Iron County register., 1897-10-07
puN.s COMMERCIAL REvIEw.

Falling OR-The Largest Trade Ever
Known-The Volume of Clearinghouse
Transactions Unprecedented, While the
Various Manufactures Show Marked In-
crease-FaIIures for the Week.
New YORK. Oct ar G. Dun & Co.'s
weekly review of trade says:
The failures during the third quarter
of 1897 obtained yesterday by tele-
graph. were 2,903, with liabilities of
S2S, 96S, ,261, of which 90 were in bank
ing for SS, as7, ,069. Commercial failures,
2,s74, with liabilities of S25.576, 192;
averaging only S., s99 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 15 years only six quarters have
shown smaller liabilities. Manufac.
turing failures, 651, with liabilities of
50, AL, 191, averaging but S14, ,457 each.
and trading, 2, 164. with liabilities of
S12, S25, ,O65, averaging but So 927 each,
both smaller in average of liabilities
than in any previous year of which
classified records exist.
The volume of legitimate business
continues little larger than in the
same month of 1892, for while the
great increase of 27.4 per cent. at New
York might be supposed due to specu-
lative activity, in spite of the establish
ment and growth of the stock ex-
change clearinghouse. yet payments
through the principal clearinghouse
outside of New York exceeded those of
1892 by S.5 per cent. for the week, and
30 per cent. for September.
New York makes settlements for q
Iarpo Tf of hn he
daily average, including this city, was
in September S206, S64. 900, againstS134,-
S59, 900 last year; $133, 80, 900 in 1894;
S122, 733, 600 in 1898 and $l76, ,S27. 900 in
1892, so that the gain over the same
month in the best of past years is no
per cent.
The evidences of reviving prosperity
are the more important because prices
for most manufactured products have
advanced but moderately, and are be-
low the level of 1892. while specula-
tive markets are all declining with Gu
1ious 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.
Speculation in wheat and cotton has
been set back by the bright crop pros
pects The wheat estimates of 59O,-
900, 900 bushels, about 200, 600, 900 bush
els more than would be required for
food and seed, leaving the smallest
stocks for six years without replenish-
ment, was followed by decrease in for
eign buying and caused weakness.
Yet western receipts for four weeks
were %, S25, 554 bushels, against "a, ,O94,- :
044 for the same weeks last year, and
Atlantic exports, flour included, are
Iii, 325, 11S bushels, against S,17e, 364
last year, while Pacific shipments are
also very heavy and corn exports con-
tinue over seven per cent. more than
last year.
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 demand. This is largely
for replenishment of stocks, but dis
patches show that retail trade at nearly
all northern points continues to ex-
pand and dealers well know that in
crease of working force and of wages
insures a larger distribution of goods.
The advance in cotton goods has
been checked by the decline in mater
ial, but in woolen 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, mostly speculative, have
amounted to 66, sol, 100 pounds in four
weeks, As, 572, 200 being domestic, but
recent sales of very large lots suggest
that profit taking may have begun.
Slower to gain, because less affected
by replenishment of dealers stocks
than other industries. the iron manu-
facture has been pushed to further ex-
pansion by a growing demand for fin
ished products.
Failures for the week have been 1914
in the United States, against 299 last
year, and 81 in Canada, against 46 last
year.