expect much
from industries, and yet there has been a
material Increase in the number of hands
employed in the iron manufacture be-
cause of the satisfactory adjustment of
wage disputes with the amalgamated as
sociation, and the opening of numerous
establishments, which have been waiting
while the coal miners strikes seem more
likely to end in a permanent settlement
benehclal TO both parties. Meanwhile the
demand for most of the finished products
| is steadily Increasing, the feature being
| large contracts for Russian oil fields, Su-
matra and Germany. While consumption
! does not yet equal the capacity of the
works in operation, and prices of iron and
steel products average Slightly lower the
situation is altogether more hopeful. In
minor metals the consumption of this
equals the outcome and the visible
is practically the same as a month ago
While exports of copper have been heavy
and prevent a decline of lake below II
cents, and realizing in lead has caused
only slight decline to $50 cents
The sales of wool, as comparative re-
turns by months show, bear little rela-
ton to the actual consumption in manu-
tacture, but heavy liquidation since the
new tariff bill was enacted gives the i'm
preston that some dealers are no longer
confident of a speedy advance. Neverthe-
| less, prices have risen during the past
| few weeks nearly l cent per pound. Man
ufacturers are buying but little, though
they are rapidly increasing the output,
and are able to obtain an advance of
about 10 per cent in prices of goods with
rapidly increasing orders. The Temporal
! ~ curtailment of output by cotton mills
| continues but does not yet bring i'm
proved prices for products, although the
| demand is generally gaining.
Failures for the week have been 237 in
the United States against 240 last year.
and 20 in Canada, against 81 last year"
New York, Aug. 6.-Bradstreets to-mor-
row will say: General trade shows the
most pronounced gains this week at Chi
cago. St. Louis and Galveston. The feel
ing Of confidence that general business is
to improve in the early autumn is marked
at these cities, and purchases of dry goods
clothing, shoes and other staples have in
creased heavily, and are followed by a dis
position to crowd prices up. Purchases
were restricted at Kansas City, Omaha
and some other northwestern points early
in the week owing to extreme heat and
fears of damage to the Indian corn crop
but rains and cooler weather have slim
ulated them again. On the Pacific coast
business is brisk. the feature i'm California
being heavy wheat shipments to San
Francisco, at Portland the largest ex-
ports of lumber and at Seattle and Taco
ma active demand for supplies for Alaska
and northwest territory, and for wheat
fruit and hops
The movement Of general merchandise
| throughout the country is unquestionably
| larger than last week: cotton goods and
woolen industries are better off and the
stagnation in iron and steel has given way
20 growing inquiry and increasing out
put But more significant stil is the eX-
traordlnary expansion in bank clearings
this week ana last month
"The upward tendency Of prices during
the past three weeks again Is a feature.
D
rieues. Cotton yarns are stronger also.
as are some grades of cottons at the
west. Shoes are no higher. but leath-
er ana hides cost more than a week ago.
1 as do wheat. Notwithstanding the reac-
| uon in September options; flour pork.
| lard, Pacific coast hops. sugar. soft coal
| and lead.
There BE- an advance in Besscmer pig
iron az Pittsburg. which makes a decline
/ of orders FOR future delivery at current
/ quotations for iron bars and iron aud steel
/ at western centers; in fact, our predicted
/ revival in iron and steel has appeared
Quotations for cotton and print cloths
remain unchanged while those Of Indian
corn and oats are lower on improved crop
/ prospects. Other products. quotations for
] which have declined. are coffee petro-
l leum, turpcutine and rosin.
Exports OF wheat Cnour included as
wheaO from both coasts of the United
states and from Montreal this week show
a sharp Increase, amounting to 3.aOS. Az
| bushels, compared with 23i3.O0O bushels
/ last week. and 2.i21O00 bushels year ago
/ Exports OF Indian corn this week amount
/ TO 3.3l3 $50 bushels. cOmnnred with 1 tQo oon