The star. (Reynoldsville, Pa.) 1892-1946, 1899-05-10
TRADE REVIEW.
Steel Manufacturers Catching up With Orders
Few Failures as Compared With
Previous Years.

r. G. Dun & &C =. their weekly re-
view of trade, report as follows for
last week: The failures In April were
the smallest in any month since
records by months began, 3S per cent
smaller G, m in April of last year. not
third of the amount in 1897, and not
half the amount in April of any pre-
vious year. Both in manufacturing
and in trading they were the smallest
ever known in that month, and in
trading the smallest ever known in any
month, as In manufacturing they were
II the larger failures were omitted.
The ratio of defaulted liabilities to SOL
vent payments through clearing
houses was less than 70 cents per ST.
900, against 80 cents In January and
81 10 in March, 81 SO in August and
SSO O2 in September, 1896. A great
share of the risk in the business world
has been eliminated.
1t is not Inconsistent nor strange IL
business halts, because 1t has been
crowded to the utmost for four months
In anticipating future needs on account
of new combinations proposed. In
some cases prices have been advanced
so far as to check new business. and
in others works have been engaged so
far ahead that new orders cannot now
be taken. Yet new business in amount
which would have been astonishing
two years ago Is still coming forward,
and the voluntary advance in wages
by the sixteen bessemer firms OF the
Central association and by the Frick
coke works, whose shipments in April,
3O,452 cars, were the heaviest ever
known, show confidence In the future.
The grain movement has fallen OIL,
only 2,464, ,14S bushels having been re-
ceived tst the West during the week,
against 4,1G5,519 bushels last year, and
of corn only 2,677, All bushels have been
exported, against 4,545.749 bushels last
year, while wheat exports from both
coasts have been better, 3,545, 157 BUSH
els flour included, against 2,654,237
bushels last year.
Nearly all iron works are crowded
for months ahead, but good many
are catching up with their orders,
which have recently diminished. The
report that all the great companies
are to be merged into one influences
the stock market, but is still scarcely
credited. and the raising of foreign
prices where American competition is
no longer felt is suggestive. Pig is
nowhere higher. nor has any class of
finished products established higher
prices, though in many the demand
exceeds supply. London speculation
made higher quotation for tin at
25.S5 cents. although Atlantic receipts
in April. 5,l05 tons, We're the largest on
record. and copper Is stronger at l9.25c
for lake, although European stocks are
rising
Wool sales for the week have been
large. $3.50, 1853 pounds, owing to sales
of over 100000 pounds Australian in
bond for export and heavy speculative
purchases of territory. The wool year
ends with heavy stocks on hand and
prices about 10 per cent lower than,
last year. British prices averaging
about IL per cent higher for Australian
fine. but about 10 per cent lower FOR
English and crossbred wools Sales OF
domestic wool in four months have
been 1888, 1856 pounds. more than in
any year excepting 1897, when specula-
| tors We're taking In the heavy stocks
which some of them have recently
been selling at loss. but sales of for
| eign have been 31,725,503 pounds for the
| year, against 93, 264. $50 pounds in that
| year The market for goods Is a little
| stronger, with an advance In clay
mixtures, but in general Is waiting for
| the outcome of new combinations, and
| about some of these there Ii still doubt
whether they win be completed. The
| worsted combination has gone into
| operation. but without interfering with
| deliveries OF goods under previous or
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