The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-02
DUN's REVIEW OF TRADE.
Large DcfauIted Liabilities of May
Due to brokerage Failure.


NEW YORK, June 1.-Dur's review to-
morrow will say:
while returns of failures In May by
| branches of business cannot be given until
next week, 1t 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 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.
But manufacturing failures in four
weeks of May were only sa4s6.543, and
trading failures $4,720, 301, while failures in
brokerage and other commercial lines
amounted to $13.92S S22. The decline in
cotton to cents and the reductions of regu-
lar print cloths to is cents at Fall River.
with outside sales at 8 cents, indicate that
speculation in this case may have some
what checked business and industry.
The rapid progress of events in Africa
with 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 sides
of the ocean. Need OF foreign borrow
ing may be much reduced and hindrance to
foreign investments here in large measure
removed. But the demands upon American
machine works and other supplies are
likely to be materially increased whenever
the restoration of industries in South AZ
RIGA begins.
1.-The most conspicuous feature OF do
nestle news is the steady progress toward
a lower level of prices for the chief ma
terials of industry. Without excitement.
and with very small sales. prices Of wool
have declined so that 100 quotations would
average about PISA cents. against 2472 at
the highest point February 1, and 1916 a
year age.
THE change IL hides has made marked
progress, also, the Chicago declining 8 per
cent the past week and thus far about IL
per cent from the highest point. Large
supplies are mentioned in some lines, but
the weakness of the manufacture has been
the controlling feature.
The decline in pig iron continues, grey
forge reaching $3.50 at Pittsburg. No. 1
local coke, 500 at Chicago; No. 1 anthra-
cite and Bessemer, 500 at Philadelphia,
and Lehigh No. /, SCI here. Only small
changes have appeared in the week in
prices of finished products. but these are
toward lower figures. There are current
statements that some of the properties just
taken by the steel sheet company have
been sold back to former owners and that
properties of the steel hoop company will
be divided likewise; but it is not at all sur
prising il few out of so many combina-
lions result in the disappointment Of some.
Exports are heavy at New York. again
exceeding last years by about 100000 in
May. while imports are still a little smaller
than last year. The April exports of manu-
features were close to the largest ever
known. and a part OF the increase accord
ing to Treasury returns, comes already
from enlarged shipments to the islands for
merly possessed by Spain. The outward
movement of breadstuffs continues we'll
sustained, Atlantic exports of wheat In five
weeks having amounted, including flour, to
IL 1913 .592 bushels. against 11.2G6, 953 bushels
last year.
THE earnings of railroads are steadily
proving that the solid business of the
country is not measured by the stock mar
ket. Payments through clearing houses
still show a remarkable increase over last
year throughout the West and South. ex-
tending to nearly every point, although
smaller than last year at New York and
Boston.
Failures for the week have been 100 in
the United States. against 145 last year.
and q in Canada. against ii last year