Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1899-06-03
BUSINESS TMM 3NSE.
yond Expectations Rate of
Failures Low.

New YORK. June 3.-R. G. Dun &
Co. 5 weekly review of trade issued to-
day sad i'll part:
April failures were the smallest ever
reported i'll any month May failures
are nearly $2,000.G00 smaller, cnly 62.S
per cent of the smallest previously re-
ported i'll any month, and only 34.3 per
cent of those in May last year. Solvent
payments We're sS,32S, 292, ,052. and de-
faults We're $500. .6S6, or 45.1 cents OH
81 200, against 10 cents i'll April, ST.. .19
III March, and $500 i'll September, 1896.
Comparison with previous years ind1-
Gates that the ratio of defaults to sol
vent business has never been as small
i'll any other month us i'll May, 1899
Both i'll manufacturing and in trading
failures We're the smallest ever known
i'll any month. and i'll each branch eight
of the ii classes showed smaller failures
than i'll May Of any other year
In dealing with times like these, the
chief difficulty is toavoid the accents OF
extravaganza The actual is beyond eX-
perience, and if its naked recital in
y1tes 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 daniand for products might
be, and it does not stop short because it
has been largely anticipating the fu-
ture, as many expected, but still drives
buyers to order more, as if no future
had been anticipated. In actual pay
ments, through clearinghouse, business
is .06 per cent larger than last year
and IS. ! per cent larger than in 1892.
In ra road earnings, Notwithstanding
difference i'll rates, business is 81 per
cent larger than last year and , per
cent larger than in 1892.
More than 20 years ago the demand
for iron WAS called the industrial ba-
rometer, and it claims the place vet
when the demand passes ali belief.
Many more furnaces have gone into
blast, and yet the famine grows more
severe, pig has risen this week 90 cents
to 81 at Chicago, and grey forge %
cents at Pittsburg, billets actually sell
.ing there for So more than the standard
price for steel rails. Plates are so
needed that s. premium is paid for June
or July delivery. Structural works are
iStl UClililtl stiitL CADCCiCtl W fttlNitlCt
prices. Sheet works cannot fill orders,
though S2.S5 is paid for block No. 81 at
Pittsburg, and bars are stronger, with
cut nails 10 cents higher. Pig iron has
advanced S.5 per cent i'll May and fin
ished products 2.6 per cent. Coke works
are Overcrowded and prices are higher.
The wool speculators 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. 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 We're S,lS7. 800
pounds, against 4.J13,20 pounds last
year, 5.725. 900 i'll 1897, when- Specu-
latorS were trying to realize ut high
prices, and 6.640, 800 pounds i'll 1892.
Wheat has been lifted slightly on all
sorts of reports and then dropped, clos
ing one cent higher than last week.
Failures for the week have been l45
in the United States, against 222 last
year, and IA in Canda, against 16 last
vpar