The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-07-05

New York, July Ar. G. Dun q Co. s
weekly review OF trade says: Tho sec
ond quarter OF the year closes with
most encouraging returns Failures
have been a little larger than In the
first ouafter Of the year, whereas a De-
crease Of e.2 per cent. might have been
expected from experience OF the past
ten years. but with that allowance a
difference of only s3.5c00OO can be
charged TO war and fears of war, where
as solvent payments through clearing
houses for the quarter were over S15,-
100000. In the very best years default
ranges from an eighth to a fifth Of
per cent. Of such payments, and IN bad
times from third to a half OF / per
cent. or more. but this year the proper
ton is less than fifth. The quarterly
statement shows an aggregate OF 1884,
4sS.074. which is smaller than In the sec
ond quarter OF any year since 1890 except
one, and the average Of liabilities, de-
fault TO firms in business and to eX-
changes through clearing houses, is also
smaller than in any year except one
Of the past seven years.
Extraordinary Exports of Wheat.
The exports Of wheat continue extra
ordinary. During the week they have
been, flour included, 4006,S90 bushels
from Atlantic ports, against 2,064 l7S
last year, and Pacific exports 1864,
against 10000 last year This makes
for the crop year, with some minor
ports yet to hear from, 217,S71 $50 BUSH
els exported Of wheat, flour included,
against 225,665,S12 n 1892, the year of
largest previous exports, but at the
same time 2l1, 452,253 bushels of corn
have gone out, against 76,602,2S5 bush
els in that year and 49, ST. All last year,
which was much the largest on record.
The market has been a little weaker, as
is natural with abundant evidence of
an enormous yield, Notwithstanding all
reports of injury. but cash wheat has
advanced to IS cents. Corn has de-
clined a fraction. although the demand
for export is still beyond all precedent
and cotton is an eighth lower at 6.25
cents, owing to favorable reports as to
the growing crop.
Cotton Machiney Well Employed.
It is judged by experts that about so
per cent. of the cotton manufacturing
machinery is now employed, and yet the
demand for goods Is strengthening. The
heavy stocks carried abroad indicate
less than the usual demand for goods
there, as do the shipments from Great
Britain. The demand for wool has been
almost wholly confined to needs for or
ders in hand, and yet there is good rea-
son to look for q better demand for
goods as soon as the new season has
opened, while with government con-
tracts more than the usual proportion
of machinery is employed, even at this
dull season. Sales of wool have been
only 3,011,2O0 pounds for the week al
the three chief markets, and for the
month 10,103, 800 pounds, against 4l,l9i,-
600 a year ago, and 29,595,000 In 1892
The decrease in sales since the culmina-
ton of speculation in February has
been most remarkable. The iron indus
try shows sonre decline in prices in Bes-
semer pig at Pittsburg to $1O.25 and In
gray forge to SO, with only $11 here and
s11 % at Philadelphia for No. anthra-
cite.
shipments from Birmingham.
Shipments during the week have been
made from Birmingham to Hamburg,
Rotterdam, Great Britain, Australia
and Japan, though in the aggregate
not large. But contracts for l2,OOO tons
of steel rail have been placed at Chi
cago, and pending contracts there Tor
structural work are estimated at 2o,oot
tons. while the demand for implement
and car material is still beyond all prec-
edent. and in general 1t may be said
that the markets west Of Philadelphia
are remarkably strong, with scarcely
anv indication of decline in the de-
mand for finished products. Minor met
ais are quiet. Tin plates are shade
weaker at $3.50 for full weight Ameri-
can the corresponding foreign grades