The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-10-02
LOWEST 23 YEARS.
Record of Failures for the Third Quar-
ter of 1897.

New York, Oct 2.-R. C. Dun & Cos.
weekly review of trade says in its
issue today:
The failures during the third quarter
of 1897 obtained yesterday by telegraph
were 2 903 with liabilities of $2S, 963, PSI,
of which 20 were in banking for $3.50
069 Commercial failures 2S74 with Ii
abilities of S25,576,192, average only So
$50 each, lower than in any other quar-
ter for % years. The amount of de-
faulted liabilities is the smallest in any
quarter for five years and in Is years
only six quarters have shown smaller
liabilities.
Manufacturing failures 651 with liza
biIities of $943I.19 average but $14,487
each and trading 2,164 with liabilities
of So, 825, O65, average but $5,927 each,
both smaller in average of liabilities
than in any previous year of which
classified records exist. The volume
of legitimate business continues a little
larger than the last month of 1892, for
while the great increase of 27.4 per cent
at New York for the week might be
supposed to be due to speculative ac-
tivity in spite of the establishment and
growth of the stock exchange clearing
house, yet payments through the prin-
cipal clearing houses, outside of New
York exceeded those of 1892 by 3.5 per
cent for the week and 90 per cent for
September. New York makes settle
ment for large part of the country and
daily average including this city was in
September S206, 1854 900, against $134 S59,-
600, last, $133 80 900 in 1894; S122, 733, 900
l,UD
the gain over the same month in the
best past years is 40 per cent
These evidences of reViving prOsperi-
ty are more important because prices
have advanced but moderately and are
below the level of 1892, while specula-
tive markets are all declining with
curious unanimity as if the large crops
which make grain and cotton weak would
not assume increased business to rail-
ways, and warrant better prices for
stocks.
Speculation in wheat and cotton has
been set back by bright crop prospects.
The wheat estimates of $50, GOO 600 bush
els about 200 900 900 bushels more
than would be required for food and
seed leaving the smallest stocks for six
years without replenishment was fol-
lowed by decrease in foreign buying
and caused weakness. Yet western re
ceipts for four weeks were q, 1854
bushels against 24,094, 044, for the same
weeks last year and Atlantic exports,
flour included, are 16 325,11S bushels
against 8,116,364 last year. while Pa
cific shipments are also very heavy and
corn exports continue over per cent
more than last year. The price of
wheat has declined sc and corn nearly
&c for the week. Dismal reports have
Deen frequent, but the market shows
more faith in prediction of some large
yields and prices declined a quarter of
cent for the past week.
Turning from speculative markets to
productive industry, the change in tone
is striking. All industries are pushed
to increase working force with occas-
iOnal rise in rate of wa ges by the grow
ing demand. This is largely for re-
Punishment of stocks. but dispatches
show that retail trade at nearly all
northern points continues to expand
and dealers well know that increase of
working force and Of wages insures a
larger distribution of goods.
Numerous appeals for speedy deliv-
cries disclose more rapid distribution
already than had been expected, and in
textile manufacturer the works are
hindered from taking as liberal orders
as they might by doubts about future
prices, though having enough to do for
some time. The advance in cotton
goods has been checked by the decline
in material but in wooden goods the ad-
vance in price has been small compared
with the rise in wool, which is helped
by stronger prices in London sales.
The dealings, mainly speculative have
amounted to &c, sol 100 pounds in four
weeks, 4S,572,2 200 being domestic but re
cent sales of very large lots suggest
that prOfit-taking may have begun.
Slower to gain, because less affected
by replenishment of dealers stock
than other Industries, the iron manu-
facturerS has been pushed to further
expansion by growing demand for fin
ished products, which has caused lit
tie further advance in prices, while
pig IRON IS also higher, % cents, for BeS-
sener at Pittsburg, with purchases of
10000 tons by one concern, and as much
higher for anthracite No. l at the east
with No. ? advancing by the associa-
ton to $40. so and southern No 9 no
longer offered below IS, at Birmingham.
The average advance in all iron and
steel prices, SO per cent from the low
est is still restricted by addition of
many furnaces and other works of
those in operation.
Failures for the week have been 1914
in the United States against 299 last
year and "a in Canada, against 46 last
year.