Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-06-05
III IS CHECKED
Speculations Fall Off to a
Consid erable Extent.
FURTHER PRICE DECLINE
Feature of the Week Is the Steady
Maintenance of the Progress
Toward a Lower Level-Ef.
feet OF Peace News

New York, June 2.-"While returns
of failures in May by branches of bus
mess 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
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.
Manufacturing failures in four
weeks of May were only $2,4s6,543, and
trading failures $4,72o,3o1, while fail
ures in brokerage and other CONNER
cial' lines amounted to $13,92S,S22 The
decline in cotton to 9 cents and the
reduction of regular print cloths to 31s
| cents at Fall River, with outside sales
at 8 cents, indicate that speculation in
this case may have somewhat checked
business and industry"
Effect of African Pence News.
R. G. Dun & Co.'S Weekly Review of
| Trade, issued today and from which
| the foregoing is taken, continues:
\ The rapid progress of events in Afri-
ca, with the prospect that the war will
soon end and the gold supply of that
region will be resumed, has naturally
| a al 1Nof sJpnnov md Nv, -
kets on both sides of the ocean. Needs
of foreign borrowing may be much re-
duced, and hindrance to- foreign in
vestments here in large measure re-
moved, but the demands upon Ameri-
can machine works and other supplies
are likely to be 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 level of prices for the chief ma
terials of industry. Without excite
ment, and with very small sales-it is
| believed the smallest ever recorded in
| May at the three chief eastern markets
except i'll 1S93-prices of wool have de-
clined so that the 100 quotations in
Coates Brothers circular would aver
age about 21.S4. cents, against 24.72 at
the highest point Feb. /, and 1916 a
year ago. The stagnant and hesitat-
ing condition of the dry goods market,
tho not extending to the most favorite
staples, whichtWere largely sold early
in the season, has caused much irregu-
larity in prices, of goods of other
grades, so that some have been cleared
out by concessions of 1910 20 per cent
| from the early quotations of the sea-
son. There is also more complaint of
cancellations, and on this occasion it
affects cotton as well as wooden goods
| With prices adjusted to lower range
all textile branches might expect
greater activity.
| Pig Iron Continues TO Decline.
| The change in hides has made mark
led progress also, the average at Chica-
go declining over 3 per cent for the
last week, and thus far about II per
1 cent from the highest point. Large
supplies Aforementioned in some grades,
but the weakness of the manufacture
| has been the controlling feature. Or
ders for boots and shoes have been re-
duced much more than shipments, be-
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 larg-
er by ia per cent in 1896, by 22.S per
cent in 1895, and by 27.7 per cent last
year.
The decline in pig iron continues,
gray forge reaching $3.50 at Pittsburg
No. 1 local coke $22 at Chicago, No. /
| anthracite and Bessemer- $22 at Phila-
delphia, and Lehigh No. / S21 here
Only small changes have appeared dur.
| ing the week in prices of finished pro
ducts, but these are toward lower fig.
ures. There are current statements
| that some of the properties just taken
i by the steel sheet company have beer
sold back to former owners and thai
| properties of the Steel Hoop company
will be divided likewise. but it is not
at all surprising if a few out of Sc
many combinations result in the disap
pointment of some. Probably lower
!, quotation for Bessemer rig may be ac
cepted by the association in the centra
: region for the latter half of the year
as the closing of many works owing t.
: reduced demand may leave these fur
naces without full employment. Thu
acceptance of two large contracts fol
export, 'oi;c for 100000 by southern
] works, is q good sign.
Failures for the week have been 16(
in the United States. against 145 las
: year, and 81 in Canada, against IA las
} year.
Weekly Bank Statement.
New York. June 2.-The week.,
: bank statement follows: Surplus re
serves increased $1,31O,95o, loans in
creased $7,347 600, deposits increase,
ST., 344, 200 The banks now hold $40,
1925 in excess of legal requirements
Memorial Day at Batavia.