Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-07-13
THE BUSINESS SITUATION

R. G. Dun & Co.. Review in its
issue of today says: Failures of the
first half of 1899, with banking and
financial included as in all other
accounts published, were 4,SS4, with
liabilities Of $40. 664, 661. Commercial
failures were 1853, with liabilities of
s42, 062, 1888, of which SIC, 723, 1853 were
manufacturing and s23, OIL, 1884 were
trading In the second quarter failures
were the smallest ever reported in that
quarter of twenty five years for which
quarterly reports have been made by
this agency. The average per failure
81, lois the smallest ever known in
any quarter; the average per firm in
business SIP. 20---and the ratio OF de-
| faulted liabilities to solvent exchanges
So cents per S1,000-are both the
smallest ever known in any quarter.
| In ten out of fourteen branches Of
manufacturing failures were smaller
| than 10 the same quarter OF four of the
previous five years and in thirteen out
| OF fourteen trading branches. The
large failures for 500, 600 or more were
only two in trading, for 1924, 0SS, less
than tenth of the smallest previous
year, and only fifteen in all, for
50, AIT, $50, from a fifth to tenth of
| previous years. The decrease in small
failures is worth special study.
| Railroad earnings for the half year
have been the largest ever known, on
160, 600 miles; Sc per cent larger than
last year and 1913 per cent larger than
in 1892, all sections showing gains for
| the year, and all but the coal roads
over 1892. June was the best of the
six months, comparing with 1898, and
the fourth week Of June showed gain
Of 17.4 per cent, Canadian roads not
included, having larger mileage than
before, and Mexican roads deprecated
silver to swell their gains. June ton
mage from Chicago was II per cent
greater than last year and 32 Ger cent
greater than in 1892, and for the year
has been 81 per cent greater than 1892.
1t is not strange that stocks close 81
cents higher per share for railroads,
and industrials also closed 81 80 higher
for the week. -
Bradstreet's for today says: Holiday
observances and semi-annual stock
takings have worked towards quiet in
general trade and industry, but it is
significant of the favorable conditions
ruling in this, as compared with
previous years, that trade advices
point to rather more than the average
business being done, Notwithstanding
the checks TO demand and shipment
above mentioned. Additional results
of the seasons work brought to light
are fully as favorable as those indicated
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
| ali e,,llx,
mates given last week, pointing to I'M
precedented totals and enormous gains
for the six months period over pre-
ceding years, while Bradstreet's report
as to prices points to steady
strengthening of quotations of staples
and exceptionally few decreases in
lprices registered in June. Details Of
foreign trade for the year are not yet
available, but all indications favor a
total of 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. Prelimi-
nary reports as to railroad gross earn.
ings indicate exceptionally good show.
ings for the month and the half yearly
period, the gains, In fact, being the
heaviest reported this year.
Turning from a review of the pas
to considerations of the future we fine
exceptionally promising conditions pre-
senting themselves in most lines o.
trade. Distributiye business on season
able account is naturally on small
scale, but orders for fall delivery are
reported particularly liberal and making
favorable comparisons with last year
In the iron trade the strength of price!
and demand is still the most notable
feature, further advances in pig iror
being notable this week, quotations
for Bessemer iron going well above the
500 mark. The industrial situation is
slightly easier, mainly owing to th'
increasing likelihood OF a compromist
between the tin plate makers and thei
employers, which may result in thu
shut down in that industry proving
only temporary. Another strong stu
alton is found in the wooden trade
Prices of the better grades have beer
advanced this week on active demand
from dealers and manufacturers, and il
sympathy with the advance at London
business failures for the weel
number 1876, as against 158 last week
PAL in this week year ago, 213 il
1897, 2l9 in 1896 and 266 in 1885,"