The sun., 1900-06-02
IHE FAILURES OF MAY
Price -McCormick's Suspension Fea-
ture Of the Month.
PROGRESS TO LOWER PRICES.
X. @. Dun's Review of Trade Notes
Heavy Exports In Metal, MAN.
ufactures nnd Breadstufs
at Various Ports.
s0GRESS TO LOWER PRICES.

New York, June 1.-R. G. Dun & Co.'s
weekly review of trade says:
While returns of failures in May by
branches of business cannot be given un-
til 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.
The Importance Of the classification
made by this journal only may be real
lied when il is considered that failure
of such magnitude i'll manufacturing or
trading would have caused grave appre-
hcnsion, if not serious results. But man
ufacturing failures in four weeks Of May
were only S2,4SG,54 and trading failures
S4.120,3O1, while failures in brokerage
and "Other commercial' lines amounted
to S13.92S,S22. The decline in cotton 10
3 cents and the reduction of regular print
cloths to 3is cents at Fall River, with
outside sales at 3 cents, indicate that
speculation in this case may have some
what checked business and industry.
The most conspicuous feature of do
nestle news is the steady progress to-
ward a lower level of prices for the chief
materials of industry. Without excite
ment and with very small sales, it is be-
lieved the smallest ever recorded in May
at the three chief eastern markets eX-
ccpt in 1893 prices of wool have declined
so that the 100 quotations in Coates
Bros circular would average about 21.S4
cents against 24.I2 at the, highest point
Feb. 1 and 1916 year ago. The stag
nant and hesitating condition of the
goods market, though not extending to
the most favorite staples, which were
largely sold early in the season, has
caused much irregularity in prices of
goods of other grades.
Decline In Pig Iron.
The decline in pig iron continues, gray
forge reaching $3.50 at Pittsburg, No.
local coke $50 at Chicago, No. 1 anthra-
cite and bessemer $22 at Philadelphia
and Lehigh No. $21 here. Only small
changes have appeared during the week
in prices of finished products, but these
are toward lower figures. There are cur
rent statements that some of the proper
ties just taken by the Steel Sheet COM
pany have been sold back to former own
ers and that properties of the Steel Hoop
company will be divided likewise, but it
is not at all surprising if few out of so
many combinations result in the disap-
pointment of some. Probably a lower
quotation for bessemer pig may be ac-
cepted by the association in the central
region for tile latter half of the year, as
the closing of many works owing to re-
duced demand may leave these furnaces
without full employment. The accept
ance of two large contracts for export,
one for 100000 tons by southern works,
is n good sign.
Other exports are heavy. at New York
again exceeding last years by about So,
100000 in May. while imports are still a
little smaller than last year. The April
exports of manufactures We're close to
the largest ever known, and a part Of the
increase, according to treasury returns,
comes already from enlarged shipments
to the islands Formerly possessed by
Spain. The outward movement of bread
stui's continues we'll sustained, Atlantic
exports of wheat in five weeks having
amounted. including flour, to 12,S93,5 ,592
bushels against l1,2O6,953 last year, Pa
cific exports to :i,2T1,607 bushels against
2.2O4 .632 and corn exports to 1871 ,06J
bushels against IL, 433.S1S last year.
Failures for the week have been 160 in
the United States against 145 last year
and II in Canada against IA last year.