The sun., 1900-08-04
THE FAILURES OF JULY.
Statistics Gathered by R., G. Dun q
Co.'s Review Of Trade.
A HEAVY INCREASE SHOWN.
Business In Iron and Steel Reported
Larger at Chicago Than 1t Has
Been For Several
Months.

New York, Aug 3.-R. G. Dun & Co.'S
weekly review of trade says:
Failures by branches of business during
July given in detail today, show a total
If 1913 commercial concerns, with aggre-
gate liabilities of $9,771, 755, and four
banking defaults for $201,000. Manu-
featuring failures numbered 1873, with Ii
abilities of S5,1T7,6S2, and trading $50.
with $3324,3 ,366 liabilities. The total
shows a heavy increase in comparison
with the corresponding month last year,
which is mainly due to phenomenally
sound conditions existing mt that time,
when the amount of liabilities was the
smallest, with one exception, in any
month of the 81 covered by these returns.
Moreover. about 10 per cent of the
large total in manufacturing failures last
month occurred in three branches of busi-
ness, and II concerns were responsible
for the bulk of these liabilities, so that
most classes continue to enjoy prosperity,
and trading returns are exceptionally en-
| couraging After withstanding the Sc
we're fall in prices for six months large
| iron and steel firms gave up the hight IN
| July, and there were heavy failures in
the lumber and building trades. The
analysis in succeeding pages shows that
the large aggregate for the month, if pub
lished alone, would convey a mistaken
impression.
lit is often hard to read encouraging
symptoms of general business in declin-
ing prices of commodities, but just now
it is reasonable to look for them. Some
raw materials and some manufactured
products one stage removed from the
raw are selling at lower prices than at
any time since last years advance set in,
but there is confidence among buyers
that the downward swing is nearly over,
while sellers are adopting cautious pol
icy which until recently characterized the
attitude of buyers.
The Metal Market.
Iron and steel markets We're startled
: by reports of sales of steel bars at 80
} cents per 100 pounds, but business at
the same time was the largest in months
at Chicago on a basis of about Sl.2o.
7 Increasing demand for bar iron from
: makers of agricultural implements and
car builders was a feature, contracts
i placed being estimated at 10000 tons
: in bars and plates. The trade believes
! that orders will increase as the season
advances and that total needs of iron
!! consumers will compare well with last
. year.
!; Heavy bids appear for foundry iron,
I; buyers being uneasy with output reduc-
ing and selling prices of many descrip-
r, tions approximating cost. Export orders
y increase and makers do not fully accept
}; reports of purchases of foreign rails fol
II delivery in the south. Some traders are
not satisfied with the result of the Chi
cago conference, pointing to the report
k Of production of pig iron in the first hall
Of the year. exceeding all records, ant
contrasting it with recent dull markets.
Copper exports in July are estimated
8 ~ 1O.6G1 tons against 1850 in 1899, ant
y the amount coming into sight in the las
to half year for home consumption is oni'
b. g.. .O25 tons, decrease of 19,467 tons
The foreign demand for bituminous Goa
ce is heavy, but producers hesitate to con
n) tract shipments with home prices tend
d. ing upward. GOO ;. -,
b. Failures for the week were 22S in tn
~ United States against 1S2 last year. an
~ a in Canada against % last year.