The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-02
AGGREGATE OF FAILURES
GREATLY swELLED ny NEW YORK
BROKERAGE LIABILITIES.
plcs-Movements In the Textile
and Cereal Departments.

NEW YORK, June l.-R. G. Dur & CO.
Weekly Review of Trade tomorrow will
say: While returns of failures in May,
by branches of business, cannot be given
until next week, it 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 a
firm principally engaged in cotton broker
age. 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. Manufacturing
failures in four weeks of May were only
s., 4S6, 543s and trading failures S4,720.30l.
while failures in brokerages and "other
commercial lines amounted to $13,92s,s22
The decline in cotton TO 3 cents, and the
reduction of regular print cloths to Shc at
Fall River with outside sales at &c, indicate
that speculation in this case may have
somewhat 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. Needs of foreign borrowers
ihdy NC iCQdtcds IL IA III "
foreign investments here in large measure
removed. But the demands upon American
machine works and other supplies are like
ly to be materially increased whenever the
restoration of industries in South Africa
begins.
The most conspicuous feature Of domestic
rews is the steady progress toward a lower
level of prices for the chief materials or
industry. Without excitement and with
small sales, ii is believed the smallest ever
recorded in May at the three chief Eastern
markets., except in 1888, prices OF wool nave
declined SO that the one hundred quotations
in Coates Brothers circular would average
about 21.S cents, against 2472 at the high
est point, Feb. ], and 1S.l6 a year ago.
The change in hides has made marked
Ginning over 8 per cent. for the past week
and thus far about IL per cent. from the
highest point. Large supplies are men
toned in some grades. but the weakness
ing feature Orders for boots and shoes
nave been reduced much more than snip
ments, because many WORKS mao ofuefs
which are not yet exhausted.
The decline in pig iron continues, grey
forge reaching $3.50 at Pittsburg: No. 1
local coke SD at Chicago; No. 1 anthracite
and bessemer s2 at Philadelphia, and Lee
high No. / s1 here. Only small changes
have appeared during the week in prices
of finished products, but these are toward
lower figures. There are current state
ments that some of the properties Just
taken by the steel sheet company have
been sold back TO former owners and the
properties of the Steel Hoop Company will
be divided likewise, but it is not at all sur
prising If a few out Of so many combina-
lions result in the disappointment Of some.
Probably lower quotation for bessemer pig
may be accepted by the association In the
central region for the latter half of the
year as the closing of many works, owing
to reduced demand, may leave these fur
- -;xl,o-t <,rl o-nIovpnanf The ar
ceptance of two large contracts for export,
one for 100000 tons, by Southern works, Is
a good sign.
Failures for the week have been 160 in the
United States, against 145 last year, and
twenty-one in Canada, against fourteen
last year.