The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-09
DuN's REVIEW OF TRADE.
ASsregate Liabilities of May th
LnrEeSt for Many Months.

AE9reEate Liabilities of May the
LnrEcSt for Many Months.
NEW YORK, June s-Dun's weekly re-
view Of trade tomorrow will say:
"Fai.-res in May prove little larger
than was expected week ago. The COM
mercial list embraces 947, with liabilities
| Of $23,771, isl. and only six months Of the
past eighty have seen defaulted liabilities
as large. A single heavy brokerage fall
ure accounted for more than half the
whole amount, and another followed with
nearly $1,000,GO0, SO that the few failures
, Of that nature were about so per cent Of
the aggregate for the month.
Nevertheless, the analysis by branches
Of business is highly suggestive, since it
shows surprising steadiness without any
increase In the average per failure of the
small trading concerns; but in the manu-
featuring failure for less than 100000 it
shows considerable expansion Of in
debtedness.
THE adjournment Of Congress after .
useful session, the progress toward peace
In South Africa, and the rapid adjustment
OF prices here to more natural level all
tend to bring nearer the day Of greater
activity. But that progress has not been
rapid.
The impression grows, also, that no
extensive changes In business are now
probable until after the Presidential cleo
ton. 1t Is but few days asince an emil
nent iron master OVERWHELMED doubts and
questions by the positive declaration that
any decline whatever In the price Of iron
this year was simply impossible. Yet an
thracite No. has declined $4.25 per ton.
and this week the Bessemer Association
has reduced its price at Pittsburg $3.50
nor ton ny1 ~
ton. A few large contracts are reported.
but the new business is SO small that
many works are stopping or reducing
force.
Wool has not declined further, but is
weak and in small demand. many of the
mills having inadequate orders for goods.
Still more important is the fall in cotton
to 81 cents. against 9S7 a month ago.
which is also due in part to restricted
demand for goods at the advanced lrices
asked. The statement often made that
all the textile mills are running full time
does net appear accurate. The production
is heavy. but by no means full.
Hides have declined further this week.
Shipments of boots and shoes in June
thus FAR have been smaller than in any
other year of the past nine. The tact
can hardly be too often stated that there
appears no reaction or shrinkage in the
volume of business save that which par
tial adherence to the unusual prices of last
year explains.
The volume of payments through In
terror clearing houses where stock opera
tons are not controlling magnitude show
the continuance of trade never equaled in
In any previous year. Testimony equally
strong is given by railway returns which
cover about half the entire milegae for
May. amounting to s37.075,4S1. with gains
OF 50 per cent compared with last year.
Railway stocks had been growing steadily
stronger when anxiety about the outcome
of Chinese troubles caused some hesita-
tion and led to sales instead of purchases
by London. The week closed with an
average for railway stocks 81 per share
lower. while the ten Industrial stocks de-
ciined 1894 per share.
The rise of . 1-2 cents in wheat at
tributed to injuries threatening a short
movement next fall. affected stocks also
somewhat. Exports do not materially
change.
Failures for the week have been zoo
in the United States against 159 last year.
and 10 in Canada against 10 last year"