The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-02
Failures for the Third Quarter of 1897
Great Boom in the Industries.


NEW YORK, Oct. 1.-R. G. Dun & Co.'s
weekly review of trade will say in its issue
tomorrow: The failures during the third
quarter of 1897, obtained yesterday by tele-
graph, were 1908, with liabilities of $2S $685.
261, of which twenty-nine were in banking
for So. $751;, 069. Commercial failures 2,S74 with
liabilities Of s25576,192, average only S. 1899
each, being lower than in any other quarter
for twenty-three years. The amount of de-
faulted liabilities is the smallest in any
quarter for five years, and in fifteen years
only six quarters have shown smaller liabil-
tiles. Manufacturing failures 651, with LA
bilties of So, 43i, 49, average but $14. 4S7 each
trading, 2164, with liabilities of $12 825 O65.
average but $5,927 each, both smaller In
average of liabilities than in any previous
year of which classified records exist.
The volume of legitimate business con-
tinues little larger than in the same month
of 1892, for while the great increase of 27.4
per cent at New York for the week might
be supposed due to speculative activity in
spite of the establishment and growth of
the Stock Exchange clearing house, yet
payments through the principal clearing
houses outside of New York exceeded those
of 1892 by 35 per cent. for the week and
per cent. Tor September. New York makes
settlements for a large part of the country
and the daily average, including this city,
was in September S2O6. 1000, against S1S4,-
S5SOO0 last year. $685. SlOO 600 in 1884, SIZE 600
in 1858 and 1921 0U0 in 1892. so that the gain
over the same month in the best of past
years is II per cent. These evidences of re-
viving prosperity are the most important.
because prices for most manufactured
products have advanced but moderately and
heiQW ia laue of ..,hit
speculative markets are all declining with
curious unanimity as if the large crops,
which make gram and cotton weak, would
not assure increased business to RAILWAYS
ana arrant better prices for stocks.
speculation in wheat and corn mas been
set back by bright crop prospects. The
wheat estimates OF $50 0OU,O0U bushels about
2yVUUO,UUU bushels more tndn would be re-
qalfed Tor foo0 and seed, leaving the small
est stocks Tor six years without reDlenIsh-
lnent, was followed by a decrease in foreign
buying and caused weakness. Yet Western
receipts tor four weeks were but q Szo554
bushels, against "a, 094, O44 for the same weeks
last year, and Atlantic exports, flour in
Guided, are 10 1928, u8 bushels, against 3, TO-
So4 last year, while Pacific shipments are
also very heavy, and corn exports continue
over 10 per cent. more than last year. rne
price of wheat has declined cents and OF
corn nearly 2 cents for the week. Dismal
reports have been frequent, hut the market
shows more faith in predictions of large
yield, and the price has declined quarter
Turning from speculative markets to pro-
ductiVe industry, the change in tone is strik-
ing. All industries are pushed TO increased
working force, with occasional rises in rate
of wages, by the growing demand. This is
largely for replenlshment or stocks, but dis
patches show that retail trade at nearly all
Northern points continues to expand, and
dealers We'll know that increase of working
force and of wages insureS a larger diStribu-
ton of goods. Anxious appeals for speedy
deliveries disclose more rapid distribution
already than had been expected, and in
textile manufactures the works are him
dered from taking as liberal orders they
though having enough to do for some time.
The advance in cotton goods has been
checked by the decline in material, but in
wooden goods the advance in prices has been
small compared With the rise in WOOL which
is helped by stronger prices at London sales.
The dealings, mainly Speculative. have
amounted TO q, o0l, 100 pounds in four weeks.
as 512 200 being domestic but recent 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, the iron manufacture has been
pushed to further expansion by growing de-
caused little further advance in prices,
while pig iron Is also higher, 2o cents for
Bessemer at Pittsburg, with purchases of
80 O00 tons by one concern. and much
higher for anthracite NO ! at the East, with
No 2 advanced by the association to $3.50
IS at Birmingham. The average advance
in all iron and steel prices. 9.9 per cent from
the lowest point, is still restricted by the
addition of many furnaces and other works
of those in operation
Failures for the week have been 1874 in the