The daily morning journal and courier., 1898-07-09
WEEKLY REVIEW OF TRADE
THE USUAL HALF YEARLY STATE
 MENT OF FAILURES.

THE USUA E HALF YEARLH STATE-
 MENT OF FAILURES.
 It Is Peculiarly Interesting Because It Shows That In Spite of War and Ex- the Second Quarter Have Been Smaller Than in the same Quarter of Any Year Excepting 1894.
 New York, July SIR. G. Dun's week. ly review of trade this week will say: The usual half yearly statement of failures by branches of business is peculiarly interesting because it shows that In spite of war and expectations of war, failures during the second quarter have been smaller than in the same quarter of the past four years in trading, and In manufacturing smaller than in the same quarter of any year excepting 1894.
 The fiscal year ended with financial results q shade beyond general expec- tations, and the new war tax begins to increase the revenue, not seriously dis turbing business in any line Contin- ued heavy exports indicate another heavy balance of $4o0oo,oOo or more to be paid on merchandise account by other countries to this for the month ever, adverse balances are expected.
 Criticism of crop estimates is the less needful because the best authorities all agree that supplies for the coming year promise to greatly exceed home re- quirements and a full export demand.
 Wheat has advanced from S5 to 90 cents for spot. Corn is rather seriously injured in some states and yet on the whole 1t looks well. The cotton crop looks better and the prospect is reflect ed in a decline of a sixteenth in the spot price. The manufacturing works at the north are quite well employed and the demand for goods is somewhat improving. Abroad, the state of the manufacture does not encourage hopes of an extraordinary demand for the raw material, while the stocks held by millers are known to be unusual and large. The south Is increasing the manufacture rapidly. and not entirely in place of northern mills.
 In other textile manufactures busi- ness is good and growing in silks, bag eri,, ho,,on proGpots and ltnnp
 The manufacture of wool hesitates, although distinctly better demand has appeared during the past ten days be- cause prices at which western wool is held are too high for eastern mark cts and apparently too high for profit able manufacture. The markets are all dull, in spite of a fairly large demand for territory and Australian wool in blocks, but the manufacturers are very cautious in purchasing, although there is every evidence of a great consuming demand for goods which American manufacturers with reasonably vheap material can supply. The refusal of the boot and shoe jobbers to pay the small advances asked on boots and shoes by manufacturers causes some IeSlldIlOI III llGW OIltlo lOl llIcll pIOu- ucts, although the more successful es- tablishments have orders for some weeks ahead in most branches.
 It is not enough to dismiss the iron industry with the bold statement that 1t is using up more iron, even at the slowest point Of the year, than ever before. It is getting bigger domestic contracts for agricultural implements and car materials, and also for struc- tural work, than in any previous year, but especially for plates, the demand for which quite overruns the capacity of all the works, and not mainly on government account. Nevertheless the demand has not pushed prices of ma terial upward.
 Failures for the week have been 229 in the United States against 2o6 last year and IS in Canada against 30 last year.