The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-06-02
FAILURES SHOW A BIG TOTAL
WAS CAUSED BY THE LOSSES OF
ONE LARGE FIRM.

Otherwise the Failure List Would
Have Been About NormaI-Tenden-
cy Is Toward Lower Prices in the
Materials of MISUNDERSTANDING in
Pig Iron and Finished Products
still COntinues-EGect of the Big
Drop in Cotton.
New York, June 1.-R. G. Dun & Co.'s
Weekly Review of Trade tomorrow will
say:
While returns of failures in May by
branches of business cannot be given I'M
Ill next week it can be stated that not
over six months in more than six years
have shown as large defaulted liabilities
as May will show, owing to the failure
of a firm principally engaged in cotton
brokerage. The reported liabilities of this
one firm exceed those of all firms failing
in every month but one last year, and in
every month but three in 1898.
Manufacturing failures in four weeks
of May were 80 4S6,54S and trading failures
a72O,SO1 while failures in brokerage and
other commercial lines amounted to
SS,s2S,S22.
The decline in cotton to cents, and the
reduction of regular print cloths to 31s
cents at Fall River, with outside sales at
cents, indicate chat speculation in this
case may have somewhat checked bust
ness and industry.
The rapid progress of events in Africa,
with the prospect that the war will soon
end and the gold supply from that region
will be resumed has naturally affected
both money and security markets on both
-fJ 49, do cf aicr,a b..F
rowing may be much reduced, and him
drance to foreign investments here in
large measure removed. But the demands
upon American machine works and other
supplies are likely TO be materially in
creased whenever the restoration of indus
tries in South Africa begins.
Prices Still Going Down.
The most conspicuous feature of domes-
tic news is the steady progress toward
lower level of prices for the chief ma
terials of industry. Without excitement
and with very small sales, il is believed
the smallest ever recorded in May at the
three chief Eastern markets except in 1898,
prices of wool have declined SO that the
100 quotations in Coates Brothers circular
would average about 21.4 cehts, against
A72 at the highest point Feb. l, and 1916
a year ago. The stagnant and hesitating
condition of the goods market, though not
extending to the most favorite staples,
son, has caused much irregularity in
prices of goods of other grades, so that
some have been cleared out by concessions
of Is to 20 per cent from the early quo
tations of the season.
There is also more complaint of can
celladons, and on this occasion in cotton,
as well as woollen goods With prices adj
justed TO a lower range, all textile
branches might expect greater activity.
The change in hides has made marked
progress also, the average at Chicago
declining over per cent. for the past
week, and thus far about II per cent.
from the highest point The large sup
plies are mentioned in some grades, but
the weakness of the manufacture has
been the controlling feature. orders for
boots and shoes have been reduced much
more than shipments because many
works had orders which are not yet ex-
hausted. The shipments lin May have
been smaller than in any other year since
1892. They We're larger pyA17.4 per cent.
In 1896, by 22S per cefls In 1895, and by
III per cent last year.
Decline in Iron and Steel.
The decline in pig iron continues, grey
forge reaching $3.50 at Pittsburg, No. l
local coke S22 at Chicago, No. anthra-
cite and Bessemer $22 at Philadelphia and
Lehigh No. $21 here. Only small changes
nave appeared during the week in prices
OF finished products, but these are toward
lower figures. There are current state
ments THAI some of the properties just
taken by the Steel Sheet Company have
oeen sold back to former owners, and that
properties of the Steel Hoop Company will
De divided likewise, but II is not at all
surprising If few out of so many com
oinations result in the disappointment of
some. Probably a lower quotation for
Bessemer pig may be accepted by the as
ISOLATION in the central region for the
AdtapT nf thA he oil inc nf
many works, owing to reduced demand,
may leave these furnaces without full en-
Payment. The acceptance of two large
contracts for exports, one for 100000 by
southern works is a good sign.
Failures for the week have been 100 in
the United States, against las last year,
and p in Canada, against IA last year.