The evening times., 1900-06-09
DUN's REVIEW OF TRADE.
Aggregate liabilities of May the
Largest lSr Many Months.

ASr many hOnNhs-
NEW YORK, June 9.-Dun's weekly r.
view Of trade today has this report:
Failures in May prove a little arsc.
than Was expected week ago t. Hn,u-
mercial list embraces 947, with gia.. seS
d $23,I1,l51, and only six months ,. The
past eighty have seen defauited liabilities
as large. single heavy brokerage fail
ure accounted FOR more than half the
whole amount, and another followed vita
nearly l.OO0.0OO, so that the few failures
Of that nature were about 60 per cent o.
the aggregate for the month.
Nevertheless, the analysis by branches
Of business is highly suggestive. since il
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 500. QUO IL
shows considerable expansion of in
debtedness.
The adjournment OF Congress after a
useful session, the progress toward peace
in South Africa. and the rapid adjustment
OF prices here TO more natural level all
tend 10 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
tion. II is but a few DAYS since 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. l has declined AIS per ton.
and this week the Bessemer Association
has reduced its price at Pittsburg $3.50
per ton and the Southern makers 81 pe-
ton 4 few large contracts are reported
but the nov 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.
sun more important is the fall in cotton
10 81 cents, against 9.S7 a month ago
which IS also due il part to restricted
demand for goods ar the advanced urlces
asked The statement often made that
all the textile mills are running full time
does nGt 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 fact
can hardly be too often stated tha: 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.
Ne volume OF payments through in
terror clearing houses where stock opera
tions are not controlling magnitude show
the continuance OF trade never equeled in
in any previous year. Testimony equally
strong is given by railway returns which
cover about half the entire miiegae for
May, amounting 10 $37.075.4 .4S1. with gains
OF 80 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 ed to sales instead of purchases
by London. Tb week closed with an
verase for railway stocks 81 per share
lower, while the ten Industrial stocks de-
elined 1884 per share.
The rise Of l-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 2O6
in the United States against 159 last year.
and Is in Canada against 10 last year.