The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-02


NEW YORK. Oct I-R q. Dun &
Co.'S weekly review of trade will say
In Its issue tomorrow:
The failures during the third quarter
Of 1897, obtained yesterday by telegraph.
were 2,sO3, with liabilities OF s2S,se22sl,
of which twenty-uIne were in banking
for $3,SS7,OG9. commercial failures 2,S7i
with liabilities of s95.576,1sS average on
ly $3.50 each, lower than in any other
quarter for twenty-three years. The
amount OF defautted liabilities IS the
smallest in any quarter for five years,
and in fifteen years only six quarters
have shown smaller liabilities. Manu-
featuring failures, G5l, with liabilities Of
ss,43l, 1sl, average but $l4,4s7 each, and
trading 216I, with liabilities of $685.
o6J, average but ;J,S27 each, both small
er in average OF liabilities than in any
previous year of which classified re-
cords exist.
The volume OF legitimate business
continues little larger than In the
same month OF 1892, for while the great
increase OF 2L4 per cent at New York
for the week might be supposed to be
due to speculative activity, in spite OF
the establishment and growth OF the
stock exchange clearing house, yet pay
ments through the principal clearing
houses outside OF New York exceeded
- I,tV fnP fha
week, and 20 per cent for September
New York makes settlements for n
large part OF the country and the daily
average Including this city, was In
Sept. $2O6, ,3G4. 900 against S134,s59,00O last
year, SlS3, $40, 900 in 1894, $l22,733,O0o In
1898, and SIG 327, 900 In 1892. go that the
gain over the same month in the best
of past years Is 40 per cent. These evil
dences of reviVing prosperity are the
more important because prices for most
manufactured products have advanced
but moderately and are much below the
level of 1892, while speculative markets
are all declining with curious unanim-
ny as " the l1rgg-cfbpS which make
grain and cotton weak, would not ass
sure increased business to railways and
warrant better prices for stocks
Speculation IN wheat and cotton had
been set bhcls by bright crop prospects.
The wheat estimates OF 500 900, 900 BUSH
els, against 2OO,0OOOO0 more than would
be required for food aud seed. leaving
the smallest stocks for ElX years with
out replenishment, was followed by de-
crease in foreign buying and caused
weakness. Yet western receipts for
four weeks were but 27,S2j,554 bushels,
against q, ,Ooi, ,0i4 for the same week last
year and Atlantic exports -four includ-
ed are 1G, G,32j,llS bushels, against S,116,-
S64 last year. while Pacific shipments
are also very heavy and corn exports
continue over 70 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 moro
faith in predictions of large Weld and
the price has declined 1tc for the week.
Turning from speculative markets to
productive industry the change in tone
is striking. Allindustrles are pushed to
increnso working force with occasional
rise in ratcsgof wages, by the growing
demand. This Is largely for replenish-
ment OF stocks, but dispatches show
that retail trade ut nearly all northern
points continues to expand, and dealers
will know that Increase of working
force and OF wages ensures larger dis
tributlon Of goods. Anxious appeals for
speedy deliveries disclose more rapid
distribution already than had been ex-
pected and IN textile manufactures the
works nre hindered from taking as lib
erni orders as they might by doubts
about future prices. though having
enough to do FOR some time. The nd
vance I'm cotton goods has been checked
by the decline In material. but In wool
on goods the advance In prices has been
small compared with the rise in wool.
which IS helped by stronger prices nt
London sales. The dealings, mainly
speculative, have amounted to 66,bOl,lOO
rounds In four weeks. As, ,572, 200 being do
mestIc. but recent sales Of very large
lots suggest that profit taking may have
begun.
slower to gain, because less affected
By rcplcnishmento OF dealers, stocks than
other industries, the iron manufacture
has been pushed TO further expansion
by growing demand for finished pro-
tlucts, which has caused little further
advance in prices while plu iron Is also
higher, twenty-five cents for Bessemer
at Pittsburgh, with purchases OF 10000
tons by one Concoyn, md ~ much high
or for anthracite No. at the east, with
No. 9 advanced by the association 10
$40 30 and Southern No. ., no longer of
fered below IS at birmingham Tho
average advance In all iron and steel
.prlccs, 80 per cent from the lowest
polnt M slill restricted by addition OF
mRny furnaces, and other works. of
those IN operation,
Failufca COR tho week have been 1871 In
fbo United states nrlinst 200 last year.
ana thIrty-four In Canadn, against for
tY.nlE Inst Eenr.