The true northerner., 1896-10-07
buns TRADE REVIEW
Revival !of Certain Lines Of In.
dustry Brings Hope.
EXPORTS OF WHEAT ARE HEAVY.

Short Crops Abroad Cause Good Demand
at Fair Prices Cotton Has Weakened
After It's sudden Rise-Print Cloths Are
Somewhat Lower-Faiiures for the Quar-
ter Ending sept. 80 Make a Bad Showing
by Comparison.
New York, Oct. 5.-R. G. Dun & Co. s
Weekly Review of Trade says: The
complete report Of failures for the quar-
ter which ended with Wednesday
shows an increase which would be sur
prising if political causes were not OBJ
vious. In number 6la per cent. less
than in the panic quarter of 1898, fail
ures for the quarter show liabilities
11.16 per cent. less, amounting to $751;
2s5. .349, against s97, ,6S2 in the previ-
pus half year. Manufacturing liabili-
ties were s32, 2,479,7 796, or 81 per cent
greater than in the same quarter of
lS93 while trading were $2S, ,73S, ,236, and
"other commercial" were $12, ,067 ,236 To
this must be added S11, 712 $50, liabilities
in fifty bank failures, making exclusive
Of railways nearly sS5, 900 for a sin
gle quarter. Comparisons are given
showing that in only six quarters in
twenty-five years have defaulted LA
bilities been as large, that the ratio to
solvent business has been 5000 per ST.,
OOO against 1924 for the same quarter
last year; that the average per
firm in business has been s63.57
against S26.92 last year; that the pro-
portion of increase has been greatest in
hn Ctnrv stu hot in Innf a nd
in average liabilities per failure, and
much larger in manufacturing than in
trading.
Removed by Influx Of Gold.
Part, but clearly not all, of the
causes have been removed by the influx
of gold, and depression is still shown
by clearing house payments, 22.l per
cent. less than last year for the week,
and 1922 per cent. less than in 1892,
when another presidential election was
near.
The continued advance in wheat may
prove of the utmost Importance. 1t
has been 1.12 cents for the week, and 10
cents since Sept. 2, and is mainly due
TO short crops abroad and in foreign
demand. Atlantic exports for the quar-
ter ending with September, flour in
cluded were 23.195,214 bushels, against
IA, ,320, 020 bushels last year. The outgo
Of wheat separately nearly doubled in
spite of higher prices. No lack OF WIS.,
IDLY domestic supply causes or sup
ports the advance and western re-
ceipts for the quarter were 81 ,94
bushels, against 43, 100 499 bushels last
year. Cotton has weakened after its
sudden rise, because the demand for
goods has relapsed into handto-mouth
buying, and print cloths are lower at
2.56 cents. Some injury has been done
by recent storms, but the market seems
not now in humor to magnify them.
There are Enthusiastically encouraging
signs in the great industries, although
the actual gain In working force en-
ployed, or new orders received is slight.
But the strong demand for materials.
for pig-iron, hides, and WOOL as for cot
ton does not diminish. and has al
ready gone far enough to stiffen prices.
In wool quotations are scarcely strong
er, but represent actual sales more
nearly than in past weeks. when buy
ers with cash almost made their own
prices
Sales in Five Weeks.
Sales in five weeks have been 33,-
169, 200 pounds, of which only 4.679, 600
were foreign, against 34,719.170 last
year, of which IL, 470 were foreign,
and 37.2SS, 400 in 1892, of which IL, ,090, 600
were foreign, and when it is remem-
bered that in spite of the recent start
ing of some mills, not more than 80 per
cent of the total capacity can be pro-
ducing the prepOnderance of purchases
TO anticipate future wants is apparent.
Orders for woolens do not gain, and
several kinds of dress goods, flannel
suitings, and fancy worsteds. are sell
ing a shade lower. Buying of Besse-
mer pig again lifts Pittsburg quota
tions to s11.75 without any general gain
in the demand for finished products,
and steel bars for the first time are
sold at i cent, against IL cents asked
by the association for iron bars. Plates
and rails are in less demand, but there
is heavy buying OF sheets at the west
Confidence that reviving business must
bring a greater demand than all the
works can meet induces the various
associations to make no change In their
prices. The minor metals are not
strong, lake copper at 102 cents, tin at
1890, and lead at about 2S cents. Mer-
chants and manufacturers are wait
ing, but there are not wanting signs
that many have confidence to invest
and push forward as though the dawn
of prosperity were close at hand. The
quarter that has passed has been most
trying, but things would be worse than
they are but for the general belief
that better times are near.
TERRIBLE BUTCHERy