The record-union., 1899-07-08
Bank Clearing Returns Fully Bear
Out the Estimates Pointing to
Unprecedented Totals and
Enormous Gains for the Six
Months Period Over Preceding
Years, While Reports as to
Prices Point to Steady
Strengthening Of Quotations.

1t Is Significant Ol Tile ldNOIdOlc Gull
ditions resulting, compared with pre-
vious years, that trade advices point
to rather more than the average bust
ness being done, Notwithstanding the
checks to demand shipments above
mentioned
Additional results of the seasons
work brought to light are fully as fav-
orable as those in Bradstreet's review
last week, and furnish an adequate
basis for the general air of confidence
with which the business world faces
the latter half of the year. Bank clear
ing returns fully bear out estimates
given last week, pointing to unpre-
cedented totals and enormous gains for
the six months period over preceding
years, while Bradstreet's reports as to
prices points to steady strengthening
of quotations of staples and exception
ally fewer decreases in prices registered
in June All indications favor a total
export trade little below that of last
years phenomenal total, what little
falling off there has been shown being
due to reduced European takings of
American food products. Preliminary
reports as to railroad gross earnings
Indicate exceptionally good showings
for the month and that of the yearly
period, the gains, in fact, being the
heaviest reported this year.
Distributive business on seasonable
account is naturally on a small scale,
but orders for fall delivery are reported
particularly liberal, and making favor
able comparisons with last year.
A strong situation is found in the
wooden trade. Prices of better grades
l. L I,
tive demand from dealers and manu-
facturers, and in sympathy with the
advance at London. The manufactured
product is strong, and the new season
opened well.
Rather more strength is noted in lum-
Der.
Sugar has sympathized with tenden-
cies of foreign markets, in which spec
ulative activity has figured conspicu-
eusly. The extension of the guarantee
period on refined grades gives color to
earlier reports that competition will
not be specially bitter during the can,
ming season.
Wheat Including fiour) shipments for
the week aggregate 3,15S,912 bushels,
against 3,26S, 99S last week, 2.1S2642
in the corresponding week last year,
-,stO
1896 and 2,137,237 in 1895.
Business failures for the week num-
Der 1856, as against 13S last week, and
241 last year Business failures in
Canada number %, as compared with
23 last week.
NEW YORK, July 7.-R. G. Dun &
Co. weekly Review tomorrow will
say:
Failures for first half of 1899 with
banking and financial houses included
as in all accounts published, were ASA,
with liabilities $49664, 661. Commercial
failures were 1853, with liabilities of
$42. 062 1913, of which SIC, 723,353 were
manufacturing and S23.011,364 were
trading In the second quarter failures
We're the smallest ever reported in that
quarter for the twenty-five years for
which quarterly reports have been
made by this agency. The average per
firm in business. $12.20, and the ratio
of defaulter liabilities to solvent ex-
changes, 81 cents per $1,000, are both
smaller than ever reported in any
quarter In ten of the fourteen
branches of manufacturing failures
were smaller than in the same quar-
ter of four of the previous five years.
Inc larger e1iC Aci FiV',OoV VI
more. and were only two in trading for
1924 0SS, less than tenth of the
smallest previous year and only fifteen
in all for SAT-, $50, from a fifth to
a. tenth of previous years. The de-
crease in small failures is worth spe-
cial study.
Wheat declined q of a cent, exports
being but 2,25O,0 20 for the week Mour
included. against 2643. 149 last year
for both coasts, although Western re-
ceipts were 1850, 523 bushels against
61S. 1872 last year. If the farmers ac-
tually carried over 65,000,000 bushels
or more a year ago, after $1.25 to $1.5O
ner bushel had been paid at Chicago
for some months, as one farming jour-
nal estimates, they need the education
which they are getting; but the claim
still entirely fails to account for their
liberal selling this year at lower prices
Contradictory guesses and hopes con-
tinue. but this year is very hard on
predictions.
Failures for the week have been I'D
in the United States, against ~ last
year. and 20 in Canada, against II
last year.
NEW YORK, July 7.-Bradstreets
Financial Review" tomorrow VIII
say:
The formal announcement of last
Friday week that the lease of the Bos-
ton and Albany has been ratified by
the New York Central Directors gave
a further decided islpetuous to spec
ulation on last Saturday. The market,
accordingly, closed decided strong 1or
the three days holiday, and totaiy
disregarded both the advance OF call
loan rates to 5@6 per cent and the I'M
expectedly heavy reduction OF pank
reserve shown by the clearing mousse
averages for the week.
The speculative world is inclined 10
regard these two last mentioned CIR
cumstances, as well as the ma1nten-
ance of relatively high call loan rates
since the holiday, as a temporary al
feet of the enormous July interest ana
dividend disbursements. The fact
that on Saturday the Vanderbiits'
Changers and standard railroad shares
rose sharply and attracted nearly all
the attention, showed the direction