The record-union., 1899-06-03
These in May Show a Decrease in Losses
of Nearly Two Million Dollars.
The Famine for Iron Continues to
Grow More Severe, Even Though
Many More Furnaces Have Gone
Into Blast-An Increased De-
mand for Cotton Goods, Not
withstanding Higher Prices.

NEW YORK, June 2.-R. G. Dun &
Co.'S Weekly Review of Trade to-
morrow will say:
April failures were the smallest ever
reported in any month May failures
are nearly $2,000OO0 smaller, only 62S
per cent of the smallest previously re-
ported in any month, and only 34.o per
cent of those in May last. Solvent
payments were $500, 294, O56 and de-
faults We're 3,2S0, 6S3, or 4o.l cents on
$1,000, against 20 cents in April, SLID
in March and $500 in September, 1886.
Comparison with previous years busl-
ness less has never been as small in
any other month as in May, 1889. Both
in manufacturing and trading failures
were the smallest known in any month,
and in each branch eight of the four
teen 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 its naked recital in
vites 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 largely anticipat-
ing the future, as many expected, but
still drives buyers to order more, as ii
no future had been anticipated. In
actual payments through clearing
houses business is $50 per cent. larger
than last year, and 3S.1 per cent.
larger than in 1892
In railroad earning, notwithstanding
differences in rates. business is 81 per
cent larger than last year, and 21.3
larger than in 1892.
More than twenty years ago the de-
mand for iron ore was called the in
dustrial barometer. 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. 1t has risen this week 80
cents to 81 at Chicago. and gray forge
% cents at Pittsburg, billets actually
selling there for So more than the
standard prices for steel rails.
Cotton goods are steady, with in
creased demand, Notwithstanding high
er prices.
The wool spectators seem to be pre-
pairing such trouble for themselves as
they met nearly two years ago. They
are buying largely. but manufacturers
are not, although orders for goods have
improved and the demand from cloth
iers begins to encourage agents. Sales
for the week at the three chief markets
were S,1I1,S10 pounds against 4.513,
zoe pounds last year, 5,S35, 500 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 enc cent higher than last week.
Returns for the broken week indicate
little except that Western receipts are
still quite large 4,156.0o0 bushels.
against 263 $40 bushels last year and
would be hardly as large if actual sup
plies at the West We're deficient, con-
sidering the extreme urgency of de-
mand which last years fancy prices
created. Exports from Atlantic ports
have been 2549, 1873 bushels (fiour in
cludeD, against 4,249.5G0 bushels last
year, and 271 500 bushels from Pa
cific ports. against 3S5,439 bushels last
year. and in five weeks from both
ports 13,310,sS0 bushels. against 49,
81 81 bushels last year.
Failures for the week have been 14J
in the United States, against ODD last
year. and IA in Canada, against 1T
last year.
NEW YORK, June 2-Bradstreet's
of tomorrow will say:
Holiday observances and warmer
weather have worked toward a smaller
aggregate of speculative transactions
and less pronounced activity in some
lines of wholesale trade this week
while naturally stimulating retail bus
mess at most centers, point which is
full of interest to wholesalers, in view
Of possible reasserting demand and new
business for fall account Current bank
clea1ings reflect the former influences
in considerably reduced totals for the
week while cheerful adyices as to trade
in May as Whole are confirmed by Very
large bank returns for that month
second only in fact to the monthly TO-
tails of January and March, the latter
holding the record in this respect.
The favorable effect of the immense
current of industrial activity and con-
sumptive demand offsetting the smaller
s tonnage of cereals now, as compared
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