Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-08-04

1t is gratifying to notice that the
commercial unsoundness was confined
to few lines of business, and the val
We of classified returns is emphasized
more than usual this month when a
generally satisfactory condition is
shown in nearly all branches of trade
and manufacture, notwithstanding a
rather heavy aggregate. Hence exami-
nation Of the record will prove ex-
reedingly instructive, showing to what
extent the important failures were lin
lied TO a few departments of manu-
featuring. 1t is also interesting to no.
tice how largely the serious difficulties
we're confined to the East, for OF the six
teen failures for 100000 or over,
twelve were along the Atlantic coast.
With liabilities of $3,26S,956, about a
third OF the entire amount.
Despite fall of from 25 to 40 per
cent. in prices of iron and steel and
their products, after remarkable in
dation during 1899, the first half of this
year passed without a failure of any
Importance in this industry. But the
long period of sagging prices bore some
fruit in July, when failures exceeded
In amount any mon.h since June, 1897,
1898 were larger. Two large failures
Tor 100000 account for most of the
months record.
In machinery and kindred lines,
largely dependent on the cost of iron,
disasters have also been severe Manu-
facturers with large stocks of raw ma
terial on hand, purchased when iron
was at the top, have suffered losses in
trying to sell their products in a dull
market, and in competition with more
fortunate concerns that had lighter
stocks of iron and steel at the begin
ming of the year, and waited to pur-
chase until much of the decline had oc-
CURED. Failures in this class exceed
ed every month since these statements
were commenced in 1893. Three bicy-
Gle and automobile concerns failed for
Sl,26l, 469, one machinery maker for
100000, and one type writer manufac-
turer for $22S.000.
The building trades were also en-
barrassed by excessive cost of materials.
many firms being compelled to give up
because OF contracts that could not be
filled. Four failures in this class. in
Guiding one lumber company. accounted
for S4SS,715, one-half of the total.
Aside from these three classes. in
which over 70 per cent. of the liabilities
occurred, the manufacturing mortality
was remarkably light. No failure was
reported in the cotton manufacture, al
though the gooGs market was remark
ably dull and many works were closed
during part of July, with heavy stocks
On hand. In woolens, clothing, chem
lcais, milling, printing and liquors the
comparison with previous years in most
encouraging. There were two large
failures in the miscellaneous class. ag-
gregating $450,000, but still the total
was much smaller than in most preced-
ing months.
only two failures out of the $50 clas-
slfied as traders were for S100 900 each
making the July statement much bet
ter than in any month since these re-
cords began, except a few months in
1899, which was in every way year of
exceptional prosperity. In hats there
was an excess over July failures in pre-
ceding years, owing to one large default
at Buffalo, and dry goods were also
swelled by one large failure. Two fail
ures for $472,445 made the total in
other commercial heavier than in anv
previous July except in 1898, but there
were also more small failures in this
class than usual. Only four banking
concerns closed their doors during
July, with liabilities of $201 900.