The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-14
BANK FAILURES

Greatly Increased During the First
Half of 1900, Compared With Last
Year-Also Increase in Real Es,
tate and Brokerage Breakups-cot-
ton Rated High.
NEW YORK, July 1s.-R. G. Dun q
Co.'S weekly review Of trade to-morroi;
will say:
II the great Increase in failures &c
Sl0O,57o.lst In the first half OF 1906
against s.9.Gsi,G6l last year and espec-
ially to i3,S93,O7g In the second quarter
against s2,l59,635 last year. gave no &C.
,casion for d!ligcnt search. failure re-
turns would be worth nothing. But to-
day. It Is shown that thirty banking
failures for s25.S22.5S2 against thirty
one last year for s76Ol, ,72S accounted for
much of the difference: that eG5 broker
agc and real estate failures for s2g.12e,-
3i6 against 145 last year for only S2,32S,
2l5 accounted for another part and thai
In building and lumbar working aud
trade other large failures distinctly
connected with those in real estate cx-
plain much more OF the difference be-
tween manufacturing and trading fail
uras last year and this. In these and
much less important changes In n few
other lines are seen substantially all the
commercial disasters as yet resulting
from an amazing rise in prices last
year followed by weary but largely sue
cessful efforts during the past few
months TO get back to 4 normal state
Of business. When this Is seen and the
remarkable steadInpss in number and
size of the great majority Of failures,
not for exceptional amounts, there ap-
pears ground for special satisfaction
that business has been on the whole rs
soundly conducted under conditions OF
unusual danger.
Open MarketAdmitted at Pittsburgh
The Iron Age makes the output of pig
2S34l3 tons weekly July 1st. but the de-
crease of 10000 tons has by this time
been exceeded, other furnaces having
stopped this month and repairs of
works and OF wage scales may yet oc-
cupy some weeks. The increase of &c.
s5S tons In stocks unsold Implies de-
crease in manufacture more than dou-
bic the decrease in output and works OF
five Of the great corporations are wait
Ing for decline in wages just when the
workers have looked for increase. Open
markets are now admitted at Pitts
bursh, where quotations have been for
some time nominal. and Bessemer pig
is offered there at SIG. Structural
makers decide not to reduce prices. but
steel bars there and places at Philadel-
phia, are said to have sold at 1.15c In
some cases. The sheet works open
Monday with large orders. Coke works,
about 10 per cent IDLE, having no de-
mand now and in 'contractsiitIs Is said
that even 81 50 would be shaded.
Cotton speculation has held the price
too high for the comfort Of foreign
spnners who have not provided for all
their wants. but the arrangement by the
Fall River committee to close for q
month or more u large part OF the New
England mills closed In part or In whole
on account of the uncertainty Of de-
mand. Wool is growing weaker and
even offered by some western holders
at prices which were refused not long
ago. but the mills do not yet know what
goods they will be able to sell, and
from temporary idleness there seems
for some no escape.
Shoes Not auotably Weaker.
Prices OF shoes are not quotably
weaker, but larger proportion OF the
makers appear disposed TO make con-
cessions mentioned as frequent. So
light is new business that jobbers also
seem to have modified their views.
Leather grows weaker in tone. though
kid has held steadily owing to de-
creased production. Splits are little
lower but most upper leather is COM
paratlvely steady.
The end of the crop year has brought
the usual estimates which commasd
not more confidence than usual. II the
country can get out OF crop officially
called 5iI.00OO00 bushels, all 1t wants for
food and seed and 2oOOOO.oOO bushels for
export with considerable left over in
sight. It Is the easy Inference that auxi-
etc is needless.
There Is no evidence rs yet, and for
some time to come cannot be that in
juries sustained have been so great MS
those supposed, so alarm is not more
necessary than 1t was last year.
Failures for the week have been 196
in the United States. against 1863 last
year. and &c in Canada against "a last
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