The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-04-10
BANKING
FAILURES
Cover More Than One Fifth Of
the Total Amount
For the First Quarter of the
Current Year
SAYS r. G. DUN & co.
Trade Has Been Greatly Ham
pered the Past Week
BY Floods, WashOuts and Bad
Weather.
SAYS r. G. DUN & co.

New York, April 1O.-R. G. Dun &
Co.'S weekly review says:
Out of 4OO6 failures with liabilities Of
$50, 762, 561 in the first quarter, banking
failures cover more than a fifth of the
amount, $12. 744,6 $50 AMI 3,345 failures
with liabilities of $35, 947, 1872, or nearly
three-fifths, are classified this week &C
cording to branches of business, leaving
only 587 failures, and less than a fifth Of
the liabilities, S12,O6O,O19, in branches of
manufacture or trade not specified.
Only two of the 10 manufacturing
classes and only four of IS trading class
es show liabilities for the quarter larger
than last year, and only one manufac-
turing and three trading show larger
average liabilities. For the month only
three manufacturing and four trading
classes show larger amounts than last
year and only two manufacturing and
five trading show a larger average.
In almost every case also it is shown
that the increase is due to one of two
exceptionally large failures in that
class. The returns compared with those
OF the three previous years disclose
much improvement already and a bright
prospect for more hereafter.
A sudden collapse in the wheat mar
ket, exceeding 3 cents in day, appears
to have no other cause than belated
perception that past accepted estimates
of yield and consumption, official and
=.
Floods and other unfavora BILE weather
for seeding have no weight. Expecta-
ton of great scarcity and high prices
burst like a bubble, and for a time the
only support was the taking of profits
by spectators for fall. Receipts have
not warranted hopes of a great ad-
vantage, nor do they now warrant such
expectation of a decline. Western re-
oeipts are smaller than last year. and
Atlantic exports not large, though over
so per cent larger than year ago.
Corn receipts continue heavy and ex-
ports for the week were 3, 1928, 337 BUSH
els against 1142,710 last year. and
against Atlantic exports of wheat
amounting, flour included, to only l.,
,122 bushels against 967, 553 last year.
In spite of floods, which must have ma
teTially affected the prospect, cotton
has only advanced an eighth during the
week The fate of those who were alb
sOlUtely certain that the crop of 1896
was very short, has left but little con-
ddence for further speculation. Receipts
thus far still indicate a supply of
American considerably greater than has
ever been consumed in one year, but
uncertainty about the coming crop in
duces much buying.
The demand for cotton goods does not
increase, although sales of fair magni-
tude continue, but printing cloths are
dull. Speculation in wool has been
checked on tariff prospects, while trad
ers here are less disposed to sell. But
trading between dealers makes up more
than half the sales of r. 73S, 400 pounds
for the week and since sales in six
weeks at three markets have been 1885,
464 900 pounds, it is not improba bic that
many mills have, as is claimed, full
years supply.
The demand for mems goods has di-
minished, the first round of purchases
having been completed by many buyers
with results fairly encouraging and the
demand for dress goods. especially for
lower grades, has caused an advance Of
5 per cent in some lines.
contest between Mesaba ore interests,
which prevents as yet any settlement Of
ore prices and leads many to expect
further decline in finished products. The
Illinois Steel works, the Lake Erie
works at Cleveland, and the works of
Oliver & Co. and ByerS e Co. at Pitts
burg are stopped by labor difficulties
and some furnaces have stopped be-
cause the production of pig had outrun
the demand for finished products and
heavy stocks remained unsold. BESSIE
mer at Pittsburg for pig brings only the
lowest prices on record, but no quota
BILE decline is seen in finished products.
BRADSTREET S.
Bradstreet's says: The situation as a
whole shows no gain. Staple lines are
only fairly active. OVerf1OWs, Washouts
and floods continue to do great damage
in the Mississippi and Missouri river
valleys, through which portion of gen
eral trade remains practically at
standstil. Rainy weather extending
from the central western TO northwest
ern spring wheat states made country
roads almost impossible with the natu-
raj effect. AS the region threa tened by
floods includes a portion of the cotton
belt the prospects indicate the posi-
bility of a heavy reduction in acreage
this year. Since the advance in cotton
this week, pig iron, steel billets and
cast iron pipe are lower in price, and
the demand for steel and iron is not as
heavy as it has been, although the price
of lake ore has been fixed at a low fig
ure and an iron ore pool formed.
Wheat has continued a disappoint-
ment as to price. dropping nearly
cents a bushel on Bradstree+'s report
on an increased worlds visible supply
last week. instead of a decrease, as ex-
pected. due to a larger quantity of
wheat in sight abroad.
Chicago has only about held its own,
little, if any, improvement being report
ed in trade there. ST Louis, more de-
pendent on traffic from the flooded reg
ion, reports a decrease in volume of
business.
Jobbers at Omaha, St Paul, NIilwau-
kee and Portland, Ore, report a better
demand, notably in dry goods, oils,
paints, glass, shoes and leather. Pros
pective advises in the wool tariff are
behind another rise in price OF wool
and woolens, but common goods thus
far fail to advance, because the re-
Stricted production is meeting current
demand. Nearly all staples. except
those mentioned as having advanced,
have declined.
Business failures remain at the lower
level recently reported, 232 this week,
compared with PIP last week, 231 in the
week a year ago, 225 two years ago and
211 three years ago.
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