The San Francisco call., 1897-10-02

quarter for twenty-three years. The amount of
defaulted labi tiles is the smalest in any quarte-
ters have shown sru al er liabilities Manufactur
Ing failures 651, with iiabiiti of s9,431,19l
average but S1s,4S5 each. and trading 2l64, with
liabil ties CT Sl2 S25 065, but S5925 each
10th smaller in average of liabilities than in any
previous year Of which classified records exist.
Ihe volume OF legitimate business continues a
little larger than in the same month of 1892, for
whch the great increase of 274 per cent at New
ork Tor the week might be supposed TO be due TO
speculative activity in spite of the establishment
and growth of the Stock Exchange Gearing
houses, yet payment THROUGH the principal clear
ng-houses outside OF New York exceeded those of
1892 by 80 per cent for the week and per cent
Tor september. New ork makes settlem ents for
large part of the country. and the daily average,
including this city, was in september $2o6-
S64 QUO as ainst $lS5,499,O00, against Sl3i.3l0,-
600 in 1924. $.2- ,S33.LOO in 1898 and $176 327.-
eOo In 1857; so that the gain for the same month
IN the best OF the past years is II per cent.
more important bee use prices for most manu-
factured products have advanced but moderately
and are below the level of 1892, while speculative
markets are ali declining with curious unanimity,
as II the large crops which make grain and cotton
weak would not assume increased business to rsi-
ways and warrant better prices for stocks
Speculation in whe II and cotton has been set
pack oy bright crop prospects The wheat esti-
mates of $4,000. .0CU bushels, about 200 OOO. 600
bushels more than would be required for food and
seed, leaving the smallest stocks for six years
without replenshmeuL was followed by decrease
IN foreign buying and caused weakness. Yet
bushels, against Z4,094. O44 bushels for the same
weeks OF last year.
atlantlc exports Hour included. are 1850, j 10
bushels against S,176 81 last year, while Pacific
shipments are also very heavy and corn exports
continue over per cent NOR than last year. he
price OF wheat has declined sc aud corn nearly &c
for the. week. Dismal reports have been fire.
quent DuI the market shows more faith In pre-
uictions OF large yield, and the per cent has de-
clined lac for the past week.
Turning from a specul latve market to q pr0duc-
tive industry, the cha. &c in is striking All
industries are pushed TO increase working force.
Win occasional rise in rate of ages by the grow
ing demand. This is largely for the repIenlsn-
ri raj
trade at nearly all Northern points continues to
expand; ana dealers wei know tnat increase of
working force and of wages iuSures a larger dis
tr1bution OF goods.
Numerous appeals for speedy 'liveries disc ose
more rapid distribution alread, than bad been eX-
pec:eG, and in textile manufactures the works are
nlhuere0 from iak1Dg liberal orders they might
oy doubts about future prices hough hav ng
enough 10 DO Tor some time. The advance IN COL
ton goods has been cheek ed by the decline in ma
has been small compared with The rise in wool
whicn is helped 'by stronger prices at London
safes i ne dealings, mainly specu atiVe, have
anEo united 10 66f sol 900 lbs in four weeks,
4s,o72,EoO being domestic but sales of very
large iots suggest That profit taking may have be-
gun.
Slower to gain, because less affected by replen-
ishment OF dealers stocks than other ind 1stries,
the IRON m anuiacIure. has been pushed 10 further
expansion by growing demand for finished pro-
in prices, wh- pigiron is higher, Is cents for
Bessemer at Pittsburg, with purchases of $4,000
tons Dy one concern. The average advance in all
iron and steel prices, 9 per cent from the lowest
Is stlIl restric ed by addition of many furnaces
and other works OF tn ose in operation.
Fail ures for the week have been 194 In the
United STATES against 299 last year, and "a in
Cauada against 46 last year.