The star. (Reynoldsville, Pa.) 1892-1946, 1899-06-07
TRADE REVIEW.

Clearing House Shows nm Enormous Increase
Over Last Years Business.
X. @. Dun & Cos weekly review of
trade reports as follows for last week:
April failures were the smallest ever
reported in any month. May failures
are nearly s2,0O0.O0O smaller, only G2.S
per cent of the smallest previously re-
ported in any month, and only 3i.3 per
cent of those in May last year. Sol
vent payments were $S,32S, ,292052, and
defaults were 3,S20, ,6S6, or 45.1 cents on
1900, against 20 cents In April, 81 10 In
March and S02 In September, 1896.
Comparison with previous years indi-
Gates that the ratio OF defaults to SOL
vent business has never been as
small in any other month as In May,
1899. Both In manufacturing and In
trading failures were the smallest ever
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 accents
of extravaganza. The actual Is beyond
experience, and II its naked recital In
vites incredulity. what well reasoned
forecast of the future could gain hear
year and the past month how great the
American demand for products might
be, and Ii does not stop because 1t has
been largely anticipating the future, as
many expected, but still drives buyers
to order more, as II no future had been
anticipated. In actual payments,
through clearinghouse. business Is
G606 per cent larger than last year and
3s1 per cent larger than in 1892.
In ntttsit hct N fIi iao
differences In rates. business is 81 per
cent larger than last year and 21,3 per
cent larger than in 1892.
More than 20 years ago the demand
for iron was called the industrial bar
ometer, 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 gray forge
25 cents at Plttsburg, billets actually
selling there for SO more than the
standard price for steel rails. Plates
are so needed that IS premium is paid
for June or July delivery. Structural
works are far behind and are expected
to advance prices. Sheet works cannot
fill orders. though s2s5 Is paid for
black No. % at Pittsburg. and bars are
stronger, with cut nails l cents higher.
Pig iron has advanced S,5 per cent In
May and finished products 2.6 per cent.
Coke works are overcrowded and prices
are higher. Minor metals are all dull,
tin at 25.65. copper at 1874 for lake and
lead at 4.45 cents.
The mills have large stocks Of wool
on hand. and probably much larger
than the dealers yet realize. Sales for
the week at three chief markets were
S.1S7,S0 pounds. against 4.5l3.200 last
year and 5.SS5.900 in 1897. when specu-
lators were trying to realize at high
prices and G.640.S00 In 1892.
Wheat has been lifted flightily on all
sorts of reports and then dropped.
closing l cent higher than last week.
Returns for the broken week indicate
little except that western receipts are
still quite large. 4.l56,069 bushels.
against 4.263520 last year. and they
would hardly be as large IL actual sup
plies at the West were deficient, con-
sidering the extreme urgency of de-
mand which last years fancy prices
created Exports from Atlantic ports
have been 2.549.7s3 bushels. flour in
cluded, against 4.294.4 last year. and
211. .929 bushels from Pacific ports.
against 3S6.ls9 last year. and In five
weeks from both ports 133i0,SS
bushels. against Is.37l.sll last year.