Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-06-03
DUN'S REPORT.
Failures Smallest Ever Known
In One Month.
Despite Many New Furnaces Iron Fam
inc Grows More Severe.
All Branches oil Business Show kcmar' aple
Gains All Over Country.

ANt" III ~ June ~ " $500 - ~ -
Weekly Review of Trade, tomorrow,
will say: April failures were the small
est ever reported in any month. May
failures are nearly $200Oooo smaller,
only 62.S per cent. of the smallest pre-
viously reported in any month, and
only 34.3 per cent. of those in May last
year. Comparison with previous years
indicates that the ratio OF defaults 10
solvent business has never been as
small as in any other month as in May
1899. Both in manufacturing ana IN
trading, failures were the smallest ever
known in any month. and in each
branch eight of the IA classes showed
smaller failures than in May of any
other year.
In dealing with times like these, the
chief difficulty is to avoid the accents
OF extravaganza. The actual is be-
yond experience and if its naked recital
invites increduiity, what well reasoned
forecast of the future could gain hear
ing? Nobody has known until this year
and the past month how great the
American demands for products might
be and it does not stop short because
it has been largely anticipating the fu-
ture as many expected but still drives
buyers to order more. as II no future
had been anticipated. In actual pay
ments through clearing houses bust
ness is $50 per cent. larger than last
year and 5Sl per cent larger than in
1892.
In railroad earnings notwithstand-
ing differences in rates business is 81
per cent. larger than last year. Many
more furnaces have gone into blast,
and yet the famine grows more severe,
pig has risen this week 80 cents 10 81
at Chicago and grey forge % cents at
Pittsburg, bllets actually selling there
for 50 more than the standard price for
steel rails Plates are So needed that
s. premium is paid for June or July de-
livery. Structural works are far be-
hind and Nare expected To advance
prices Sheet works cannot fill orders.
Pig iron has advanced s. per cent. in
May and finished products IS per cent.
Coke works are ovcrCrowdcd and prices
are higher Minor metals are all dull.
The boot and shoe manufacturers
have shipped from the East. in four
weeks Of May. $1,000 cases. or Il per
cent. more than last year. Higher
prices are being quite generally paid,
but quotations have not advanced :
per cent. during the month. and new
orders are not in all lines strong.
Leather does not change. Hides have
advanced less than per cent.
Cotton goods are steady with
increased demand notwithstand-
ing higher prices. The wool specula-
tors seem to be preparing such trouble
for themselves as they two years ago.
They are buying largely but manufac-
turers are not. although orders for
goods have improved and the demand
from Clothiers begins to encourage
agents. The mills have large stocks of
wool on hand and probably much larg
nr than the dealers Yet realize. Sales
for the week at the three chief mar
kets We're s. lS1 900 pounds against ABB
200, last year.
Wheat has been slightly lifted on all
sorts Of reports and then dropped.
closing per cent. higher than last
week Returns for the broken week
indicate little except that Western re
ceipts are still quite large i.l56. 069
bushels against 4.263 $50. last year. and
they would hardly be as large if actual
supplies at the West were uenclen.
considering the extreme urgency Of
demand which large years fancy prices
created. Exports for Atlantic ports
have been 2,5497s3 bushels, flour in
Guided. against 4,29i 49S. last year. and
271 ,929 bushels from Pacific ports
against $50, 439, last year, has in five
weeks from both ports 13,3l0.SS0 bushels
against 1871. 81. last year.
Failures for the week have been 145
in the United States against 22l. last
year. and II in Canada. against 16
last year.