The sun., 1900-04-07
THE STATE OF TRADE.
Comment by Dun's Review on the
Quarters Failures.
LARGE VOLUME OF BUSINESS
Wheat Gains n Little In Price Owing
to Foreign Exports, While Corn
shows an Increase of
Three Cents.

New York, April G.--R. G. Dun & Co.'s
weekly review of trade says:
Only twice in 20 years would such fail
ures as those of the first quarter of 1900
have seemed large. They are large com
pared with last year and 1898 and would
have looked large in 1888. The amount
of liabilities. $56,6T7,0 ,055, includes S21.-
161 900 for the United States Flour Mill.
ing company and 81, 400. .4S2 for IL banks
and other financial corporations, leaving
1854 commercial failures, with S33, OBJ,
512 liabilities. The treatment of the
Flour Milling company as a financial
rather than manufacturing corporation
is elsewhere explained, but it suflices to
say that without stopping single wheel
its inclusion would have increased manu-
featuring defaults 1913 per cent Actual
defaults in manufacturing are smaller
than in the first quarter of any other
year except 1S!9 since classified failures
began, ne are trading liabilities, and
while Massachusetts and New England
failures have been larger than in the first
quarter of any other year since 1S94, re-
pnrts from other states and sections are
mainly smaller than in other years eX-
ccpting the last. In the southern and
Pacific states the failures were smaller
than in the same quarter of any other
year.
Quarterly reviews today show that out
side the immediate effects of stock specu-
lation and industrial consultations the
volume of business has been larger this
year than a year ago. At that time the
| extensive rise in wages which followed
combination in many cases had not yet
| taken place, and the purchasing power of
| the people was smaller than it is now
Very many of the usual spring demands
| for higher wages have been granted or
in part granted by compromise. so that
no more than the usual hindrance from
| that source now seems probable.
The Wheat Market.
| A little increase in foreign exports of
wheat from Atlantic ports, -four inelud-
ed, 2,26S,622 bushels against 2,0I4,I69
last year, served as occasion for little
rise in price, though the close is only a
quarter of cent higher for the week.
| Pacific exports were /, ,025, ,125 bushels
against 392,S76 last year. Corn exports,
1906, ,915 bushels against 3,412,4S0 last
year, for the week showed not much
greater gain while receipts were oyel
100000 bushels larger than last year
but the price rose cents. While sup
plies remaining are comparatively small
slight changes in movement affect prices
much. This fact rather than any change
in position or prospects must account fol
the fall of cotton TO 9.56 cents and its lat
or rise to 9.TT5 cents, with insignitican
change in options.
No change has come in cotton good
this week, though dealings for the future
are hindered. Business in woelens i
also somewhat unsatisfactory. with can
cellations comparatively numerous an'
orders smaller than were expected. Ih
sinking in prices of wool continues, from
half cent to cent more having bee
conceded this week to effect sales Of con
siderable blocks, but sales for the wee
at the three chirf markets have been onl
3,933,60 pounds, and the absence o
. manufacturers from dealings still has it
natural effect.
The steel sheet consolidation, wit
President McSfurtry of the Apollo work
at the head, promises great Importance
If this, the Tin Plate. Hoop and Nationf
Steel works make alliance with the Cal
negie company, as is reported, the Who'll
industry will sooner or later be affected
For the present no change appears !
prices of pig and only slightly more yielt
} ing in plates and bars to secure mol
, business.
Failures for the week are 159 in til
United States against 141 last year an
20 in Canada against IL last year.