The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-02
THAT COTTON FAILURE
Has Given May Considerable
of a Black Eye.
STEADY DRIFT DOWNWARD
Of Materials of Industry TO a
Lower Level.

untll next week IL can be stated that not
over six months in more than six years
| have shown as large default 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 ali firms failing in
every month but one last year, ind in
every month but three in 1898. Manufac-
turing failures in four weeks of May
were only $2,4s6,543, and trading failures
81. 40, 301, while failures in brokerage and
other CONNIE rciaF' lines amounted to
$13, 926, $50. The decline in cotton to 9
cents and the reduction on regular print
cloths TO 31s cents at Fall River with
outside sales at 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 influenced both the
money and securities markets on both
sides of the ocean. Needs of foreign Dor
rowing may be much reduced and hind
rance to foreign investments here in large
American MACHINE works and other sup
plies are likely to me materially increased
whenever the restoration of industries in
South Africa begins.
The most conspicuous feature of do
nestle news is the steady progress to-
ward a lower level Of prices for the chief
materials of ind ustry. Without excitement
and with very small sales, it is believed
the smallest ever recorded in May at
three chief eastern markets, except in
1893. prices of wool have declined so that
the 100 quotations in Choates Brothers
circular would average about PISA cents,
against 24.72 at the highest point Feb
rUary l, and 1916 cents a year ago. The
stagnation and hesitating condition of the
goods market, III ough not extending to
the most faYorite staples, which were
largely sold eIrly in the season, has
caused much irregularity in prices of
goods of other grades, so that some have
been cleared out by concessions of 10 to
20 per cent from the early quotations of
the season. There is also more complaint
Of cancellations, and on this occasion in
cotton as well as wooden goods. With
prices adjusted to lower price, all the
textile branches might expect greater ac
tivity. The change in hides has made
marked progress also. the average at Chi
cago declining over per cent for the
post week and thus far about It per cent
from the highest point Large supplies
are mentioned in some grades but the
weakness Of the manufacture has been
the controlling feature.
Orders for boots and shoes have been
-
cause many works had orders which are
not yet exhausted. The shipments in May
have been smaller than in any other
year since 1892 They were larger by ia
per cent in 1896; by 22.8 per cent in 1885,
and by 27.7 per cent last year.
The decline in jig iron continues. grey
! forge reaching $3.50 at Pittsburg, No.
local coke So at Chicago, No. 1 anthra-
! cite and bessemer SD at Philadelphia and
| Leigh 10. J. 81 here. Only small changes
/ have appeared during the week in prices
/ of finished product, 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
! that properties OF the Steel Hoop COM
pany viii be divided likewise, but it is
not at all surprising If few out Of so
many combinations result in the di5ap-
pointing Of some. Probably a lower quo
/ tation 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 furnaces with
! out fun employment The acceptance Of
! 20
10000 by southern works. IS a good sogn.
Failures for the week have been 1J0 in
the United States, sainst AS last year,
and q in Canada against Il last year.
BRADsTREETs
| New York, June 1-Bradstreets will say
tomorrow: Readjustments Of price quo
tations to meet the changed condition Of
| supply and demand are still the leading
features Of the general trade. In volume
the business doing is Of a between
seasons character, improvement in some
lines being counterbalanced by increased
| dulluess in other. branches. That the basic
conditions ofthe trade are in the main
| OF a favorable nature, however. is proved
! by the continued good railroad earnings
! returns which come TO hand. The fact
seems 10 be that the volume OF business
| offered the transportation interests Of the
/ country continue considerably in excess
/ of q year so. Crop reports are relative
" most favorable as regards corn and
! oats. IN the southwest wheat crop pros
! poets are still maintained at a high aver
age. In the northwest wheat has been
! helped by lat rains. but owing to their
/ late arrival Il is not certain how much
I naDarff Was obtaipeS rharaAv-
Most prices are lower on the week.
wheat noting 8 fractional drop despite
| unsavoraAle French crop advices. whence
an enormous reduction in yield IS pre-
! dicted. and also rather hue reports from
the northeast early in the week. men5ed
in some respects by the rains mentioned.
| Pork products have sympathized with the
downward teudecy Of values. aided there
! by ay increased receipts ~ hogs. Some
| further liquidation has been noted IN cot
ton and the price has sunk to Sc IN
/ textiles the situation is rather depressed.
| although Come improvement in recorders
Cor dry goods Is noted AT leading jobhing
/ centers. Print cloths have been marked
| down By the Fan River committee. but
| this Is merely tardy RECOGNITION OF
hitherto known facts. Manufacturers OF
/ woolen goods are out OF the market fos
raw wool and the outlook at present
tavors the lightweight Woolsns upon
/ opening az lower values. Boots and
shoes are dun and a number OF eastern
/ factories are short % orders.
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