The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-05
FAILURES FALLING OFF FAST.
Dun SEES SIGNS or WONDERFUL
PROSPERITY AT HAND.

err Profits the Principal Ground of
COmpIaint-Remarka Similarity
seen in the Present Situation and
That In 1879 Just Before the Coun-
try's biggest Boom Came.
New York, June 4.-R G. Dun & Co.'S
weekly review of trade tomorrow will
say: The statement of failures in May
by branches of business gives much en-
enlargement In amount of defaulted liza
bilities the month was the smallest since
September 1895; in manufacturing liabil-
ties the smallest except the last month
since September, 1894. Failures of general
stores have not been as small in any
month as in May 1897; insoilly two months
out of thirty-six have there been smaller
failures in books and hats, only five in
groceries, and not one trading class in that
month has reported failures larger than in
half the preceding months, though in fur
niture failures are rather numerous. In
clothing manufacturers, the month was
the smallest except four out of So, except
fve in chemicals, six in wooden goods,
seven in machinery, lumber and miscel-
laneous manufactures and exceeded the
average only in iron and cotton goods and
earthenware owing to a few failures of
exceptions. Nobody can mistake the mean
Ing of such returns
The statement shows that except for
the temporary depression in prices the
volume of business transacted is now
larger than it was in 1892 The year of
greatest prosperity has been questioned by
some. But a comparison of prices this
tl,a bro ,ot,o IT.
features not only confirms that view, but
shows a remarkable similarity to the
course of prices in the earlier months of
1879, when the most wonderful advance
IN production and prices ever known in
this or any other country was close at
hand The feature of the situation is the
excessive production of some goods in ad-
vance of an expected increase in demand
So in 1879, consumption gradually gained
month by month, until suddenly it was
found that the demand was greater than
the possible supply. All know how prices
then advanced, and the most marvellous
progress in the history of any country re-
suited within two years. Reports from
all parts of the country show that retail
distribution of products is unusually large
and increasing.
There is no Improvement in the market
for farm products. Cotton is not higher,
and the belief that the next crop will be
larger, in spite of the floods, is general
while the demand for goods does not
change. although in this country it is
large enough to keep the market for most
goods steady.
Nor is there any satisfactory demand
for wooden goods, and the sales of wool
for the week have been only 5,S35,90O
pounds, and for five weeks 3464l 400,
against 26.sO015O in the corresponding
weeks of 1896 The transactions greatly
exceed the demands of the mills, although
these are larger than of late because the
manufacturers of wooden goods have
steadily increasing orders.
The iron industry is apparently ex-
banding production, and is certainly get
ting larger contracts, in part because of
very low prices, l cent being made for
beams. Bessemer pig is stronger and
grey forge a shade weaker under pres
sure of southern anxiety to sell. The
rail mills are full, the Miners Steel Com
pany having orders for a railway and
bridges in Korea, and there is better de-
mand for plates and sheets. and from
makers of agricultural implements at Chi
cago for bars.
Shipments of iron ore from Duluth far
exceed those of any previous year both
the Minnesota Iron Company and the Car
negie mines shipping over 100000 tons each
per week. While the rod com bination mas
not yet been formed, expectation Of il
with large demand, has advanced prices
o. mans . cents per keg. lin is very
frm IN spite of a visible supply of 34-
346 tons at 1850, and there are large deal
tngs in copper not above lie for lake
Lead is in fair demand at 3.25c and tin
plates are stil selling at $3.50 for fun
weights, American.
Crop prospects are so good that the
rumors customary at this season have
no attention. 1t was stated a week ago
that along the northwestern roads pros
poets were remarkably bright, and high
~ favorable reports have since appeared
from Kansas and Texas and are given in
to-days dispatches from the Pacific
coast. The receipts of wheat at western
points are 2,5S7,0O0 bushels, against 2000.-
600 last year, and the Atlantic exports,
flour included, were 2165,79 bushels,
against $50 last year. The enormous
out go of corn continues, receipts having
been 5S21,O23 bushels, against 1909, 1884 for
the same week last year and the exports
were 1926,5 66 bushels, against, 291. Sl6 last
year
Failures for the week have been 24l in
the United States, against PA last year.
and % in Canada, against 20 last year"
New York, June 4-Bradstreet's to-mor-
row will say: THE only favorable fea-
lures Of trade are encoura cement at the
outlook for fall business. and Improvement
in demand and prices of iron and steel |
Crops at the southwest, particularly Texas |
and the prospect favors larger exports OF
wheat from the Pacific coast. A fairly |
satisfactory jobbing trade' continues at
leading cities in the northwestern spring |
wheat states.
Business as a whole shows no pro- |
nounced activity and the tendency of
funds is 10 accumulate. Where the vol |
ume Of business exceeds that of year ago. |
as IL does in a few lines, profits are fire. |
quently reduced SO as 10 render this years |
movement less satisfactory Sales Of dry I
goods, clothing and sheep for nearby de- |
livery have fallen or. The anticipated |
midsummer Industrial disturbances, par
ueuiarly In iron and steel, promise to in |
huence business unfavorably during the |
summer months. Exports OF wheat (hour |
included as wheat, from both coasts Of |
tlc United States and Mon |
treal this week. amount TO 2620.O0 |
busnels, compared with 2.0Sl00O bushels |
last week. S.209.0O0 bushels the week year |
ago 2.Wl.OO two years ago. 27i2,0OO BUSH |
els three years ago, and as cOntrastcd |