New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-06
EVIDENCES or PROSPERITY.

drawn from the report Of failures for July ny
"Duns Review" OF to-day, Of which advance
sheets have been received. The first IN puDhc
interest Is that failures during the last three
full months OF war have been only S+"oV
larger In manufacturing and trading than III
the same three months last year. only ten'h
NJ nor cent. and materially smaller than in
apv other wear covered by the record 1t may
he conceived that business had started on such
n strong and rapid improvement that the re-
tardinr Influence Of the war has only suftir'd
IN keen it's msfortunes up to the level or inc
best OF the fonr previous years That wouio
moan that the upward impulse would nave
c,usod better business than in any previous
vc,r but for the hlndraDce. Yet the fact is
thar the volume OF payments through clearing
houses has been larger In July than In the same
month Of any previous year. exceeding the
novments of July. 1902, by per cent. the az
tcmnt Of some banks to establish high rates for
money on the strength Of vague popular appre-
hcnslon when the war began did, In fact cause
many of the 1856 failures In the first two weeks
of MAY with liabilities OF S60SO340 while IN
the rest of that month there were only 4T'
failures. with liabilities OF S5.Oi9.I3O. and but
for tha, difference Of over Sl.0N,0O In two
weeks the manufacturing and trading failures
In the three months would have been the small
est for the corresponding months In five years
II Is therefore open to doubt whether the
war. excepting as 1t supplemented for fort
night the efforts Of banks has caused any de-
uression in business whatever. II also appears
that trad,ng liabilities In July were smaller,
both in number and In amount, than IN me
same month Of any year covered by the month
IL record Two large real estate concerns failed
n birmingham land and n Chicago opera com
pany-s swelling nv over s2.3O0000 the liabilities
Of ..other commercial" failures. and as such
disasters have no connection with conditions
which affect the productive industries or the
general trade OF the country. they count Tor
nothing as evidence OF those conditions.
But II is also shown that the few failures FOR
500 900 or more nine in manufacturing and
three I'm trading were OF n character indicating
couscs other than those which affect general
busIncss Thus n nail concern at Philadelphia
WAS the ONLY failure OF any consequence In all
branches of the great iron and steel industry
4 blcycle and wagon failure accounted FOR
ovcr half the failures in machinery and tools.
Speculation I'm wheat rather than loss In manu-
focturo Is indicated by one large milling fall
ire. and by another Of grain dealer. one
brick concern In Massachusetts, counts for two
thirds OF all The failures in glass. carthenware
md brick manufacture. A hotel az Jackson
vile and manufacturers OF blank books, coal
bric1uettcs and paper. with plumber and
dealer IN coakings were the other failures or
500 900 or more and II will be readily real
lied how little they represent general condi
tons.
All things taken into account. the record or
failures In July and for three months ending
with July indicates that there has been no such
strain or pressure In business during the month
or three months Of war ~ To justify the IDEA
that the sources OF prosperity have been dried
NJ or stopped Prices are low hut such vast
quantities Of products are being turned out that
the manufacturers cannot be supposed to have
worked M n loss II business has been on
narrow margins II has been with lower aver
age Of commercial Indebtedness than has been
known for many years. and safety compensntcs
richly FOR n material shrnkage In nominal
profits Rest OF all. the returns 90 far TO sup
port tho belief that the unprecedented transac-
tIons through clearing houses In July represent
less speculative excitement and expansion. and
n closer adjustment OF business to the actual
demands Of consumers than In any other sea
son for years.