The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1898-07-02
FINANCE AND TRADE.
The Leading Mercantile Agencies
on the Business Outlook.
DESPITE INCREASED FAILURES

There Is Much Encouragement I'm the
Business OutIook-The Semt-Annual
shutdown of Many Industries May
Not Occur at All.
New York, July 2.-R. G. Dun & Co.'s
weekly review of trade says: The sec
ond quarter Of the year closes with
most encouraging returns. Failures
have been a little larger than in the
first quarter of the year, whereas a de-
crease Of go per cen might have been
expected from experience Of the past ten
years, but with that allowance a differ
ence Of only $685. 600 can be charged to
war and fears Of war, whereas solvent
payments through clearing houses for
the quarter We're over $15, 600, 00O, 600. In
the very best years defaults range from
an eigth to a fifth Of / per cent of such
payments, and in bad times from a
third to half Of ] per cent or more, but
this year the proportion is less than a.
fifth. The quarterly statement shows
an aggregate Of $34, 49S,OIi, which is
smaller than i'm the second quarter Of
any year since 1890, except one, and the
average of liabilities defaulted to firms
in business and to exchanges through
clearing houses is also smaller than in
any yea except one Of the past seven
years.
The exports of wheat continue extra
ordinary. During the week they have
been, flour included, 4,O06. $50 bushels
from Atlantic ports, against 2,O64,173
last year, and Pacific exports 4l6, 564,
against 100000 last year. This makes
for the crop year, with some minor
ports yet to hear from, 217,S71, $50 BUSH
els exported of wheat, flour included,
against 225, 665, S12 in 1892, the year Of
largest previous exports, but at the
same time 211, 49,, 253 bushels of corn
have gone out, against $500, 2S5 bush
els in that year, and IFS, Az last
year, which was much the largest on
record.
1t is Judged by experts that about 80
per cent of the cotton manufacturing
machinery is now employed, and yet
the demand for goods is strengthening.
The heavy stocks carried abroad in
dictate less than the usual demand for
goods there, as do the shipments from
Great Britain. The demand for wool
has been almost wholly confined to
needs for orders in hand, yet there is
good reason to look for a better de-
mand for goods as soon as the new
season has opened, while with govern
ment contracts more than the usual
proportion Of machinery is employed,
even at this duh season. Sales Of wool
have been only 3.O11, 200 pounds for the
week at the three chief markets, and
for the month TO- 1873, 300 pounds,
against 41,197, 600 a year ago., and 3D.
595, 900 in 1899. The decrease in sales
since the elimination of speculation in
February has been most remarkable.
The iron industry shows some de-
cline in prices, though the demand for
implement and car material is still be-
yond all precedent, and in general ii
may be said that the market west Of
Philadelphia is remarkably strong, with
scarcely any indication of decline in
the demand for finished products.
Minor metals are quiet. Tin plates are
a shade weaker at $3.50 for full weight
American, the corresponding foreign
grades growing somewhat stronger.
Bradstreet's review says: In a
period. as usual, devoted largely to
stock taking and with holiday and mid
summer Influences making for a mar
now and restricted trade, there is little
hat is novel to be found regarding cur
rent distribution. The first half Of the
year closes with a very satisfactory
showing possible in many lines Of
trade, as evidenced by the returns Of
bank clearings, railroad earnings, re-
ports as to the consumrtiye and dis
tributive demands, and last, but not
least, by that infallible barometer of
the mercantile world, business failures.
Harbingers of the future are found in
generally favorable crop prospects, not
only Of cereals, but Of cotton, fruits and
most products of agriculture, and a
continued heavy foreign demand for
American products.
Few important events are chronicled
this week in the business world. The
semi-annual shutdown of many indus
trial concerns, particularly those in
iron and steel and glass, and some
tile manufacturing concerns, has been
announced to occur in the first week
of July, but this has been without
much effect upon the prices Of those
staples. Advices from the west, indeed,
lead to the belief that this shutdown,
in some cases, may not occur at all
this year, while in others the time de-
voted to repairs and stock taking will
be considerably abridged.