Show CONDITION OF TRADE Marketing of Grain Is Still the Sustaining Sus-taining Ft for IRON INDUSTRY BOOMS A UNPRECEDENTED DEMAND FROM WORKS Factories Are Crowded With Business Light Demand For Wool and Prices Have Declined Failures ForMay Smaller Than a Year Ago Review of Speculation New York June 3R G Dun Cos weekly reveiw of trade will say t morrow mor-row May having been the first full month of actual war the fact that fail ures in that mpnth were smaller even though but little than in the Corresponding Corres-ponding month last year and nearly 10 per cent smaller than in May 1896 is the because somewhat encouraging the more cause a year ago the remarkable decrease de-crease In May gave proof of the heavy improvement in business which made the year s gratifying in general results I re-sults Large failures were eight in manufacturing for 2385000 this year I against thirteen for 2965000 last year and In trading five for 690000 gainst ten for 1572077 in 1897 Hesitation in extending usual credits soon after war began naturally affected weak more than strong concerns but It soon gave place to steady and increasing confidence Wheat dropped 74 cents from the highest point after the May deal culminated cul-minated ahd has since been weaker for July because of adcounts promising an enormous yield Those who were nearest near-est the truth last yea now predict about 700000000 bushels for 1898 and all accounts make acreage much larger and conditions much better than a year ago But with 115 still paid for No 2 red in elevator and a foreign demand taking 6294498 bushels flour Included from Atlantic ports for the week against 2165787 last year and 385439 from Pacific ports against 74929 last year the decline evidently hastens the marketing of the surplus and gives the new crop a better chance I is not less surprising that western receipts for the week were 4263520 bushels against 2 099795 last year although the crop ha been by some supposed to be almost exhausted and corn receipts were also 7076491 bushels against 6116523 last year Exports of corn for the week have been 4SS1S21 bushels against 1 926566 last year and for the first time in their history exports of such grain haye about reached 200000000 bushels in the same year Woolen mills are encouraged by a somewhat larger demand for goods in part from government orders and are averaging about 1 per cent better prices for goods than a month ago There is not much demand for wool which is still held in the main above I Hie Views of manufacturers and prices have declined an average of onehalf I cent for the month I The iron and steel manufacture leads all others in gain over previous years its consumption of pig being apparently more than a million tons per month or 22SOOC tons each week against 170780 tons per week in May 1892 an increase of 336 per cent Works beyond the Alleghenies Al-leghenies are crowded with business I and while some eastern concerns are running part time mostly Qa mills the government demand is felt most In this section Above all others in signifi canqe is the wholly unprecedented demand de-mand from agricultural implement I works which throw in the shade all their past orders while the plate and rail manufacturers are beating all records rec-ords partly with foreign orders one for Canada having been placed at Chicago of 12000 tons Structural work is very heavy the west furnishing a large share of It and in sheet bars and rods for fencing the orders are large Prices of pig have been somewhat strengthened strength-ened by the enormous buying ordersfor Bessemer and basic at Pittsburg and of charcoal at Chicago Failures for the week have been 222 in the United States against 241 last year year and 16 in Canada ugainst 32 last |