The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-02
Volume of Legitimate Bust
ness Continues Larger
Says Dun's.

~ -
weekly review of trade tomor-
row will say: The failures during the
third quarter of 1897, obtained yester-
day by telegraph, were 1908, with LA
bilities of. $2S,9S3, ,261, Of which twenty
nine were in banking for $3,3S7, O69.
Commercial failures were 1874, with
liabilities of $25,576,192, average only
$9 S99 each. lower than in any other
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. Manu-
featuring failures were 651, with liabil-
tiles of $9,431, ,191, average but $14,4S7
each, and trading 2,164, with liabili-
ties of $12,825,0 ,065, average but $5,927
EACH both smaller in average of la
bilities than in any previous year of
which classified records exist.
The volume of legitimate business
continues a little larger than in the
same month of 1892, for while the
great increase of 27.4 per cent in bank
clearings at New York for the week
might be supposed to be due to specu-
lishment and growth Of the stock ex-
change clearing house, yet payments
through the principal clearing houses
outside Of New York. exceeded those
of 1892 by 3.5 per cent for the week,
and 2 per cent for September. New
York makes settlements for a large
part Of the country and the daily aver
age, including this city, was in Sep
tember. $2O6, 1854, 900 against $134, 900
last, $13S, 900 in 1894, $122, 733, 900 in
1898, and $176, 1927, 900 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 because
prices for most manufactured pro-
ducts have advanced but moderately
and are much below the level of 1892,
while speculative markets are all de-
clining with curious unanimity, as if
the large crops which make grain and
cotton weak would not assure in
creased business to railways and war
rant better prices for stocks.
Speculation in wheat and cotton has
been set back by bright crop pros
pects The wheat estimate of 590,000,-
600 bushels, about 200,000,000 bushels
more than would be required for food
and seed, leaving the smallest stocks
for six years without replenishment,
was followed by decrease in foreign
buying and caused weakness. Yet
Western receipts for four weeks were
but 27,825,5 bushels, against 24,094, ,044
for the same weeks last year, and At
lantic exports, flour included, are 49,
325, ,11S bushels, against S,176,364 bushels
last year, while Pacific shipments are
also very heavy and corn exports con-
tinue over per cent more than last
year. The price of wheat has declined
five cents, and of corn nearly two cents
for the week. Dismal reports have
been frequent but the market shows
more faith in prediction of some large
yield and oats declined a quarter of
a cent for the week.
Turning from speculative markets to
productive industry, the change in tone
is striking. All industries are pushed
to increase working forces with oc-
casionalIy rise in rate of wages, by
the growing demand. This is largely
for replenishment of stocks, but dis
patches show that retail trade at near
ly all Northern points continues to eX-
pand, and dealers well know that an
Increase of working forces and of
wages ensures a larger distribution of
goods. Anxious appeals for speedy de-
{iveries disclose more rapid dlStrlbu-
ton already than had been expected.
In textile manufactures the works are
hindered from taking as liberal orders
as they might by doubts about future
prices, thought having enough to do
for some time. The advance in cotton
goods has been checked by the decline
in material, but in woolen goods the
advance in prices has been small COM
pared with the rise in wool, which is
helped by stronger prices at London
sales.
Failures for the week have been 1914
in the United States, against 299 last
year, and "a in Canada, against 46 last
year.