The times., 1899-05-06

the immense aggregations of capital or
industry involved in their projection or
their carrying out to successful finish
The volume of current clearings points 10
the share taken by financial interests IN
these great enterprises, because the volume
of trade. though at a maximum for this
period OF the year, will not alone explain
the heavy gains over preceding years.
Features of this are found in record-break-
ing totals of daily clearings at the Me-
tropolis and at many other cities, and the
record for April points to heavier average
daily clearings than were reported even
in the month of March, which holds the
record for heavy aggregate bank clear
ings.
"WhiIe wholesale trade continues of a
between seasons volume, very general ev-
idence is forthcoming that the aggregate
is in excess of last years undeniabiy good
proportions, and retail demand is OF an
encouraging character That the volume of
fall business booked is in excess of the
average is very generally conceded. In
industrial lines activity is most marked
in the delivery OF goods on orders. Fea-
lures OF this nature are the continued
heavy shipments of supplies in the steel
trade, while the current demand is largely
for small lots, though some good sales
of pig iron and steel are reported. The
tone of general values is notably strong
for the season, a prominent exception be-
ing pork and hog products generally
which have been the subject OF bearish
manipulation. Cereals are generally firm
cash wheat being fractionally higher at
the seaboard on interruption to movement
by the water route, caused by the grain
handlers strike at Buffalo, while option
business is in a waiting stage pending
the Government report on wheat condi-
tions and acreage next week. Business
failures are down to their lowest level,
numbering only 164 this week, against
1S4 in this week year ago..
Dun's weekly review tomorrow Will say;
1.-The failures in April were the smallest
in any month since recorded by months,
3S per cent smaller than in April of last
year, not a third of the amount in 1897.
and not half the amount in April of any
previous 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. The
ratio of defaulted liabilities to solvent
payments through clearing houses was less
than 20 cents per $1,000. against 80 cents
in January and S1.l9 in March. S1.S9 in
August, and $500 in September, 1896 1t
is not inconsistent nor strange IL business
halts because il has been crowded to the
utmost for four months in anticipation of
future needs on account OF new combina
tions 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 can
not now be taken. Yet new business in
amount which would have been astonish-
ing two years ago is still coming forward.
At Buffalo and in Idaho strikes are caus-
ing trouble, but labor questions elsewhere
do not affect general business. The grain
movement has fallen off, only 2,464. .14S
bushels having been received at the West
during the week. and of corn only 2.677,-
III have been exported. while wheat ex-
ports from both coasts have been better.
3.545, 757 bushels, -four included. against
y, ,654,227 last year. Low prices help the
wheat movement. and the general belief
that the injury to winter wheat has been
largely made up by spring seeding. Cotton
was depressed n sixteenth by better crop
prospects. but the loss was recovered on
Friday and the week closes without
change.
Nearly all iron works are crowded for
months ahead. but good many are catch
ing up with their orders, which have
recently diminished. This appears In
almost every line. though partly be-
cause works are temporarily stopped from
accepting new orders by the pendency OF
many combinations.
Shipments Of boots and shoes from the
East In five weeks have been l4.8 per cent
larger than last year. Factories are busy
With orders for months at old prices, and