The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-03
May Failures Smallest Ever Re-
ported In Any Month.
LOWER EVEN THAN APRIL
BUSINESS So PER CENT LARGER
THAN LAST YEAR.
Ratio of Defaults to Solvent Business
Has Never Been as Small-De-
mand for Iron Passes All Belief
More Furnaces in Blast, Yet the
Famine Grows More Severe.

New York, June 2.-R. G. Dun & Co. s
weekly review of trade tomorrow will
say:
April failures were the smallest ever
reported in any month. May failures
are nearly 100000 smaller. only 62-S
per cent of the smallest previously re-
ported in any month and only 34.3 per
cent of those in May last year. Solvent
payments were $S.32S, 294, 056. and de-
faults were S3.2S0.6S3. or 45.7 cents on
$1,000 against 20 cents in April. liz in
March and $500 in September, 1896.
Comparison with previous years. in
dicates that the ratio of defaults to SOL
vent business has never been as small
in any other month as in May, 1893.
Both in manufacturing and trading
failures were the smallest known in
any month and in each branch eight
of the fourteen 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 anticipating the flu
ture as many expected. but still drives
buyers to order more as if no future
had been anticipated.
In actual payments through clearing
houses. business is $50 per cent larger
than last year and 3S1 per cent larger
than in 1892. In railroad earnings, not
withstanding differences in rates. bust
ness is 81 per cent larger than last
year and 21.3 per cent larger than in
1892.
More than twenty years ago the de-
mand for iron was called the industrial
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. Pig has risen this week so
cents to 81 at Chicago and grey forge
% cents at Pittsburg, billets actually
selling there for 81 more than the
standard prices for steel rails
Plates are so needed that s. premium
is paid for June or July delivery. Struc-
tural works are far behind and are
expected to advance prices. Sheets
works cannot fill orders though 2.S5 is
paid for blank No. p at Pittsburg and
bars are stronger with cut nails 10
S.5 per cent in May and finished pro-
ducts 2.6 per cent. Coke works are
overcrowded and prices are higher.
Minor metals are all dull. tin at 1855.
copper at 1872 for Lake and lead at
4.45
Cotton goods are steady with in
creased demand, notwithstanding high
er prices. The wool spectators seem
to be preparing such trouble for them
selves as they met nearly two years
ago. They are buying largely. but
manufacturers are not, although or
ders for goods have improved and the
demand from clothiers begins to en-
courage agents. Sales for the week
at the three chief markets were S.177,-
500 pounds, against 4.513. 900 pounds last
year, 5,S19,90O pounds in 1897 when
spectators were trying to realize at
high prices, and $780, 800 pounds in 1892
Wheat has been lifted slightly on all
sorts of reports and then dropped.
closing 1 cent higher than last week.
Returns for the broken week indicate
little except that western receipts are
still quite large, 4,156,069 bushels.
against 4.263.520 bushels last year. and
they would hardly be as large if ac-
tual supplies at the west were deficient
the extreme urgency of
demand which last years fancy prices
created.
Exports from Atlantic ports have
been 2.549.7S3 bushels. flour included.
against 1924 bushels last year. and
271. 929 bushels from Pacific ports.
against 1856. 4S9 bushels last year. and
in five weeks from both ports 13.310.SsO
bushels against 1S.S71,s11 bushels last
year.
Failures for the week have been AS
in the United States. against 300 last
year, and IA in Canada against 16 last
year.