The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-05
Dun & Co.'s Report on Failures.


NEW YORK, June Ar. c. Dun & Co s
weekly review of trade tomorrow will say:
The statement of failures in May by
branches of business gives much encour-
agement. In amount of defaulted liabilities
the month was the smallest since Septem-
Der, 1895; manufacturing liabilities the
smallest since November, 1895, and in trad
ing liabilities the smallest since Septem-
Der, except the last month of 1894 Fail
ureS of general stores have not been as
s small in in any month mo as in May, 1897; in
there been smaller failures in books and
mats, only five in groceries and not one
trading CLASS in that month has reported
failures larger than in the half the pre-
ceding months, though in furniture failures
are rather numerous. In clothing manu-
facture the month was the smallest except
four out of thirty-siX except five in chem
icals six in wooden goods, seven in machin-
cry, lumber and miscellaneous manufac-
lures, and exceed the average only in iron
and cotton goods and earthen ware, owing
to few failures of exceptional size. No
pody can mistake the meaning of such re-
turns. Inc statement that except for the
temporary depression in prices, the volume
of business transacted is now larger than
IL was In 1897 the year of greatest pros
perity, has been questioned by some But
comparison of prices this week in the
leading branches of manufacture not only
confirms that view, but shows a remarkable
similarity to the course of prices in the
earlier months of 1879 when the most Won
dertul advance in production and prices
ever known in this or any other country
was close at hand. The key of the situa-
ton is the excessive production of some
goods in advance of an expected increase
in demand In 1879 consumption gradually
gained, month by month. until suddenly it
was found that the demand was greater
than the possible supply. All know how
prices then advanced and the most marvel
Gus progress in the history of any country
resulted within two years. Reports from
all parts of the country now show that
retail distribution of products - unusually
large and increasing. There is improve
ment in the market for farm pro ucts. Cot
ton is not higher. and the belief that the
next crop will be large in spite of the
floods is general, while the demand for
goods does not change, although in this
country 1t Is large enough to keep the mar
ket for most goods steady Nor is there
any satisfactory demand for wooden goods
ana the sales of wool for the week have
been only 5,S35,90O pounds and for five weeks
"a, Gal 400, against 26 0150 in the CORE
spending weeks of 1892 The transactions
greatly exceed the demands of the mills
although they are larger of late because
manufacturers of wooden goods have stead
lily increasing orders. The iron industry is
apparently expanding production and is
certainly getting larger contracts in part
because of very low prices. 1c being made
Tor beams. BeSSemer pig is stronger and
gray forge a shade weaker under pressure
OF Southern anxiety to sell. The rail mills
are all full, the Illinois Steel Company hav-
ing orders for a railway and bridges in
Corea and there is better demand for
plates and sheets and from makers of agri-
CuIluid III implements DIT Lineage Tor DdrS.
Shipments of iron ore from Duluth far eX-
coed those of any previous year, both the
Minnesota Iron Company and the Carnegie
mines shipping over 100000 tons each per
week. While the rod combination has not
yet been formed expectation of it with a
large demand has advanced prices of nails
5 cents per keg. Tin is very firm in spite
of visible supply of "a 436 tons at 1850
cents and there are large dealings in cop
per not above II cents for lake. Lead is in
fair demand at 3.25 and tin plates are still
selling at $500 for full weight American
Crop prospects are so good that the
rumors customary at this season have no
attention. II was stated a week ago that
along the Northwestern roads prospects
were remarkably bright and highly favor
able reports have since appeared from Kan
sas and from Texas and given in to-
days dispatches from the Pacific coast.
Failures for the week have been 241 in
the United States, against 23I last year, and
81 in Canada, against 70 last year.