The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-07-02
Mercantile Agency Still Finds Rea-
son to Rejoice.
INCREASE in FAILURES
BUT CONDITIONS MIGHT EASILY
BE WORSE.
Wheat Exports Continue Heavy, and
Reach 217, 1871, $50 For the Crop
Year-Wool Sales Have Been Re
markably Light, and the Iron In
dustry Shows Decline In Prices.

New York, July 1.-R. G. Dun & Co. s
Weekly Review of Trade will say to-
morrow: The second quarter OF the
year closes with more encouraging re-
turns. Failures have been little larger
than in the first quarter of the year,
whereas a decrease of g. per cent
might have been expected from exDe-
rience of the last ten years. but with
that allowance, a difference of only 49,
500,000 can be charged to war and fears
of war, whereas solvent payments
through clearing houses for the quarter
were over SIS, 500, 000,0 900. In the very
best years. defaults range from an
eighth to fifth of / per cent of such
payments, and in bad times, from a
third to half of 1 per cent or more,
but this year the proportion is less
than fifth. The quarterly statement
given today shows an aggregate of S34,-
49S, 074, which is smaller than in the
second quarter of any year since 1890,
except one, and the average of iiabili-
ties default to firms in business and to
exchanges. through clearing houses, is
also smaller than in any year, except
one, of the past seven years.
The exports of wheat continue extra
ordinary. During the week they have
been, flour included, 4,006,S90 bushels
from Atlantic ports, against 2,064,1 13
bushels last year, and Pacific ports,
416 5GS, against 90, 600 bushels last year.
This makes the crop year. with some
minor ports yet to hear from, 2l1 81, $50
bushels exports of wheat, flour in
cluded, against 65,665,S12 bushels in
1892, the year of largest exports, but
at the same time 211, 452, 253 bushels of
corn have gone out, against $500, 2S5
bushels in that year, and 1887. All
bushels last year, which was much the
largest record. The market has been
little weaker. as is natural with album
dant evidence of an enormous yield,
Notwithstanding all reports of injury,
but cash wheat has advanced to S5c.
The demand for wool has been al
most wholly confined to needs for or
ders on hand, and yet there is good
reason to look for better demand for
goods as soon as the new season has
opened, while with contracts more
than the usual proportion of machinery
is employed even at this dull season.
Sales of wool have been only 3.011 200
for the week at the three chief markets
and for the month 1913, 800 pounds,
against 41.197.000 pounds a year ago.
and 1885, 900 pounds in 1892. The de-
crease in sales since the elimination of
speculation in February has been most
remarkable.
The iron industry shows some decline
in prices in Bessemer pig at Pittsburg.
to $1O.25, and in gray forge, to So, with
only 81 here and $11.25 at Philadel-
phia for No. anthracite; while ship
ments during the week have been made
from Birmingham to Hamburg. Rotter-
dam. Great Britain, Australia and ia
pan, though in the aggregate not large.
But contracts for 1900 tons steel rails
have been placed at Chicago, and pend-
ing contracts there for structural work
are estimated at $4,000 tons. while the
demand for implement and car material
is still beyond all precedent. and in
general, it may be said that the mar
kets west of Philadelphia are remark
ably strong, with scarcely any indica-
ton of decline in the demand for finish
ed products.
Minor metals are quiet Tin plates
are a shade weaker at $3.50 for full
weight American, the corresponding
foreign grades growing somewhat
stronger.
Failures for the week have been 253
In the United States, against 241 last
year. and Is in Canada, against 80 last
year.