Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-07-09
TRADE SITUATION.
WAR HAS NOT CAUSED INCREASE
IN COMMERCIAL DISASTERS.
FINANCIAL RESULTS GOOD,
A shade beyond General Expecta-
ton, Indeed--The New War Tax De-
gins to Increase Revenue, and
Doesn't Disturb Business.

NEW YORK. July s.-Messrs. r. G.
Dun &c Co.'s weekly review OF trade will
tomorrow say:
The usual half-yearly statement Of fall
ures by branches of business is peculiarly
interesting, because IL shows that war,
and fears of war, have not caused in
crease in commercial disasters The sur
prisingly large and general decrease in
trading defaults would, without doubt,
be accompanied by corresponding returns
as to manufacturing but for excessive
expansion in some lines and the help
less condition reached by few large
firms in other branches. 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 has ended with financial
results a shade beyond general expecta-
ton, and the new war tax begins TO
increase revenue, not seriously disturbing
business in any line. No reason yet APP
pears to apprehend that the war revenue
will fall below expectations.
THE CROPS
Criticism Of crop estimates is the less
needful because the best authorities all
agree that the supplies for the coming
year promise TO greatly exceed home re-
duirements and a full export demand,
though for a month or two yet Europe
may require much more than usual. This
will help to sustain the market while the
earlier receipts are coming forward, ana
prices will then be determined largely
by the outlook for crops abroad, which Is
not as yet entirely encouraging. Wheat
has reflected but little the improved pros
pect, advancing from s. TO - cents for
spot, regardless of the usual stories OF
injury, the current commercial and de-
partment reports being apparently dis
trusted by the trade.
The cotton crop looks better, and the
prospect IS reflected in a decline Of a
sixteenth in the spot price. The manl-
featuring works at the North are quite
we'll employed. much more so than usual
during the vacation season, and the de-
mand for goods is somewhat improved.
Abroad the state of the manufacture
does not encourage hope of an eXtraordi-
nary demand for the raw material while
the stocks held by millers are known 10
be unusually large. The South IS increas-
ing in manufacture rapidly, and not en-
tirely i'm place of the northern mills.
There is no DISAGREEMENT In other tex
tile manufactures and business IS good,
and growing in silks, bagging, hemp pro-
ducts, and linen.
The manufacture OF wool hesitates, al
though a better demand has appeared
during the past ten days, because the
prices at which western wool is held are
too high for profitable manufacture.
IRON INDVeTpY
It is not enough to dismiss the iron In
dustry with the bold statement that IT
is using up more iron, even at the slow
est point Of the year, than before. 1t Is
getting bigger domestic contracts Tor
agricultural implements and car mate
rails, and also for structural work, than
I'm any previous year, but especially Tor
plates, the demand for which quite over
runs the capacity of all the works, and
not mainly on government account.
Failures for the week have been 229 in
the United States, against POS last year,
and II i'm Canada, against 80 last year.