The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-01
Failures Probably Fewer Last Quar-
ter than I'm Any Three Months in
Ten Years, Except in 1892.
EXPORTS CONTINUE HEAVY
RAILWAY EARNINGS LARGE AND
IRON MANUFACTURES ACTIVE.
Price of Cotton, However, Has
Reached the Lowest Point in Fifty
Years, and Little Is Doing in Wool.

NEW YORK, Sept. 30-R. G. Dun & Co.,
in their weekly review of trade. will say:
Failures in September have been about
Sc, 000, and for the quarter about $22,-
$4,000. No report covering the exact month
or quarter is possible this week for a jour-
nal which must go to press on Friday, the
Goth, but the returns indicate a smaller ag-
gregate of failures than in any other month
in many years, except in August of this
year, and smaller for the quarter than in
any quarter since 1892. In fact, excepting
one quarter in that year no other appears
to have shown smaller aggregate unless
more than ten years ago. when the volume
of solvent business was very much smaller
than it is now. Evidently the complete re-
turns to be given next week will show that
the state of business is in that respect more
satisfactory than it has ever been, unless
in one quarter of 1892
Changes are all for the better, excepting
the fall of cotton to the lowest point for
fifty years, and even the lowest prices OF
JS4S, considering difference of qualities. We're
perhaps not lower than prices this week If
there were not, on hand commercial and
mill stocks unusually large. or if manufac-
turing were more successful. early recovery
might seem probable, but the heavy fall in
material has affected the demand for goods.
causing buyers to expect still lower prices
for them, although after the decline last
week goods now average lower than ever
before. While the stagnation in wool con-
tinues. with sales even smaller than in the
same month of the panic year, 1S93 numer-
Gus mills have started up temporarily in or
der to get out sample pieces. There has
been no quotable decline in wool, and
scarcely any in goods. the recent reduc-
ton having stimulated a larger demand.
The demand for boots and shoes seems a
little better. and recorded shipments have
been larger than in September of any year
previous. except the last and larger than
in any other year from Jan. to date.
In the minor metals slight weakness in tin
and lead does not indicate smaller consump-
ton, while copper is strong at 12Ac for
lake and spelter strong at 4.22hc. Nickel is
higher at 35Ql3Sc, ard Tin plates unchanged,
in spite of the enormous increase in pro-
duction, though the desire to push smaller
works into the consolidation, which now
commands ia mills, is said to threaten tenn
poragy decline. With pig iron firm every
where. in spite of the extraordinary out
put, and Bessemer held at 5000 at Pitts
burg, while valley producers report 100000
tons sold for delivery before June next, the
consumption Us evidently growing. The
weeks reported Contracts include one for
Standard Oil Company, material for 1000
cars ordered by the Pennsylvania, struc-
tural work for many ordinary and two large
buildings. and heavy orders for plates,
partly for two lake vessels and partly for
Eastern shipyards, which have larger bust
ness than ever. The demand for iron bars,
owing to Increased use. of steel is in some
quarters below expectation and shipments
are less active at Pittsburg though the
mills are full of orders. Rail producers are
negotiating a new compact, and the usual
Eastern price SIS, is said to be shaded in
some quarters while 1t is pending. But car,
locomotive, bridge and structurel work is
exceedingly heavy and there are no signs of
decrease in the demand
Wheat rose PIC, but on Thursday de-
clined sharply closing &c lower for the
week. Notwithstanding very heavy exports,
amounting for the week to All ,O22 bushels,
against 5,092 1856 last year, and for four
weeks to Is OIL 962 bushels, against 20,661, 316
last year. -four included. The usual babel
of guesses does not change the belief that
the crop will be the largest ever grown
and while farmers throughout the West are
holding back grain, largely because of the
low prices the Western receipts are now
running above even the extraordinary
movement year ago, both for the week
and month. Corn is a. fraction lower: with
some decrease in export demand, though
the recent shipments would have been con-
sidered heavy in any year until the last
and can hardly be continued long.
Failures for the week have been l9o IN the
United States, against 1874 last year, and
seventeen in Canada, against thirty-four
last wear.