Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-10-02
GRAND SHOWING.
Fewer Failures Are Report
ed Than for Years.
Speculative Market Declining Appar-
emily Without Reason.
Business Reviyes Though Low Prices Prevail
-BountiiuI Crops Promised.

New York, Oct 1.-R. G. Dun & Co. g
weekly review of trade, tomorrow, will
say: The failures during the third
quarter of 1897, obtained yesterday by
telegraph, were 29O3 with liabilities Of
$2S, 963, 261. of which 20 were in banking
for So, 49,, O69. Commercial failures 2S7i
with liabilities Of $25,567. 1872 average
only $500 each, lower than in any other
quarter for % years. The amount OF
defaulted liabilities is the smallest in
any quarter for five years, and In Il
years only six quarters have shown
smaller liabilities. Manufacturing fail
ures, 651, with liabilities of $9,431. 191,
average but $14.4S7 each. and trading
2164 with liabilities of $12, 1925 .065, aver
age but $5927 each. both smaller In
average liabilities than in ny previous
year Of which classified records exist.
The volume of legitimate business
continues a little larger than in the
same month Of 1892
The evidences of reviving prosperity
are the more important because prices
for most manufactured products have
advanced but moderately. and are
much below the level Of 1892.
While speculative markets are all de-
Ginning with curious unamity as IL the
large crops which make grain and cot
ton weak would not assure increased
business to railways. and warrant bet
ter prices for stocks. Speculation in
wheat and cotton has been set back by
the bright crop prospects. Atlantic ex-
ports, flour include 16,325,11S bushels
against s.176.364 last year, while Pacific
shipments are also heavy and corn
exports continue over 20 per cent. more
than last year. The price of wheat has
declined five cents and of corn nearly
two cents for the week. Dismal re-
ports about cotton have been frequent,
but the market shows more faith in
predictions of a large yield. and the
price has declined a quarter of a cent
for the week.
All industries are pushed to increase
working force with occasional rise in
rate of wages by the growing demand.
The advance in cotton goods has been
checked by the decline in material.
but in wooden goods the advance in
prices has been small compared with
the rise in wool, which is helped by
stronger prices at London sales. The
dealings, mainly speculative have
amounted to sc, sol 100 pounds in four
weeks, 4S.572. 200 being domestic, but re-
cent sales of very large lots suggest
that profit taking may have begun.
Slower in gain, because less affected
by replenishment of dealers stocks
than other industries. the iron manu-
facture has been pushed to further ex-
pansion ny growing demand for
finished products which has caused a
little further advance in prices. while
pig iron is also higher, rs cents for
bessemer at Pittsburg with purchases
of 10000 tons by one concern, and as
the average advance in all iron and
steel prices, 9.9 per cent. from the low
est point, is still restricted by addition
of many furnaces and other works to
those in operation. Shipments of boots
and shoes, 10 per cent. larger than last
year in September and 14.6 per cent
larger than in 1892 continue in spite Of
general reluctance of dealers to give
orders for the future unless at old
prices.
Failures for the week has been IA in
the United States against 299 last year
and "a in Canada against As last year.