The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-29
GOOD THING FOR BANKS
IMPORTS OF GOLD RELIEVE NEW
YORK FINANCIAL DISTRESS.
August Business Failures Show Liza
biIities of S2O,032,2s5-Bradxtreet,s
and Dun & Co.'s eports

NEW YORK, Aug. 2s.-R. G.. Dun & Co.'S
weekly review of trade says: Clear
ing house certificates have not been
issued. but instead gold is coming hither
largely on the swiftest steamers, about
$4,000, 900 being already on the way. Higher
lending rates bring it, Notwithstanding for
eign events. which disturb London mar
kets, and growing confidence in the none
tary future of the country helps. Liabil-
tiles in failures for three weeks ending
Aug. 20 were $50. 932. 2s5, against 81. 519, sec last
year. and IS, 214.4 40 in 1894. Manufacturing
liabilities were 81, 1873, 93S, against $3.5l7.377
last year, and s.. Sl3. 33S in 1891: trading Ii
abilities were s4,9o4, 1852. against 50. S52.9 $50 last
year and 3 1884, IA in 1884, while brokers
and other commercial concerns that failed
added 1887. 9s5, against SAG. coo last year.
and 81 ,sS4. us in 1894. The collapse of Mil
ton, Hughes & Co. this week is, of course,
not included I'm these figures.
The %stoppage of works also continues.
including among other iron concerns the
Illinois steel plant at Hammond, Ind, and
the Lake Side nail works there. Disrup-
ton of the tin-piate association results in
inability OF many concerns to go on paying
wages demanded, and will presumably be
followed by the stoppage of some others.
iron works are getting very light new
business, many contracts having been de-
ferred until after the election" and there
is SO little doing that quotations are a.
most nominal. Grey forge has sold for
ulative purchases amounting to 10.O0O ions
of pig have relieved the Chicago market.
Coke production at Connellsville decreased
10000 tons last week. further decrease be-
ing expected. Anthracite has again been
advanced % cents since Aug. /. Minor
metals are dull. tin 1886 cents for spot.
copper said to be sold at 10.5 cents, though
10.S5c is the lowest open quotation, and
lead only 2.65 cents. with small dealings.
Leather * a shade Waakar on1 80
again lose about 2 per cent. for the week.
Sales of wool, including some for specula-
ton and some for export. have been. in
four weeks only 1856. 900 pounds. against
pounds in 80. Actual quotations are hard
to get, but sales to realize are at bargain
prices. and exports of domestic and
shipments of foreign are in considerable
quantities. No gain is seen in the demand
for WOODEN goods. Cotton shows a stronger
tone, and in a few qualities slightly better
prices, but the change has been in selling
from store without disposition to order
ahead of current wants.
Speculation in products caused an adj
vance of 1.62 cents in wheat. but hy Thurs
day it had been lost. only to rise again
and close at nearly the top. Heavy West
ern receipts continue, low as prices are.
bushels. against 10. Gs5, 26S bushels last wear
but begin to be balanced by gain in ex-
ports. which have been for the week 2074.-
56 bushels, flour included, against 1.373. :3Jj
16 bushels, against 4.25S. $50 bushels last
year. Corn declined on Thursday TO q
cents mere and Iq31 cents at Chicago.
Crop advices continue most favorable. but
Western receipts indicate less disposition
to sell at current figures. Cotton has re-
acted sharply from its advance to S.62c.
and Sc is now quoted. with little demand.
Failures for the week have been 2SS in the
United States, against 1S6 last year. and
thirty-three in Canada, against forty-two
last year.