The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-03
WAGES ARE REDUCING
In Some Cotton and Iron
Works, Says Dun,
,.nnr 10 DpAC
HOPE is PROSPECTIVE
THE IRON AND STEEL INDUSTRY
HALTS.
EVERYTHING is BASED ON HOPE
Fewer Failures This Year Than Last--largest
Liabilities Before Known Except
for Three Years.


New York, July 2-Bradstreets to-mor-
row will say:
BETTER weather has favorably affected
The sale of seasonable goods, particularly
clothing. hats and shoes. Orders LOT
prompt shipment are fewer, but the
movement of goods for fall delivery has
begun. The most encouraging feature
is the continued, and, in some instances,
increased confidence Of merchants ana
manufacturers that the autumn Will
bring larger volume of business at higher
prices. General trade is reported quite
sufficiently at Kansas City, st. Louis,
Omaha, Memphis and New Orleans, falr,
without special extension at Milwaukee,
Minneapolis, Cleveland, Savannah, Cal
weston and Chicago, and slow or quiet at
Birmingham, Little Rock, Atlanta,
Charleston, Cincinnati and Detroit. None
of the larger eastern centers records an
increase. The least favorable feature of the
week is found in disappointment at lack
of demand and reaction in quotations for
some varieties of iron and steel. Inc
threatened idleness of 100000 iron, steel
and glass workers, soft coal miners Is,
except in the latter instance, due in part
to the season of the year.
Exports of wheat flour included as
wheat from both coasts of the United
States and from Montreal this week
amount to 2,676,SS3 bushels, against 3
10000 bushels last week, 2,6Ol, OOO
bushels in the tlast week Of June, 1896,
2,OO7 900 bushels in the like week of
1895, 1,S50,000 bushels in 1894, and as
compared with 3,677, 900 bushels in the
corresponding week in 1893. Exports of
Indian corn amount to 1928, 93S bushels
this week, as compared with 2,2S1 600
bushels last week, 1855, 900 bushels in
the corresponding week last year, $4,000
bushels in the like week of 1895, 539, 900
bushels in 1894, and as contrasted with
$4,000 bushels in the corresponding
week of 1893.
There are 1924 business failures re-
ported by Bradstreets throughout the
United States during the past six months,
falling off of SIS from the like total
last year, with which exception it is
the largest aggregate of failures in like
period.
Total liabilities Of individuals, firms
and corporations failing amount to $92,
656,0OO, a decrease of $11 ,S79,0 from
the corresponding total last year, and
$77,204,0 900 from the liabilities reported
in the first half of the panic year, 1898.
This total is also smaller than in the first
half of the year 1884, with which ex-
ceptions it is the largest recorded for the
six months period in eighteen years.
While there has been only a moderate
decline in the number of failures since
last year, liabilities have been unex-
pctedly increased by the embarrassment
of several large manufacturing and
other concerns in New England within
the past quarter. 1t is worthy Of note
that the New England States and the
Territories, alone, among groups of
States and Territories, report increase
in number of failures compared with last
year.
There have been LOLA business failures
reported from the Dominion Of Canada
to Bradstreets during the past six months,
40 less than in the first half of last
year, with aggregate liabilities amounting
to $7,61S000, a decrease of about per
cent. There are 80 fewer failures in the
province of Ontario, and S5 fewer in
Quebec, but liabilities Of failing traders
In the former show a slight increase,
while those in the latter indicate a moder-
ate decrease compared with the cores
ponding period last year.
DUN & co. REVIEW.
New York, July 2.-R. G. Dun and
Company's Weekly Review of trade to
morrow will say:
Midsummer vacations have commenc
ed in many works with the decrease Of
orders usual at this season. This Gus
tomary vacation is called a strike, where
agreements regarding wages for the
coming year have not been reached, anC
the extensive strike of Amalgamatet
Iron Workers announced July list is o,
this nature, but the strike Of coal miners
in Illinois and other central Western
States is not, and may prove costly. II
some iron and cotton works wages have
been reduced owing to low prices, ont
cotton mill in Virginia closing because
reduction was not accepted. With bet
ter demand the employers will seel
agreement, and in its absence, the work
ers before long, so that the situation i
distinctly Of midsummer character
Large. hopes are built ON prospective de
mand after the tariff bill has passed, bu
the pressure in the market of large i'm
porting stocks may defer it. The gen
eral belief is that removal Of uncertain
ty will in any case increase business.
Since much of the future depends o
crops, the frightening prospects are O
the highest character. Estimates b
persons usually most pessimistic now ia
exceed amy made a month ago, one prom
Using $50, O00,0 600 bushels wheat, wit
lower condition, but largely increase
acreage of corn. Cotton prospects al
brighter as the crop appears to be earl
rather than late in regions which wei
not flooded. The movement of wheat
small western receipts for the wee
1,630,779 bushels against 2,041,7 La.
year and Atlantic exports 1904, 173 for
included, against 2,162, 172 last year, b,
a strong effort to lift prices failed, an
the close is 1ss cents lower for the wee
with corn ~ cent lower. Cotton rol
an eighth with small sales.
cfaa IND. cfrv~ H.