The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1897-10-09
DUN'S WEEKLY REVIEW.
OF LEGITIMATE BUSINESS
CONTINUES LARGE.

Speculation in Wheat and Corn Has Been
Set Back by Bright Crop Prospccts-.'
Iron Manufacture Pushed to Further
Expansion by Growing Demand.
R. G. Dun & Co. 8 weekly review OF
trade, of Saturday, says:
The failures during the third quar-
ter of 1897, obtained Friday by tele.
graph, were 1908. with liabilities Of
e28, $50, 261, of which 30 were in bank.
ing, with liabilities of So, 1897, 069; com.
mercial failures 2,974, with liabilities
of $25,576, l42, an average of only
IS, 1913 each, lower than in any quarter
for twenty-three years. The amount
of defaulted liabilities is the smallest
in any quarter for five years, and in
fifteen years only six quarters have
shown smaller liabilities. Manufac'
turing failures 651, with liabilities Of
50, 431, 1911, an average of but $14, 487
each, and trading 2;l64, with liabili-
ties of $l2,S25, Cos, an average of but
1927 each, both smaller in average
CT 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
for the week might be supposed to be
due to speculative activity in spite Of
the establishment aud growth OF the
stock exchange clearing house, yetpay-
ments through the principal clearing
houses outside Of New York exceeded
those of 1892 by 8 5 per cent. for the
week and 40 per cent. for September.
New York makes settlements for q
large part OF. the country and the daily
average, including that city, was in
September $206, 984, 900 against 1884,
O59,0 900 last year, $l33, $40, 00O in 1894,
1922, 1888, 900 in 1898, and SIG, 327, 600
in 1892, so that the gain over the same
month in the best of past years is 40
per cent.
These evidences of reviving prosper.
ity are the more important beoapAe
prices for most manufactured products
have advanced but moderately and are.
much below the level of 1892, while!
speculative markets are all declining
with curious unauimity.
Speculation in wheat and corn has
been set back by bright crop prospects.
A decrease.in foreign buying caused
weakness. The price of wheat has de.
clined Sc, and OF corn nearly 20 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 occas.
ional rise in rates of wages, by the
growing demand. This is largely for
replenishment of stocks but dispatches
show that tho retail trade at nearly all
northern points continues to expand
and dealers we'll known that increases
of working force and Of wages insure q
large distribution of goods. Anxious
appeals for speedy deliveries disclose
more rapid distribution already than
had been expected, and in the textile
manufactures the works are hindered
from taking as liberal orders as they
might by doubts of the prices. though
having enough to do for some time:
The advance in. cotton goods has been
checked by the decline in material but
in the WOODEN 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, mainly speculative, have
amounted to &c, sol, 100 pounds in four
weeks, 40, 572. 200 being domestic but
recent sales of very large lots suggest
that profit taking may have begun.
Iron manufacture has been pushed
to further expansion by growing de.
mand for finished products, which has
caused little further advance in prices,
while pig iron is also higher, 25c for
Bessemer at Pittsburg, with purchases
of thirty thousand tons by one con-
Germ, and as much higher for anthra-
cite No. l, at the East, which was I'D.
vanced to $1,000 and Southern No. 2,
no longer offered below So at Birming.
ham. The average advance in oil iron
and steel prices, 9.9 per cent. from the
lowest point, is still restricted by adj
dition of many furnaces and other
works Of those in operation.
:. Failures for tho week have been 1874
in the United States, against 299 last
year, and "a in Canada against 46 last
year.
! The