Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1897-09-15
BANNER YEAR WAS BEATEN.
Lower Average of Liabilities Than Any Pc
riOd During % Years Past.


| riOd During 20 Years Past
New YORK, September 3.-R. G. Dun
& Cos, weekly review of trade will say
tomorrow
Failures in August were in number
not only II per cent. less than in Au.
gust, 1896, but in amount of liabilities
7O.S per cent. smaller. July and Au-
gust show lower average of liabilities
per failnre than has ever been known
in any year or even in quarter of the
twenty three years Dun & Co. have
kept quarterly records. The improve.
ment is also well distributed, extend.
ing to nearly every important branch
of business, but IN clothing, iewelry
and unclassitied trading only two
months of the past forty seven have
shown smaller failures, in general
stores and furniture only three, in gro
ceries, hats and iron manufacture only
four, in hat and chemical manufac.
lures only five and in clothing manu-.
facture only six months of the forty
seven. The ratio of defaulted liabili.
ties to payments at clearing house has
been smaller in July and August than
10 any other month since early in 1893.
August was the frs; month in which
the daily average of settlements thro
clearing houses exceeded materially
that of the corresponding month OF
1892, the excess at the principal cities
being 1873 per cent. Nor is this due, as
might be supposed, for activity in stock
speculation, for the stock exchange
clearing house now disposes of q very
large share of transactions, so that
they afford bank exchanges far less
than five years ago. The volume of
business here has been distinctly larger
in other than speculative lines than 1t
was then, and in textile goods phe.
nomenally larger, though slackening
this week, buyers having nearly com.
pleted their initial purchases. With
an extraordinary movement in grain,
heavy real estate and building trans
actions and increased business in iron
products, the month was clearly the
busiest August ever known.
Wheat continued its reaction until it
had fallen 4c more, but gained Sc with
the first revival of foreign buying.
Western receipts are very large, though
not quite as large as year ago, but
Atlantic exports, flour included, rose
to 5,534 ,75S bushels for the week against
2,175,45 lastyear. The estimates which
command confidence still indicate
yield of 550,000,OOO to $4,000, 900 bush.
els, winter wheat turning out 30 much
beyond expectation as to balance much
OF the loss in spring wheat. Foreign
accounts do not improve and unless
much more deceptive THAN usual, the
demand for American wheat will far
exceed the quantity which can be
spared.
Continued large exports of corn and
buying for export show still more
clearly the extent of deficiencies abroad.
Western receipts for the week were
lO,65O ,47O bushels against 8, 100 1913 last
year, and such movement at this sea
son implies great export demand not
yet reflected in outgo.
Cotton speculation made in August
deliveries costly, spot rising 10 8tc, but
the market then drifted back quickly
to 762c. Conflicting news doubtless
reflects conflicting facts, but the opin.
ion gains that the crop will be large if
by lateness not exposed to serious in
jury. The mills are now running and
turning out great quantities of goods.
Wool sells largely between specula-
tors 10, ,569,5OO pounds for the week.
Mills have been buying more freely.
Great quantities are held by dealers at
the West above prices yet paid In Sea.
board markets,
Tho improvement in the iron and
steel industry gains momentum and
further advance in prices m axes As per
cent, from the lowestaverages, August
l2. The demand increases for sheets
and plates, especially for bridge and
ship building, including 10000 tons at
Philadelphia in structural work, of
which it is said 10000 tons have been
placed In Chicago in bars, especially in
wire and wire nails, and all have ad.
vanced an average of 81 per ton.
Southern and Western dealers have
united to advance pig 22c. Bessemer
at Pittsburg has risen lOc and Eastern
markets ale stronger.
The demand for cars is pressing and
work for railways increases. The first
shipment of steel rails was made from
this country to Australia.
Tin is slightly lowered at 18 65, but
heavy exports, said to cover 10, 900 900
pounds for the next three months sus.
tain copper at III and lead is strong at
4.10.
Boot and shoe shipments not quite
five per cent. smaller than last year in
August nor four per cent. smaller than
in 1895, were " per cent. smaller than
in 1894, but were little larger than in
1892. Buying is still mostly for imme.
diate needs but is sufficient to keep
works well employed.
Failures for the past week have been
l9l 10 the United States against 1874 last
year and 25 against 81 in Canada.
Legal Protection Needed for Wives.
The following is taken from the an