The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-07-09
War Caused No Increase In Com
mercial Disasters.
DECREASE in FAILURES
WAR TAX BEGINS TO INCREASE
THE REVENUES.
Prospects Are Good For Another Big
Crop Yield-Wool Manufactures
Hesitate and Prices of Western
Product Are Too High-Sales For
the Week Were Light.

| New York, July s.-R. G. Dun & Co.'S
Weekly Review of Trade will say tomor-
row: The usual half-yearly statement of
+ failures by branches of business is pc
culiarly interesting, because it shows that
war and fears of war have not caused in
| creases in commercial disaster. The sur
prisingly large and general decrease in
/ trading defaults would, without doubt,
! be accompanied by corresponding returns
| as to manufacturing but for excessive eX-
pansion in some lines and the helpless
! condition reached by a few large lrms IN
/ other branches. Failures curing the sec
ond quarter have been smaller tnan IN
the same quarters of the past four years
/ in trading. and in manufacturing, smaIer
/ than in the same quarter or any year Elk
cepting 1894. 80
results a shade beyond general expecta-
Ilons and the new war tax begins 10 m
, crease revenue. not seriously olstuIolns
| business in any line No reason Yet APP
pears to apprehend that the war revenue
will fall below expectations -
Criticism of crop estimates is the leSS S
needful, because the best authorltIes an !.
agree that supplies Tor the coming year
promise to greatly exceed home require
ments and a full export demand, though
for a month of two yet Europe may IS I,
olire much more than usual IhlS Will
help to sustain the market, while the ear
lier receipts are coming forward anu
prices will then be determined largely py
the outlook for crops abroad, wnlch Is not
as vet entirely encouraging. Wheat mas
reflected but little improved prospect, al
vancing from S5c to 9Oc for spot, regard
less of the usual stories of INJURY
The cotton crop looks better, ana the
prospect is reflected in a decline or SIX
teenth in the spot price.
THE manufacturing works at the north
are quite well employed. much more tna in
usual during the vacation season. and the
demand for goods is somewhat lmproVihS-
Abroad the state of the manufacture does
not encourage hopes. while the STOCKS
held by millerS are known TO be unusually
large The south is increasing the manu-
facture rapidly and not entirely in place
of northern mills. There is no disheart-
eminent in other textile manufactures, ana
business is good and growing in silks,
bagging, hemp products and linens
The manufacture of wool heSltates, al
though distinctly better demand mas APP
peared during the past ten days, because
prices at which western woods is heic are
too high for eastern markets and appar-
emily too high for profitable manufacture.
Sales for the week at the three chief mar
kets have been only 100000 pounds, OF
which 2290. $50 pounds were domestic,
against 4.412,0 900 last year. II which 6,9S9,-
600 were domestic and g. lis, $50 pounds in
the same week of 1892, of which 3,671 900
pounds were domestic. The markets are
all dull. in spite of a fairly large demand
for territory and Australian wool in
blocks but the manufacturers re very
cautious in purchasing, although there is
every evidence of great consuming de
mand for goods which manufacturers
with reasonable cheap material can sup
ply. 1t is for them an open question
whether they can meet it If they have to
pay such prices as are asked by western
holders.
1t is not enough to dismiss the iron in
dustry with the bold statement that it is
using uD more iron. even at the sioWest
point of the year than ever before. 1t is
getting bigger domestic contracts for
agricultural implements and car materials
and also for structural 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 material 4jward, for this is the
waiting and fighting period and the pro-
ducers OF pig iron and of billets have yet
a problem to settle between themselves.
Meanwhile, no fall in prices appears, but
a better demand for products, with every
expectation that within two weeks the
producing capacity of the works will be
much more fully employed than for six
months.
Failures for the week have been 229
in the United States, against 26O last year,
and II in Canada against 90 last year.