The herald., 1897-10-02
Dun q Co.'s ReYiaW

NEW YORK, Oct. 1.-R. g. Dun & Co.'s
weekly review Of trade will say tomorrow:
The failures for the third quarter of 1897.
obtained yesterday by telegraph, were
20OS, with liabilities of s2s, 1863, ,261 of which
20 were in banking for 50, 3S5O69. CONNER
cial failures, 1874, with liabilities of $685.,
SIG. 1872, an average Of only $SS99 each, low
er than in any other quarter for twney-
three years. The amount of defauited
liabilities Is the smallest in any quarter
for five years. and in fifteen years only
six quarters have shown smaller liabili-
ties. Manufacturing failures, 651, with liza
bilities of $9.431, ,191. an average of but $14 =
4S5 each; and trading 2164. with liabilities
Of $12,S ,O65 an average of but $5925 each,
both smaller in liabilities average than in
any previous year of which classified rec
ords exist The volume of legitimate busi-
ness continues a little larger than In the
same month of 1892, for which the gre at
Increase of 24 per cent at New York for
the week might be supposed due to specu-
lative activity in spite of the establishment
and growth of the stock exchange clear
ing house, yet payments through the prin-
cipal clearing houses outside of New York
exceeded those of 1892 by S5 per cent for
the week and per cent for September.
New York makes settlements for large
part of the country, and the daily average,
including this city, was in September $685. =
S64,0 against $134, 1858, 900 in 1895, against
$13S $40 600 in 1884, $122 1893 900 in 1893 and $176
S27 900 In 1892, so that the gain for the same
month in the best of the past years is II
per cent The evidences of reviving pros
perity are more important because prices
for most manufactured products have ad-
vanced but moderately and are below the
level Of 1892, while speculative markets
are declining with curious unanimity, as
II 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 bright crop prospects. The
wheat estimate Of SOC, 900 900 bushels Is about
200, 900 900 bushels more than would be re-
quired for food and seed, leaving the small
est stocks for six years without replenish-
ment. was followed by decrease in foreign
buying and caused weakness. Yet western
receipts for four weeks were 27S25, 554
bushels against A,094,044 bushels for the
same week last year, and Atlantic exports,
flour included. are 16, 1926, 118 bushels, against
S176,a64 bushels last year, while Pacific
shipments are also very heavy and corn
exports continue over per cent more
than last year. The price Of wheat has de-
clined Sc and corn nearly &c for the week.
Dismaf reports have been frequent, but
the market shows more faith in predic-
tions of a large yield, and the percentage
has declined quarter of q cent for the
week.
Turning from a speculative market to
productive industry the change In tone
Is striking. AL industries are pushed to
increase working forces, with occasional
rise In rate of wages by the growing de-
mand. This is largely for replenishment of
stocks, but dispatches show that the retail
trade at nearly all northern points con-
tinues to expand, and dealers well know
that increase of working force and of
wages insures larger distribution of
goods
Numerous appeals for the speedy deliv-
cry of goods disclose more rapid distribu-
tion, and in the textile factories the works
are prevented from taking as liberal orders
as they might on account of doubts of
ability to fill.
In wooden goods the advance in price has
been small compared with the rise in wool
which is helped by stronger prices at Lon
don. The dealings, mainly speculative
have amounted to &C. SOL 100 pounds in four
weeks, 4s.572, 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 stocks than
other Industries, iron manufacture has
been pushed to further expansion by the
growing demand for finished products,
which has caused little further advance
in prices, while pig iron is also higher, Csc
for Bessemer at Pittsburg, with purchases
of 10000 tons by one concern. The aver
age advance in all iron and steel prices.
9.9 per cent from the lowest, is still re.
stricted by the addition of many furnaces
and other works to those in operation.
Failures for the week have been 1874 in the
United States, against 2S9 last year; and
"a IN Canada, against 46 last year.