The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-06
Though Mild Weather Has Checked
Winter Trade, Many Mills Cannot
Fill Orders Fast Enough.
IRON INDUSTRY IS BOOMING
FROST IN THE SOUTH IMPROVING
BUSINESS IN THAT SECTION.
Continued Increase in Bank Clear
ings-Gain at indianapolis This
Week Over 81 Per Cent.

NEW YORK, Nov. 5.--R. G. Dun & Co.'S
weekly review of trade will say tomorrow:
Stronger proof OF the great change in the
condition OF business could not be given
than is found in the detailed report of fail
ures by branches of business for the month
of October. Though swelled by a few large
speculative or brokerage failures, the ag-
gregate was smaller than in any other
month for more than four years, except in
July and August and one month in 1894 The
manufacturing and trading failures, $7,S23-
1893, against 1880. 81 in September and ST.
1895 in August, include one for S1,OOO.O 900,
having no relation to the present state of
business During the four years iron man
ufaeturing failures have not been smaller
except in one month; wool manufacturing.
except in two months; boots and shoes and
unclassitied manufacturing, except in four
months, and cotton manufacturing except in
six months. OF trading classes, failures have
never been smaller in groceries, jewery and
books, except in one month; in clothing.
furniture and unclassiied trading, except
in two months. and ten manufacturing and
eleven trading classes out of fourteen each,
have never reported smaller failures in a
third Of the past forty-eight months. I'm
provement so general. with remarkably
has meaning which cannot be mistaken.
The quiet following the great rush of or
ders and purchases for over two months is
still increased in many branches by I'M
seasonably mild weather and yet the mills
are obliged to refuse many orders because
unable to finish previous engagements soon
enough. 1t is in every way fortunate for
the industries and the would-be buyers,
since speculative purchases would other
wise advance prices so fast as to make re-
action probable. More works have joined
the active list, including some long idle.
and the production in iron manufacture is
the greatest ever known. The output of pig
again exceeds the demand, which naturally
diminishes near the close of the year. and
prices yield slightly, but the consumption is
kept at the maximum by pressure of or
ders, which the works not able to fill
fast enough The Illinois Steel Company,
though shipping 5000 tons of finished prod
ucts per day. is behind. Eastern and West
ern orders accumulate for railway materi-
ais, fo1 cars and bars, for ship plates and
structural form
Ccttpa manufacture is douby hindered by
decline in cotton and by accumulation of
goods with slow distribution, so that print
cloths have fallen to 2.31 cents a new low
record, and staple goods are sold at
cessons, all averaging not per cent. above
the lowest point. In wooden goods advance
has been arrested by doubt about the future
market for goods and cost of wool, which
has advanced slightly in October, though
heavy sales to take profits reported,
few at Boston covering 5000 900 pounds this
week. The mills have all they can do for
some time and the opening of the next sea-
son may be deferred until the future can
be more accurately judged. Cold weather is
greatly needed to hasten distribution of
textile goods and to provide indications of
the future demand.
Another rise in wheat lifted the price
above 81, but profit-taking speedily caused
reaction, and the price closed 2l2 cents
lower for the week. Receipts were about a
million bushels larger than last year, and
Atlantic exports, flour included. were 3 2S7,-
536 bushels against $685. 35 bushels last
year. Exports in October as in September,
were heavier than in any preceding month,
and after gloomy reports of the condition
or winter wheat extensive rains have caused
material Improvement. Corn has grown
and authorities much credited estimate the
hardly permit continuance of heavy exports
in place of wheat through the year Cotton
has not lifted above cents, and the ac-
emulation and declining prices of goods,
with the somewhat increased prospect of
extensive stoppage of English mills, causes
less speculation than usual
Failures for the week have been ZIG in the
United States, against 230 last year, and so
In Canada, against So last wear.