The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-03
PROPORTION OF FAILURES
VERY SMALL In COMMERCIAL AND
MANUFACTURING LINES.
Cotton at Highest Point for over Sew
en- Years-High Wages for Coke
Men-The Cereal Situation.

NEW YORK, March 2.-R. G. Dun e.
will say: Besides the ISL commercial fall
ures for $993l,0iS which were reported to-
day there were in February six banking
failures for s62O.121, and receivers were
appointed for the United States Flour
Milling Company, with $25,c00,0o0 of stock
and $15.000,000 of bonds authorized at its
organization last April, and for the Third
avenue Railroad Company after liens for
several millions had been placed upon the
property. Unless separated from such
events commercial failures could not be
compared with benefit. The manufactur-
ing failures for sac ,63S were larger than
in February of 1896 or 1895. but more than
half the amount was in two classes, four
large lumber and one clothing failure
making 80 per cent. of the whole. The
trading failures were larger than in Feb
ruary of last year only, but 20 per cent.
of these defaults were made in five fall
ures. In most branches the comparison
with previous years is encouraging. and
analysis brings out in strong light the re-
markedly low average of liabilities in the
smaller failures, which constitute the great
majority.
The rise of cotton to 91a cents the high
est point since January, 1893, has done
much to stimulate business, drawing from
Southern plantations and country towns
more than double the quantity marketed
last year, distributing millions TO produc-
erS, whose purchases of supplies are thus
increased. and swelling beyond all expec-
cation the purchases for export. Heavy
selling of cotton by people who had none,
but felt certain that cents would mark
the limit OF the rise had placed them quite
at the mercy of holders. But the markets
both for goods and for cotton have beer,
anected all over the world and the coun-
try Will reap some benefit In a larger ex-
cess OF merchandise exports over imports.
The market for goods has been pushed to
greater activity, though they have risen
only per cent since the year began,
while the material has risen over % per
cent
The small rise in wheat last week. al
though the price is quite low, sufficed to
call from the farms such receipts, los, 66l
bushels. against 3.195.437 last year-as to
Indicate that supplies are not nearly ex-
hausted. Exports from Atlantic ports con-
tinue small, for the week-four included
only 1.S12. 306 bushels. against 40e9.9S4 last
year, and in four weeks from both coasts
exports have been IL, 639, 260 bushels, against
l4.s23,313. Though exports run behind last
years, which were almost unequaled they
have already exceeded in eight months
thoSc VI LlOSt Iuli years, ana the exports OF
corr-in four weeks 12,724, CAS- bushels
against 12,05l,053 last year-explain much
of the difficulty, corn rising three-quarters
OF cent during the week, while wheat
declined IL cents.
The iron and steel industry continues the
greatest weekly output ever known, even
while men speak OF it as waiting for more
definite assurance about the future Prices
of pig yield a little. some sales of bessemer
having been made at Pittsburg for S24, and
anthracite No. l is quoted here at S23 so
Billets have been sold at $33 at Pittsburg
For most finished products prices are
stronger than a week ago or as strong
bars and sheets being strengthened by
large business, while only plates appear
weaker, $40 being quoted for sizes not the
widest. Coke is scarce and higher in spite
of the largest output ever known, and the
wages of hands have been raised 121k per
cent. to the highest ever paid.
The decline in hides at Chicago con-
tinues, having been over per cent the
past week and per cent. from the highest
point in December. Leather has declined
| only per cent. from the highest point
and part of that in exceptionally large
transactions, presumably meant to be pri-
vate.
Failures for the week have been 222 in
the United States, against 1S6 last year
and Is in Canada, against AZ last year.