The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-08
r.. G. DUN & CO.'S REVIEW.
Failures of 1897 FavOrabIy Compared
with Previous Years.


NEW YORK, Jan. 7.-R. G. Dun & Co. s
weekly review of trade will say in it's
issue tomorrow: In failures 1897 was not
only the best year since 1892, but on the
whole the best ever definitely known With
,522 failures in number 11.5 per cent. less
than 1896 and $1S2 5S1, I'll defaulted liabil-
tiles, "a per cent. less than in 1896, the years
banking failures counted for $2s, 249 7OO and
the commercial failures were but 3351 with
liabilities of 1854, 1872 OH, the average per fail
ure being only $11,559, the lowest ever
known, except in 1892. But even in that
year the failures during the last half av-
eraged liabilities of $l0,477 per failure, while
in the last half of 1897 the average was only
1888. The returns by branches of business
show that in fifteen out of twenty-eight
classes the failures were lower than in any
previous year of which there is record,
with especially large decrease in the great
number of unclassified manufacturing and
trading failures. Moreover, the year
showed remarkable decrease, as some other
prosperous years have shown increase,
comparing the second with the first half
The new year began with disappointment
for spectators in stocks and grain, which
is not a bad sign. Prices of stocks have
gained little, after yielding at first and
close IS cents per share higher for rail-
roads. and s1.05 per share higher for trusts.
Wheat declined Ia cents owing to the termi-
nation Of the corner at Chicago, and West
ern receipts were about double last years,
with Atlantic exports 2,S ,31S bushels, flour
included, against 2, 150909 last year. A spec
ulative estimate makes the quantity still
in farmers hands 40 per cent. of the crop,
which is quite possible. but the consump-
ton and exports in half the year ought
to take more than 40 per cent. of the years
supply. A fleet of vessels is reported at Bal
timore or on the way thither for wheat.
Exports of corn for the week fell below
last years, although Western receipts are
unusually large, and the price Tell but ss
Cotton was a disappointment to many
because it did not change at all in spot
price, although the accounts of reduction
in wages by New England works warrant
| the hope of larger consumption. Cotton
manufacture is a little encouraged by larg
| err demand for goods since the reduction
in prices, and the abstention of buyers for
months past has probably been due IN large
measure to expectation of that reduction.
But with the certainty that the print cloth
works are to continue prices have further
declined TO PIP cents
The Wcolen and worsted mills are both
buying wool quite largely at prices probably
| close to the best; and those who declared
there We're no concessions month ago are
now rejoicing that the reg nt raggedness
| in prices has passed away. Behind all the
market reports there is the fact that con-
sum.iiOn Of wool has for about five months
been the largest ever known and the buying
| indicates, as does the demand for such
| heavy weight goods as have been opened
that satisfactory half year is expected.
| Prices so far paid are said to be from 20
| to 30 per cent higher than year ago
with wool from 50 TO 50 per cent. higher.
The iron manufacture has been further
| encouraged by unusual business for the
| season, Including large building contract
made and others for l'rdges pending at Chi
| cago a sale of $1,000 tons pig TO one pipe
| foundry at the East and contract for two
! vessels of 5000 tons each at Cramps yards
and contracts for $500 tons hoop at New
| York the $50 for Mexico. Prices are gem
I orally unchanged, though Eastern works
/ have advanced structural beams cents to
/ ia Pig is unchanged, with fairly large
1 sales Visible supplies OF tin are p $50 tons
/ against 81 3s2 Il year ago, with 1877 cents
4 quoted and with exports Of 1895 tons OF
i copper in December ard l23p-9 tons for the
/ year. II cents IS now quoted for lake. The
= coke output continues heavy. and the Oui-
nat of anthracite coal was il,2O5o00 tons in