The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-06-03
BEYOND BELIEF.
Dun & Co. HesitateS to Tell the
Truth About Business
For Fear 1t Will Not Be Credit
ed by the Public.
NOTHING LIKE THIS
Has Ever Been known in the
United States.
Widest Predictions For the Fu-
ture Likely to Be Realized.

New York, June 3.-R. G.. Dun &
Co.'S Weekly Review of Trade says:
April failures were the smallest ever
reported in any month. May failures
are nearly $2,0O0,0OO smaller. only CPS
per cent of the smallest previously re-
ported in any month and only S4.S per
cent of those in May last year. Solvent
, payments were So, 1928. 294, 052 and de-
faults were SO, 820, 6S3, or 45.7 cents on
$1,000, against 40 cents in April, s1.19 in
March and $500 in September, 1896.
Comparison with previous years in
dicates that the ratio of defaults to
solvent business has never been as
small in any other month as in May,
1899. Both in manufa curing and trad
ing, failures were the smallest known
in any month and in each branch eight
of the fourteen classes showed smaller
failures than in May of any other year.
In dealing with times like these, the
chief difficulty is to avoid the accounts
of extravaganza. The actual is beyond
experience, and if it's naked recital ex-
cites incredulity, 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 demand for products might
be, and it does not stop short because
it has been larger anticipating the fu-
ture, as many expected, but still drives
buyers to order more, as if no future
had been anticipated. In actual pay
ments through clearing houses, bust
ness is Sc per cent larger than last
year and 38.1 per cent larger than in
1892. In railroad earnings, notwith-
standing differences in rates, business
is 81 per cent larger than last year and
213 per cent larger than in 1892.
More than 20 years ago the demand
for iron was called the industrial ba-
rometer. and it claims the place yet.
when the demand passes all belief.
Many more furnaces have gone into
blast, and yet the famine grows more
severe. Pig has risen this week so
cents to 81 at Chicago and grey forge
% cents at Pittsburg, billets actually
selling there for SO more than the stand
ard price for steel rails. Plates are so
needed that So premium is paid for
June or July delivery. Structural works
are far behind and are expected to adj
orders. though $2S5 is paid for block
No. II at Pittsburg, and bars are
stronger, with cut nails 10 cents higher.
Pig iron has advanced S.5 per cent in
May and finished products rs per cent.
Coke works are overerowded and prices
are higher. Minor metals are dull, tin
at 1855, copper at 1872 for lake and lead
Cotton goods are steady, with increas-
ed demand, notwithstanding higher
prices. The wool spectators seem to
be preparing such trouble for them
selves as they met early 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. Sales for the week at three
chief markets We're s,177, 800 pounds,
against 1882 pounds last year, s.
1876, 300 pounds in 1897 when spectators
were trying to realize at high prices
and 6,640 500 pounds in 1892
Wheat has been lifted slightly on all
sorts of reports and then dropped, clos
ing one cent higher than last week. Re
turns for the broken week indicate lit
tie except that western receipts are
still quite large, Also. 069 bushels against
4,263, $40 bushels last year, and they
would hardly be as large If actual sup
plies at the west were deficient con-
sidering the extreme urgency of demand
which last years fancy prices created
Exports from Atlantic ports have been
2,549,7S3 bushels. flour included, against
4,294 .498 bushels last year and 271, 929
bushels from Pacific ports, against 1885,
439 bushels last year. and in five weeks
from both ports 10, $50 bushels,
against 1S,371S11 bushels last year
Failures for the week have been 145
in the United States. against 222 last
year. and IA IN Canada, against 16 last