Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1897-10-07
CONDITION OF TRADE.
Failures Show n Lower Average
Than for Many Years.

Than for Many Years.
New York, Oct. 2.-R. G.. Dun & Co., in
their weekly review of trade, say:
.sThe failures during the third quarter
OF 1897 were 2,903 with liabilities Of $751;
e63, POI, Of which 20 were in banking, for 3d.
387,069. Commercial failures, 2,874, with
liabilities Of $25,576,192, average only $3.50
each, lower than in any quarter for %
years. The amount of default liabili-
ties Is the smallest in any quarter for five
years, and in Is years only six quarters
have shown smaller liabilities. Manufac-
turing failures, 651, with liabilities of. &c.
431 191, average but s144S each; and trad
Ing 2,164, with liabilities of $12,s25,0G5, aver
age but $5,927 each, both smaller IN average
of liabilities than in any previous year OF
which classified records exist
1.-THE volume of legitimate business con-
tinues a little larger than in the same
month Of 1892, for while the great increase
of 27.4 per cent. at New York for the week
might be supposed due to speculative
activity, in spite of the establishment and
growth of the stock exchange clearing
house, yet payments through the prin-
scipal clearing house outside of New York
exceed those of 1892 by 3.5 per cent. for
the week, and 2 per cent. for September.
New York makes settlements for large
part Of the country. and the daily av-
erage, including this city, was in Septem-
ber $2Os, $4,000, against $134,859.0O0 last,
$133 80 600 in 1884, S12 900 in 1S93 and $780,,
1921, coo in 1892, SO that the gain over the
same month in the best Of past years is II
per cent.
''These evidences of reviving prosperity
are the more important because prices for
most manufactured products have adj
vanced but moderately, and are much be-
low the level of 1892, while speculative
markets are all declining with curious
unanimity, as if the large crops, which
make grain and cotton weak, would not
assure increased business to railways and
warrant better prices for stocks. Specula-
ton in wheat and cotton has been set
back by bright crop prospects. The wheat
estimates of $50, 900 900 bushels about 200,-
100000 bushels more than would be re-
quired for food and seed, leaving the
smallest stocks for six years without re-
Punishment, was followed by decrease in
foreign buying and caused weakness. The
price of wheat has declined cents and Of
corn nearly cents for the week. Dismal
reports have been frequent. but the mar
ket shows more faith In predictions Of
a large yield and the per cent. has de-
clined quarter of a cent for the week.
Turning from speculative markets to
productive industry, the change in tone
is striking. All industries are pushed to
increase working force, with occasional
rise In rate of wages, by the growing de-
mand. This Is largely for replenishment
Of stocks, but dispatches show that retail
trade at nearly all northern points con-
tinueS to expand, and dealers well know
that increase of working forces and Of
wages insures a larger distribution of
goods. Anxious appeals flor speedy dIeliv-
cries disclose more rapid distribution al
ready than had been expected, and in
textile manufactures the works are hin
dered from taking as liberal orders as
they might by doubts about future prices,
though having enough to do for some
time.
Slower to gain, because less affected
by replenfshment of dealers stocks than
other industries, the iron manufacture
has been pushed to further expansion by
growing demand for finished products,
which has caused a little further advance
in prices.
Failures for the week have been 1914
in the UNITED States, against 299 last year,
and "a in Canada, against 46 last year"