The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-01
Immense Falling Off This Year in
Business Failures.
IRON AND STEEL DEMAND
SOME FURNACES CONTRACT FOR
THEIR YEARS PRODUCT.
Boot and Shoe Shipments Pass All
Records-Enorinou Distribution
In All Directions-Heavy Sales of
Wool-Mills All Well Employed
The Wheat Market.

New York, June 30.-R. G. Dun &
Co.'S review of trade will say tomor-
row:
Failures for the second quarter o!
1899 have been 1850 in number against
S,O55 last year, with liabilities of S2o,-
259, 900 against $50, 602, 252 last year, and
for the first half of 1899 failures we've
4,S52, against 6,766 last year, with liza
bilities of $4S, III, 900 against S1,246, ISS
| last year. Nearly half OF the June la
bilities are due TO some failure, not
strictly commercial, covering some
| banking concerns, a promoter and a
railway equipment company for S5,136,
! 900, in essential features a loan and
trust concern. With it banking fall
ures amount to $6.436, 900 for the half
year, leaving for commercial failures
$40, 275, 05S against SCI, 444,639 last year.
Manufacturing were $16,900,000 for the
half year, against $50. 76S. IA last year,
and trading were s23,000,O00, against
1885, 26 last year.
The demand for iron and steel seems
to have no limit. Scarcity of pig has
raised the price 81 per ton for local
coke at Chicago s110, to 1915 for Bes-
semer at PittSburg, and $1.75 to SLID
for gray forge, and 10 cents to 1929 for
anthracite No. l at Philadelphia, with
some iron selling at above these quota
lions at all points for early delivery.
Efforts to get foreign contracts out of
the way are met by fresh orders from
Europe at last weeks prices. Some
furnaces have started, with contracts
for their whole years product, but
others are yet delayed. Prices of pig
average higher than at any other time
since February. 1890, and prices of fin
ished products higher than since March,
1891. Billets are hardly obtainable, bar
and plate orders are refused quite
largely because works are overcrowded,
sheet mills have much stronger de-
mand at the west, but less at the east,
and structural works report $4,000 tons
required in two new eastern contracts
The continuing demand. in spite of ris-
ing prices, aStonishes everybody. Coke
ovens, 17,453 at work, put out for the
week 1S1,S72 tons, the heaviest weeks
work ever known at Connellville. Tin
is stronger at 26 cents and copper at is
cents for lake, but lead is dull, with
hope of an end to the Colorado strike.
Another industry passes all records.
Boot and shoe shipments from the east
were 400,S13 cases, exceeding any other
month of any year for four weeks, and
the demands for speedy delivery show
enormous distribution in all directions.
New orders are large and several
months ahead.
Wool sales S6,179, 300 pounds, of which
%, S65, 900 were domestic, reveal a spec
ulation scarcely less obtrusive than in
1897, when II, 1900 bales We're sold in
the same weeks, against 23,76S.2 200 in
1892, when the mills were well en-
ployed. Cotton mills are doing we'll in
spite of the fall in cotton. as the de-
mand has given them enough to do at
current prices, and weak spots in the
trade are defended by the agreement
between Fall River mills.
Wheat receipts at the west in four
weeks have been 1851 $50 bushels,
against 4,111,625 last Year and west
ern receipts in June have ranged be-
tween 5.19fj20 bushels in 1894 and g.
551. 27S in 1896. Beyond question the far
mers and spectators and elevator own
ers in farming regions believe that
about so cents here is as much as the
old wheat will fetch, although exports
els from Atlantic ports, against 15,012.-
6S7 last year, and 2.445.749 from Pacific
ports, against 1,S29, 709 last year
1t is not surprising that with such
receipts the price has dropped IL and
corn also fell cents, with exports in
four weeks 1f.4S5,596 bushels, against
IL, 076, 703 last year. The cotton mar
ket is also weak. with heavy receipts
and good crop prospects. and declined
a sixteenth.
Failures for the week have been Isl !
in the United States. against 254 last |
year, and % in Canada, against 10 last |
year.