The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-04
Business Failures Growing Fewer and
the Average Liabilities Lower
than Ever known Before.
BANK CLEARlNGS HEAVIER
AN INCREASE OF 41.5 PER CENT. AT
INDIANAPOLIS THIS WEEK.
Cotton and WoOIIen Mills Busy, Iron
and Steel Industry More Active and
General Trade Improving.


Failures in the past August were in number
not II per cent less than in August, 1896,
but in amount of liabilities rs per cent.
smaller July and August show a lower
average of liabilities per failure THAN has
ever been known in any year or even in
quarter of the twenty-three years X. u.
Dun has kept quarterly records. The i'm
provement is also well distributed, extend
ing to nearly every important branch of
business. but in clothing, jewelry and un-
classified trading only two months OF the
past forty-seven have shown smaller fall
ures; in general stores and furniture only
three; in groceries, hats and iron manu-
facture, only four; in hat and chemical
manufactures, only five; and in clothing
manufacture only six months of the forty
seven The ratio of defaulted liabilities to
payments at clearing houses has been
smaller in July and August than in any
other month since early in 1893.
August was the first month in which the
daily average of settlements through clear
ing houses exceeded materially that OF the
corresponding month of 1892, the excess OF
the principal cities being 1878 per cent. Nor
is this due, might be supposed, to ac-
tivity in stock speculation, for the Stock
Exchange clearing house now disposes OF a
very large share of transactions, so that
they affect bank exchanges far less than
five years ago. The volume of business
here has been distinctly larger in other
than speculative lines than it was then, and
in textile goods phenomenally larger,
though slackening this week, buyers hav-
ing nearly completed their initial pur-
chases. With an extraordinary movement
in grain, heavy real-estate and building
ipnraaSp6 hnSineSS in
iron products, the month was clearly the
busiest August ever known
Wheat continued it's reaction until it had
fallen cents more, but then rose cents
with the first revival of foreign buying.
Western receipts are very large, though
not quite as large as a year ago, but At
lantic exports flour included, rose to
5534758 bushels for the week, against
2175, ,453 last year. The estimates which
command confidence still indicate yield
of $50, 600 to 5SO,OO00O0 bushels. winter
wheat turning out much beyond expec-
tations as to balance much of the loss in
spring wheat. Foreign accounts do not
improve, and unless much more deceptive
will far exceed the quantity which can be
spared. Continued large exports OF corn
clearly the extent of deficiencies abroad.
Western receipts for the week were 1O,O65,-
40 bushels. against l60,SS last year and
such movement at this season implies
great export demand not yet reflected in
outgo.
Cotton speculation made August dev-
cries costly, spot rising to SA cents, but
the market then drifted back quickly to
1852 cents. Conflicting news doubtless re-
gains that the crop will be large, if by
lateness not exposed to serious injury. The
mills are now running and turning out
great quantities of goods IN response TO
heavy purchases recently made Wool sells
largely between spectators, 1865 500
pounds for the week. Mills have been buy
consumed, and the goods market has been
so large and strong that they are en-
so per cent in year: Great quantities are
held by dealers at the West above prices
yet paid in seaboard markets.
The Improvement in the iron and steel
industry gains momentum, and a further
advance in prices makes 4.5 per cent. from
the lowest average, Aug. u. The demand
for bridge and shipbulding, including 10000
tons at Philadelphia in structural work. of
placed at Chicago, in bars and especially
in wire and wire nails, and all
have advanced an average of 81 per ton.
Southern and Western dealers have united
to advance prices of pig 25 cents Bessemer
at Pittsburg has risen 10 cents, and Eastern
markets are stronger. The demand for
cars is pressing and work for railways In
creases The first shipment of steel rails
from this country to Australia was of 1900
tons, by the Lackawanna Company. Tin
is slightly lower at 1866 cents, but heavy
exports, said to be over 100000 pounds
for the next three months, sustains copper
at 11A cents, and lead is strong at 410
cents.
Boot and shoe shipments. not quite S
per cent smaller than last year in August
nor per cent. smaller than in 1885, were
712 per cent smaller than in 1894 but We're
a little larger than in 1892. Buying is still
mostly for immediate needs but Is suffi-
cient to keep works well employed.
Failures for the past week have been I91
in the United States against 334 last year
and 25 against 81 in Canada