The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-03
A NEW AUGUST RECORD
LESS FAILURES AND MORE BUSINESS
THAN EVER RECORDED.
One of the Most Inactive Months
and Bradstreet's Trade Reviews.

NEW YORK, Sept. 1-R. G. Dun & Cos
weekly review of trade will say tomorrow: The
smallest failures ever recorded in any month for
five years were those of August. No other month
since the monthly reports were commenced by
Dun's Review has shown defaulted liabilities as
small within 81, 100000 and the ratio OF such de-
faults to solvent business. represented by ex-
changes through all clearing houses. only $loS.70
in 100000 is smaller by 2e5 per cent. than in any
previous month The clearings have been the
largest ever known in August and % per cent
larger than in 1892. The enormous volume OF
business in month usually one OF the most in
active Of the year demands attention. Postpone
ment during the months OF war of con-
tracts and purchases which have come for
ward explains part of the increase and the strong
absorption Of securities explains part, but there
has also been a great decline in the average OF
prices for all commodities. so that 1t takes
much larger volume of business in tons or bushels
to make up transactions amounting TO million
more than in 1892. It is therefore strictly true
that business is larger than in the very best OF
all past years. and yet there is every prospect
of much further increase.
There is no room to doubt that the wheat crop,
even though it may fall shade below some esti-
mates. will prove the largest ever harvested. and
although Beerbohm estimates Europe's crop at
232 0OO 600 bushels than the last. that would
be only about an average yield. while other evil
dence is less favorable. Foreign buying has been
strong, that Atlantic exports for the week
have been S,S26,S7S bushels, against 5.5S175S last
year. and Pacific exports ASS, SS1 bushels, against
25S. Col last year. But receipts at the West are
increasing. and the price has dropped sc fer SPOT
though the September option is &c lower for the
week. Corn has fallen fraction. later reports
indicating less satisfactory yield. and probably
not than should be consumed at home IN
charging the stock OF animals The advance OF
sixteen in cotton to 5.S1c has followed little
better mi ling demand. with rather less favorable
reports of probable yield but the crop is at the
worst likely to exceed the worlds needs. The
New Orleans Cotton Exchange makes the output
for the past year H. 1874 bales. and Southern
consumption 1.192.621 bales.
The improvement in the iron industry has not
only continued. but becomes more impressive be-
cause, after enormous buying of materials has
satisfied the needs of great consumers for months
to come the demand for products is so great that
both materials and products gradually advance in
price. Bessemer pig has risen to 5000 at Pitts
burg. local coke at Chicago and anthracita
foundry at the East are strong and also bars
and plates advance shade, with most structural
and plate mills filled with orders for months to
come and $4,000 tons of rails sold at Chicago for
delivery next year. The advance in tin plates.
in spite of production far greater than was
thought possible not long ago. is evidence that the
consumption of steel in that branch will be heavy
The wire nail works also report better demand
and the output of Connellsvie coke has started
up gaining 10000 tons for the week.
The wooden mills have rather better orders this
week, but not enough to warrant running nearly
full force, with the price Of wool held at the
West much above Eastern markets. and by those
markets about 1c higher than the mills are bid
ding. In cotton manufacture there Is better de-
mand, with sixteenth rise in print cloths.
though brown sheetngs shade lower. the
demand for other goods being still fairly strong.
Failures for the week have been III in the
United States against 10l last year. and q N
Canada. against Is last year