The record-union., 1896-10-03
CONDITION OF TRADE.
LARGE NUMBER OF FAILURES
THE PAST QUARTER.
The Advance in the Price of Wheat
of Utmost Importance, Due to
Short Crops Abroad.

NEW YORK, Oct. 2.-R. G.. Dun &
Co. will say tomorrow in their weekly
review of trade:
The complete report of failures for the
quarter which ended with Wednesday
shows an increase which would be sur
prising if political causes were not OBJ
viOus. In number there were but 611
per cent. less than in the panic quarter
of 1893. The failures for the quarter
show liabilities Ill per cent. less
amounting to $73,2S5, ,349. against $97,-
500, 6S2 in the previous half-year.
The advance in wheat may prove of
the utmost importance. 1t has been
liz cents for the week, and 10 cents
since September I'd, and is mainly due
to short crops abroad and unusual for
eign demand. Cotton was weakened
after its sudden rise, because the de-
mand for goods has relapsed into hand
to 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 the humOr tC
magnify them.
Reviving confidence is felt in the
stock market which has slowly risen to an
average of 70 cents per share for rail
ways, though trusts are weaker While
eastbound tonnage is large from Chi
cago-in September 249, 1OS, against
PAL 154 last year-the westward move
ment Of merchandise is small, and rates
are cut so that earnings as reported for
September fall 6 per cent below last
years, and Sc per cent. below those
Of 1892.
There are unmistakable encouraging
signs in the great industries, although
4 1,- of11 n1 rot -,
ployed or in new orders received is
slight But the strong demand for ma
terials-for pig iron, hides and wool, as
we'll as for cotton-does not diminish,
and has already gone far enough to stiff
fen prices. In wool quotations are
scarcely stronger, but represent actual
sales more nearly than in the past
week, while buyers in cash almost made
their own price.
Buying OF Bessemer pig again lifts
Pittsburg quotations to $11 IS, without
and general gain in the demand for fin
nished products, and steel bars, for the
first time are sold at l cent against
II asked by the association for iron
bars. Plates and rails are in less de-
mand, but there is heavy buying of
sheets at the West. Confidence that re-
viving business must bring a greater
demand than all the works can meet in
duces the various associations to make
no change in their prices. Minor metals
are not strong-lake copper at 101b
cents. tin at 1890 ard lead at 50 90
The westward movement of money
continues, and for the quarter has ex-
ceeded interior receipts by SCI, ,OOO,-
600. The gold ordered for importation
amounts to $43. .250,O00, and arrivals
thus far to $40, ,544 $50. beside $1,000
600 expected from Australia, which will
raise the treasury reserve to about
$3.50 600, 600. The relief has been well
come in commercial loan markets
Seven per cent. is done more freely on
West paper than 8 per cent. recently,
but October settlements cause monetary
hardening. Merchants and manufact-
urers are waiting, but there are nc
signs that many have the courage tC
push forward as though the dawn OF
prosperity was close at hand.
The quarter that has passed has been
most trying, but things would have
been worse than they are but for the
belief that better times are near.