The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-07-09
DUN'S TRADE REVIEW
War Has Not Increased Com
merciaI Disasters.
NEW WAR TAX RESULTS
CROP OUTLOOK ABROAD NOT
ENCOURAGING.
N akUFACTURlNG AT THE SOUTH
NEW WAR TAX RESULTS
N MANUFACTURING AT THE SOUTH
The Cotton Crop Looks Better Wheat Reflect
ed Very Little the Improved Prospect
Business improving in Silks,
Bagging, Hemp Products.

New York, July S.-R. G.. Dun q Co. S
weekly report will say tomorrow:
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 increase in commercial disasters.
The surprisingly large and general de-
crease i'll trading would, without doubt.
be accompanied by corresponding re-
turns as to manufacturing, but for
excessive expansion in some lines, and
large firms in other branches. Failures
during the second quarter have been
smaller than i'll the same quarter of the
past four years in trading. and in man
ufacturing smaller than in the same
quarter of any year'exceptins 1894.
The fiscal year has ended with finan-
cial results a shade beyond general eX-
pectations, and the new war tax begins
to Increase revenue, not seriously dis
turbins business in any line. No reason
yet appears to apprehcnd that the war
revenue will fall below expectations.
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 Il full export demand
though for Il 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,
and 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 i'm
proved prospect, advancing from 81 to
30 cents for spot, regardless of the
usual stories of injury, the current com
mercial and the department reports be-
ing apparently distrusted by the trade.
The cotton crop looks better and the
prospect is reflected in n decline of a
sixteenth inrthe spot price. The manu-
featuring works ut the North are quite
well employed, much more than usual
during the vacation season and the de-
mand for goods is somewhat improving.
Abroad, the state of the manufacture
does not encourage hopes of an extra
ordinary demand for the raw material
while the stocks held. by millers arc
known to be unusually large The South
is increasing in manufacture rapidly and
not entirely in place of Northern mills
There is no disheartenmcnt in other
textile manufacturers, and business is
good and growing in silks, bagging,
hemp products and wool. The manu-
facturer of wool hesitates. but greater
demand has appeared during the past
ten days: because prices at which Wes-
tern wool is held are too high for prof.
table manufacture.
1t is not enough to dismiss the iron
industry with the bold statement that
il is using more iron, even at the slowest
point of the year than ever before. IT
is getting bigger domestic contracts for
agricultural implements and also for
structural work, than in any previous
year. but especially for plates, the de-
mand for which over-runs the capacity
of all the works, and not mainly on
government account.
Failures for the week have been 229
III the United States. against 206 last
year and II in Canada, against 30 last
year.