The times., 1898-09-03

month of July increased $53, ,00O Lake
Shore reports for the year ending June 81
a surplus after fixed charges and divi-
dends of sS34,000 against $4,000 last year.
The report of Manhattan for the year
shows a surplus after charges and divi-
dends of $4,000 against deficit of sle5, 600
last year.
There is a rumor that the Peoples Gas
Company will absorb the Ogden Gas Com
pany though the Ogden people have thus
far rejected all offers to buy.
New York, Sept. 2.-Duns Review to-
morrow will say:
The smallest failures ever recorded in
any month for five years were those of
August. No other months since the
monthly reports were commenced. by
Dun's Review, has shown defaulted liza
| bilities as small within $1,000. 900 and the
ratio of such defaults TO business repre-
sented by exchanges in the clearing
| houses is smaller by 26.5 per cent than
! in any previous month. the clearings hav-
| ing been the largest ever known in Au-
! gust and % per cent larger than In 1892
| Owing to a few large trading failures
! the aggregate in that branch has been
smaller in two of the past fifty-eight
months, but in manufacturing the amount
1
The enormous yoiume of business In q
month usually one of the most inactive
I of the year demands attention POST
ponement during the months of war of
some contracts and purchases which have
now come forward explains part of the
| increase, and the strong absorption of
! securities explains part; but there has
! also been great decline in the average
| of prices for all commodities, so that it
! takes a much larger volume of business
! In tons or bushels TO make up transac-
| tons amounting to a million than in 1892
1t is. therefore, strictly true that busi-
ness is larger than in the very best of all
past years, and yet there Is every pros
! pect of much further increase.
| There is no room 10 doubt that the
! wheat crop, even though it may fall
! shade below estimates, win prove the
! largest ever harvested. Although Beer
bohm estimates Europe's crop at 232, ,09o,
! 600 bushels more than the last, that would
| be only about an average yield, while
other evidence is less favorable.
/ Foreign buying has been strong, but re-
! ceipts at the West are increasing and the
I price has dropped cents for spot, though
| the September option is rs lower for the
week. The advance of sixteenth in cot
ton, to Isl cents, has followed little
better milling demand, with rather less
| favorable reports of probable yield, but
! the crop is at the worst likely to exceed
| the worlds needs.
The Improvement in the iron industry
| has not only continued. but becomes more
! impressive because, after enormous buy
| ing of materials has satisfied the needs
of great consumers for months to come,
the demand for products IS so great that
both materials and products gradually
| advance in price.
| The wooden mills have rather better or
ders this week but not enough as yet TO
warrant running nearly full force, with
the price of wool held at the West much
I above Eastern markets ana by those mar
kets about 1c. higher than the mills are
bidding.
In cotton manufacture there is better
demand. with sixteenth rise in print
cloths, though brown sheetings are a
shade lower the demand for otner goods
being still fairly strong.
Exports have begun to increase. and for
the week exceed last years by 1885, 600,
or n per cent, while imports were smaller
than last year by $34S 600, or per cent In
view of the extraordinary magnitude of
exports and reduction of imports a year
ago, the figures indicate large balance
in favor of this country
Failures for the week have been III in
the United States, against l91 last year,
and % in Canada, against Is last year.
BradStreetS tomorrow Will say:
The advent of September finds Fall
trade apparently in full swing al the West
and Northwest. and more reported doing
at Southern Mississippi Valley points and
in the East, but the volume of business
in wool and dry-goods in the latter section
is rather smaller than expected.
Early reports of large business doing
during August are confirmed by aggre-
gates of monthly bank clearings which
show unprecedentedly large totals for that
month, little below, indeed, the immense
monthly aggregates of last Winter.
Reports from the iron and steel trade
are in a high degree favorable the ton
mage moving having been unprecedented
ly large. Business in steel is exceptional
ly large, and in the West, particularly
the output is limited only by the ability
of the mills to keep up with orders. The
Western crop situation remains practical
ly unchanged. cash wheat being lower OF
rather larger movement of Spring
wheat, but an active demand for expor
has furnished sustaining power.
Corn has been ruled by the weather II
surplus producing States, which is drl
and has had a steadying effect on prices
The close of the corn year finds the pric,
of that staple slightly lower, based OF
former reports of damage by rain to tn,
crop in the South Atlantic States. From
other parts of the South, however, Gro,
reports continue quite favorable and
yield at least equal to that realized dur
ing the year just ended Q1,191, 900 bales)
is looked for by many
Sugar is higher and holders of the raw
product are very firm at the advance
the approach of the canning season stim
ulating demand for refined and the raw
alike.
better tone is evident in the prin
cloth markets this week and an advance
of 1-16c. is reported. largely the reflection
OF more cheerful outlook at Fall River
Failures in the United States are dowr
to very low figures, numbering only 16
this week, against 172 last week and 19
in 1887. 5a j.!
Dry goods, boots, shoes hats and caps
millinery, clothing, and hardware are il
most active distribution in the West by
jobbers and iron and steel products il
active demand in consumption by manu-
facturers.
Heavy consumptive demand abroad ant
smaller than anticipated deliveries BY
farmers at home have worked toward
, still further reducing the worlds availa
BILE supply of wheat duri9~ August. anC
| the close of the month n : the aegre