The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-07
General Tone Better and
Movement Larger.
MORE INQUIRY FOR IRON
As FEWER FAILURES THAN SAME
WEEK LAST YEAR.
FAILURES FOR THE MONTH 100000
This is S53,OOO,000 Less Than for Same
Month in 1893, and the Smallest in
Any Month Since l992--Dawn
of Better Days.

Any Month Since l992--Dawn
of Better Days.
New York. Aug. 6.-R. G. Dun & Co. S
Weekly Review of Trade tomorrow will
say:
Four years ago, August 5, 1898, the
first number of Dun's Review was issued,
with failures in that month amounting
Just closed failures have been only ST.
117,T27, the smallest in any month since
1892 The sta cement of failures by
classes of business for July and for 46
months shows that in manufacturing
failures have been smaller than in any
other month of the entire period, in trad
ing smaller than in any other month ex-
eept 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 dismals, and begin 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 improvement. This is partly
due to 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 yield of corn may help to
market the enormous surplus brought
over from last year. Liquidation of a
powerful combination in wheat brought
a reaction of 3 cents on Thursday. but
gain of IL cent occurred the day
following.
1t is the wrong season TO expect much
from industries and yet there has been
material increase inthe number Of hands
employed inthe iron manufacture, be-
cause of the satisfactory adjustment Of
wages dispute with the Amalgamated
Association and the opening of numer-
GUS establishments which have been
waiting, while the coal miners strike
seems each day more likely to end in a
permanent settlement beneficial to both
parties. Meanwhile the demand for
most finished products is steadily in
creasing, the feature this week being
large pipe contracts for Russian oil
fields, Sumatra and Germany. While
consumption does not yet equal the capa-
city of the works in operation, and prices
of iron and steel products average slight
" lower, the situation is altogether more
hopeful. In minor metals the consump-
ton Of tin equals the receipts, so that
prices do not change, and the visible
supply is practically the same as month
ago, while exports of copper have been
heavy and prevent a decline of lake be-
low IL 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 mann
facture, 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 1 cent per pound. Manu-
facturers 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
temporary curtailment of output by cot
ton mills continues but does not bring
improved prices for products, although
the demand is generally gaining. Fail
ures for the week have been 237 in the
United States, against 240 last year, and
20 IN Canada, against 80 last year.
BRADsTREETS REVIEW.
New York, Aug. 6.-Bradstreet's to-
morrow will say:
General trade shows the most pro-
nounced gains this week at Chicago, st.
Louis and Galveston. The feeling 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 increased heavily and are followed
by a disposition to crowd prices up.
Purchases were restricted at Kansas
City, Omaha and some other northwest
ern points early in the week, owing to
extreme heat and fears Of damage to
the Indian corn crop, but rains and cooler
weather have stimulated demand again.
On the Pacific coast business is brisk,
the feature in California being heavy
wheat shipments to San Francisco, at
Portland large exports of lumber and at
Seattle and Tacoma active demand for
supplies for Alaska and northwest ter
ritory, and for wheat, fruit and hops.
The movement Of general merchandise
throughout the country is unqueshonably
larger than last week, cotton goods and
wooden industries are better off and the
stagnation in iron and steel has giveT
way to a growing inquiry and increasing
output. But more significant still is the
extraordinary expansion in bank clear
ings this week and last month.
The upward tendency of prices during
the past three weeks is again feature
wool being firmer and higher for som,
varieties. Cotton yarns are stronge
also, as are some grades of cottons a
the west. Shoes are no higher, blu
leather and hides cost more than weel
ago, as do wheat Notwithstanding tn
reaction in September options), whea
-four, pork, lard, Pacific coast hops. su
gar, soft coal and tea. There is 2
cent advance in Bessemer pig iron a