The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-09
SMALL TRADE FAILURES
FIRST SIX MONTHS OF YEAR RE-
MARKABLE IN THIS REsPECr.
Expansion I'm Manufacturing Not Up
to ExpectatiOns--Dun & Co.'s and
Bradstfeets Reports.

NEW YORK, July S-R. G.. Dun & Co.'S
weekly review of trade will say tomorrow:
The usual half yearly statement of failures
by branches of business is peculiarly inter-
esting because it shows that war and fears
of war have not caused increase in COM
mercial disasters. The surprisingly large
and general decrease in trading defaults
would, without doubt be accompanied by
corresponding returns as to manufacturing
except for excessive expansion in some
lines and the helpless condition reached by
few large firms in other branches. Fail
ures during the second quarter have been
smaller than in the same quarter of the past
four years in trading, and in manufactur-
ing smaller than in the same quarter of any
year excepting 1894 The fiscal year has
ended with financial results shade beyond
general expectations, and the new war tax
begins to increase revenue, not seriously
disturbing business in any line. No reason
yet appears to apprehend that the war reve-
nue. will fall below expectations. Criticisms
of crop estimates are the less needful be-
cause the best authorities all agree that
supplies for the coming year promise to ex-
coed greatly home requirements and a full
export demand, though for a month or two
yet Europe may require much more than
usual. This will help to sustain the mar
ket while the earlier receipts are coming
forward, and prices will then be determined
largely by the outlook for crops abroad,
which is not yet entirely encouraging.
Wheat has reflected but little the improved
prospect, advancing from IS cents to 80
cents for spot, regardless of the usual
stories of injury, the current commercial
and department reports being apparently
dlStrusted by the trade.
The cotton crop looks better and the pros
pect is reflected in decline of a sixteenth
IN the spot price The manufacturing works
at the North are quite well employed, much
more than usual during the vacation sea-
son, and the demand for goods is somewhat
improving. Abroad the state of the manu-
facture does not encourage hopes of an
extraordinary demand for the raw material,
while the stocks held by millers are known
to be unusually large. The South is increas-
ing the manufacture rapidly and not entire
~ IN place OF Northern mills. There is
no disbursement in other textile manu-
factureS and business is good and growing
in silks, bagging, hemp products and linen.
The manufacture of wool hesitates, al
though a distinctly better demand has APP
peared during the past ten days, because
prices at which Western wool is held are
too high for Eastern markets and apparent
~ too high for profitable manufacture.
Sales for the week at the three chief mar
kets have been only 100000 pounds, of
which 229S,500 were domestic, against IA
120500 last year, of which 6909. 500 were do
of 1892. of which 1861. 500 were domestic
The markets are all dull, III spite of fair
ly large demand for territory and Aus
tralian wool in blocks, but the manu-
facturers very cautious in purchasing,
although there is every evidence of a great
consuming demand for goods which Ameri-
can manufacturers with reasonably cheap
material can supply
1t is not enorgh to dismiss the iron indus
try with the bold statement that 1t is using
up more iron, even at the sloweSt point of
the year, than ever before 1t is getting
bigger domestic contracts for agricultural
implements and car materials, and also for
structural work than in any previous year
but especially for plates, the demand for
which quite overruns the capacity of all
the works, and not mainly on government
account. Nevertheless the demand has not
pushed prices of material upward, for. this
is the waiting and fighting period, and the
producers of pig and of biilets have yet
some problems to settle between themselves.
Meanwhile no fall in prices appears, but a
better demand for products, with every ex-
pectation that within two weeks the pro-
ducing capacity of the works will be much
more fully employed than it has been for
six months.
Failures for the week have been 229 in the
United States against 206 last year, and sew
enteen in Canada, against thirty last year.