The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1896-01-25
DUN's COMMERCIAL REVIEW.

SON SSiuTH - REVIEW
Comparative Statement of Early January
Failure5-The Situation a Perplexing
One, with no Basis Upon Which to Fore
cast the Immediate Future, Yet BUSH
ness and Prices are EncourageIy Well
Sustained.
New YORK, Jan. 1S.-R. G. Dun & Co.
say to-day:
Failures for nine days of January
have shown liabilities of S5,5GS. 900;
against 81, 522, 531 last year in ten da vs.
and S9,O41, 225 in eleven days of 1894.
Failures for the past week have been
much larger in magnitude, numbering
395 in the United States, against 373
last year, and 81 in Canada, against 60
last year.
The situation could hardly be more
p~erpleXing for business men. Practi-
cal merchants, manufacturers or
bankers can have little sympathy for
those who minimize their difficulties.
None doubt that the government will
raise money to meet obligations, but
how far the money market will be dis
turbed or the treasury reserve first
diminished none can say. The bust
ness world can not know as yet how
far foreign questions may upset calcu-
l~ations, though there seems every rca-
son to expect peaceful settlement. 1t
can not know what may be the duties
on any important class of imports a
month hence; whether imports =
likely to exceed exports, and draw
away gold; whether the deficit of rev-
enue will continue. or what other tax
alton will be levied.
Failure of the senate thus far to
take any action upon financial meas
ures proposed by the president or
those passed by the house affects I'M
favorably all branches of business.
Under such adverse circumstances it is
actually encouraging that shrinkage
in transactions and resulting CONNER
cial disasters have not been greater.
But four large failures within a day
Dr. two indicate that the same condi-
tions cannot continue without much
embarrassment.
Domestic trade shown by clearing
house payments is SIS per cent. larger
than last year, but 27.S per cent. less
than in 1898, and in nearly all trades
there is much hesitation. Railroad
earnings for the frs week of January
were - per cent. larger than in .Ianu-
airy, 1895, but 13.5 per cent. less than
in 1898. December shows Z gain of 81
over 1895, and a decrease of 80 com
pared with 1893.
Stocks steadily advanced until FRI
iay, but the failures brought 4 more
cautious feeling. After rising on the
average Sl.5l per share, railroads
closed Sl.3O higher for the week. Spec
u~lation in products was not very active
and wheat vas practically unchanged,
though Atlantic exports fo>two weeks,
Rour included, have been f,fS5.lg0
bushels, against 4,2:3,f24 last year.
Western receipts still make
short crop predictions ridiculous,
amounting for two weeks of January
TO 5,f2l,9 g bushels, against 2,559,OG0
last year.
Corn receipts were also liberal, and
exports about five times last years.
Cotton receipts still indicate a yield
neither as small as Mr.. NeilI's re-
.tcrated estimate of $500. 900 bales,
aor as large as the 7,OOO,G00 bales esti-
mated by others, but it is yet to be
seen whether supplies held for better
prices are of consequence. The
price declined an eighth. with ac-
counts of narrower demand by spin
ae:s abroad and declining prices.
Cotton goods are not quOtably low
er, but concessions to secure business
are reported in many instances, and
many of the mills have been running
largely in anticipation of orders not
yet received.
There is u little better inquiry fcr
staples, with indications that dealers
stocks are running low. The opening
Of fine and fancy woOlens has brought
no change in prices. and revisions
caused by recent openings Of worsteds
have been generally toward lower
prices.