The sun., 1900-07-14
/. CONDITION OF TRADE.
Comment by Dun's Review on the
Half Years Failures. .-.,,.
GOSSIP ABOUT THE CROPS.
No Evidence as Yet, Says the Re-
view, That the Injuries Sus-
tanned Have Been as Great
as Some Suppose. .ss

New York, July 13.-R. G. Dun & Co.'s
! weekly review of trade says:
If the great increase in failures to
| $100,570, 1874 in the first half of 1900
! against $49,664661 last year, and espe-
cially to $43, ,S93,0T9 in the second quar-
i ter against sci $685. ,635 last year, gave no
occasion for diligent search, failure re-
turns would be worth nothing. But to-
\ day it is shown that 80 banking failures
4 for So, ,S22,6S2 against 81 last year for
4 81, ,601, T2S accounted for much of the
difference; that 265 brokerage and real
estate failures for So, 122,340 against
4 145 last year for only $2,32S, ,215 account
ed for another part, and that in building
\ and lumber working and trade other
/ large failures distinctly connected with
those in real estate explain much more
\ of the difference between manufacturing
and trading failures last year and this.
\ In these and much less important changes
/ in few other lines are seen substan-
| TALLY all the commercial disasters as yet
1 resulting from an amazing rise in prices
1 last year, followed by weary but largely
\ successful efforts during the past few
months to get back TO Il normal state of
/ business. When this is seen and the re-
murkabe steadiness in number and size
Of the great majority of failures not for
exceptional amounts, there appears
ground for especial satisfaction that bust
ness has been on the whole SO soundly
j conducted under conditions of unusual
| danger.
\ Rarely has there been more rapid
\ change toward normal prices than of
4 late, and yet July failures thus far show
not one of 100000 or more except in real
4 estate, building, lumber and cycles or
\ automobiles, leaving a few manufactur-
4 ing failures for S262,9T3 and trading fail
urcs averaging hardly $1,000 each. The
volume of domestic trade continues great
| pr than in any previous year outside New
\ York and Boston, at those cities exceeded
only by last year in the heat of excite
4 ment about securities. Foreign exports,
\ for the first time exceeding 81, 100000
900 in the year just closed, are in July 4
per cent more than last year, with i'm
ports Ia per cent larger. Heavy loans
to other countries cause rumors of gold
exports to pass without notice.
The Metal Market.
| The Iron Age makes the output of pig
2S3, Alb tons weekly July /, 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 occupy some
weeks. The increase of SG,95S tons i'll
stocks unsold implies decrease in manu-
facture more than double the decrease in
output, and works of five of the great cor
porations are waiting for decline in
wages Just when the workers have looked
for increase. Open markets are now ad-
mitted ut Pittsburg, 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 plates at
Philadelphia are said to have sold at
1.15 in some cases. The sheet works
open Monday with large orders. Coke
works, about 10 per cent idle, have no
| demand now, and III contracts it is said
! that even $3.50 would be shaded Lon
/ don speculation lifts tin to 321a cents,
while copper still sells ut 16l4 for lake.
and the smelling company again has re-
duced lead to 3.95 cents.
The end of the crop year has brought
| the usual estimates which command not
more confidence than usual. If the
country can get out of n crop officially
called j47,000000 bushels all it wants
for food and seed and 200,000,000 bushels
| for export, with considerable left over in
sight, it is the easy inference that anxiety
is needless. Estimates, also, are not
sufficiently alike to abolish criticism
Considering that the crop reports We're
for years so low as to deprive them of
value, the public habitually expects more
errors in the same direction. There is
not evidence as yet, and for some time to
come cannot be, that injuries sustained
have been as great as some suppose, so
that alarm is not more necessary than
| it was last year. The market has been
little stronger, but not much. Corn,
with prospect of great yield, continues
reasonably strong in view Of the persist
ent foreign demand.
! Failures for the week have been 19G
in the United States against 169 last
year, and 26 in Canada against "a last
| year.