The sun., 1901-07-06
THE State OF TRADE
Comment by Dun's Review on the
Business of the Week.
EFFECTS OF HOT WEATHER.
Manufacturing Interrupted by the
Elements ana Also by Labor
TroubIe-.JobIing and Retail
tines Reported busy.

New York, July 5.-R. 6. Dun & Co.'S
weekly review of trade says:
Commercial failures during the first
half of 1901 numbered 3 TJ9 with lin-
bilities of S55, ,S04 800, against 5,332 last
year for $74,T47, ,452. In manufactur-
ing lines there were 1,265 defaults,
with $21 ,6g1 ,04S liabilities, while A, lS9
traders failed for S2i. .StI,207 The I'm
provemcnt over the preceding year was
most striking in brokerage and bank
ing insolvencies, which We're $9,249 435
and $la,S39,554 respectively against
SD, l22.346 ana So, SD, ,tS2 last year.
This is the more noteworthy because
the violent agitation in Wall street dur
ing May was calculated 10 cause seri-
Gus disturbance, and the last week OF
June brought other failures through In
iudicious speculation and poor banking
methods
While the half years statement is
gratifying, the second quarter makes n
much better showing, liabilities declin-
ing S7,GO2.2S2 compared with the first
quarter and Sl7,ti23.815 in comparison
with the second quarter of 1900. The
Avcrage liability per failure was small
er than in the corresponding three
months Of any year since these records
were first compiled. The proportion of
bad debts to solvent payments through
clcnring- houses was but 80 cents to
each 81 900 ana only one ont of the pre-
crding lU5 quarters recorded lower
ratio, while the average amount of de-
faults to each firm in business was but
S2O.3., only seven other quarterly perl
nds making smaller returns.
Eject Of Labor Troubles.
Development of fresh labor troubles
is 4 feature OF the week that has made
for conservatism in many directions.
but throughout the country jobbing
ana retail lines are busy ana are han
ding goods 1T prices which yield fair
profits. There is Il reflection of this
activity in the continued Improvement
in the textile markets in the east, ana
the uneasincSS over the money market
does not extend beyond the ranks of
spectators In stocks. So far as the
steel strike Is concerned, it Is signii
cant that it is not Il struggle for higher
wages, hut rather one to compel the
recognition of the authority of the
Amalgamated association in the sheet
mills heretofore nonunion. Crop re-
ports continue gratifying, much good
having been done by rains In the mid
die west Harvesting of winter wheat
progresses favombly.
Manufacturing has been interrupted
by the elements and labor agitation
Numerous proStrations from heat cauS-
cd humane employers to close mills
during the most distressing hours,
while the sheet ana hoop workers We're
ordered to stop work until certain dis
puted points were settled. No immc-
diate settlement is anticipated. because
many plants need repair and others
are taking stock. Until the owners
wish to resume their position will not
be known. The reduction of % cents
on No. - sheets was unexpected and
not accompanied by any general weak
rning of prices. Footwear shops in New
England are active OH fall lines. but
local iohbors are less busy, and orders
from statesmen on the road are light
Prices are steady, with an upward tend
ency in heavy single soled shoes.
l"nther is quiet, but tirmcr, with
splendid export demand for hemlock
sole.
The Textile Market.
Woolens ana worstrds are selling bet
ter, and raw wool is taken more freely
but the average of 100 grades, accord
ing to Coates Bros circular, was Slight
ly lower ut l106 cents on July L. Cot.
tons are in better domestic demand.
but prices are held above bids of ship.
prrS to China, and sales in the brown
goods division have decreased. Manu-
featuring as a whole is unusually az
tive for the season.
Staple products are quiet speculation
being restricted by depressing weather.
and the lengthy holiday at most of the
exchanges prevented new commit
ments. News from the west was full
of promise as to the growing wheat
yield, causing a further decline in
prices, although foreign needs arc
known TO be heavy. Corn steadied
somewhat because of reported injury
from heat and drought. Receipts con
tinue light in comparison with last
years, but exports are equally unsatis
factory cotton holds firmly AT point
little below o cents, the free movement
into sight Of the old crop being disrc.
garled. Strength is found in greater
activity in the goods market together
with rumorS of ruin in Texas and Il
few other states where moisture is de-
ticient. Sales Of No I Rio coffee have
been made below q cents, which Is moi
surprising. since receipts ut Rio ana
Santos ports for the crop year lust
ended We're little short Of 1,OOO, ,OO0
bags. Even this record breaking cron
will be surpassed if the current Weld |
is equal To expectations Comparpd
with the prices Of a year ago. wheat |
shows Il decline If about II cents n
bushel, cotton $50 Il bale and coffee
31s cents pound, while corn is not
higher than last years price, and pork
products alone of these commodities
show any advance.