Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1898-04-07
Failures Smallest for First Quarter Of
Any Year Since 1885.
EFFECT OF THE VAR CLOUD.
Some Decline Shown in New Orders,
but Live works Are Covered So Far
Ahead That the Difference Is Not
Felt.

R. &. Dun & Company's weekly report
of last week said SIN spite of foreign
conditions since the destruction of the
Maine, February Is. failures in three
months are smaller than in the first quar-
ter of any year since 1886. The ratio OF
defauted liabilities to payments through
clearing houses has been the smallest for
that quarter since 1856; the average OF
liabilities per firm in business has been the
smallest since 1880, and the average OF
liabilities per failure has been lower than
ever before in any quarter. 1t is espec-
tally significant that the failures for less
than 100000 without material decrease
in number were 30 per cent. smaller than
last year in manufacturing and "A per
cent. smaller in trading.
The war cloud, which many have in
ferred must have greatly increased COM
mercial disasters, does not appear to have
any such effect as yet, and while there is
some decline IN the new orders for indus
tries, nearly all live works are covered SO
far ahead that the difference is not felt
Rates for money have advanced, and the
6 per cent. which used to be the ruling
rate in active times again prevails, which
compels many spectators to liquldate
But the imports of gold 60 far to prevent
any real anxiety.
Moreover, although part of the hypothe
Gated exchange on Europe has been solo
and gold ordered against it, there is known
to be about $50, 100000 yet in the banks
at New York and S12,OOO,0O0 in Other
cities sgainst which gold is likely to be
imported, because there is small prospect
of any better settlement.
The outgo of breadstuffs continues, At
lantic exports being 2,516,22O bushels
flour included, for the week, against 2,
IS5, 37S last year, and Pacific exports 542,
l47 bushels, against 13S, 207 last year, ant
for the past FIVE weeks from both coasts
the exports have been l6,592,917 bushels
against 8, 1926, 256 tast year.
Ali the speculative movements at thu
West have been less influential than thi
heavy and continued buying of grain ant
Western receipts begin to fall off as if sup
plies were no longer unlimited. Whea
has declined slightly, but corn has ad
vanced one-quarter cent for the week an(
no one imagines that foreign troubles cal
check the outgo. Cotton has advanced al
eighth because OF the idea that production
may be reduced, although receipts from
plantations thus far have been greater b,
about 700, 600 bales than in 1895, from thu
largest crop ever raised, and while tn,
mills are now nearly all active the con
sumption does not exceed the maximum
The smallest sales of wool for man!
years are reported at Boston, and at TIM
three chief markets sales have been onl.
l,166, 800 pounds for the week, and abou
fifth of last years for the quarter. Thu
stocks held by manufacturers have evi
IDENTITY been much greater than anybod.
supposed, and they are not yet buying
after several months of waiting, nor show
ing any disposition to buy, though nearly
all their works are running full.
The iron and steel market shows no de
crease, for with works fully employed anC
some additional works put into operation
for government purposes, pig is not lowe
anywhere, and at Pittsburg shade highe
for Bessemer, because of agreement b.
valley producers, while without agreemen
of Mesabi mines the purchases Of ore a
Cleveland were over million tons for TIN
week. Bilets are still scarce and shee
bars in demand, though wire rods are
lower, and wire nails are weaker in spite o
the imperfect combination of makers.
Other prices for manufactured products
are unchanged, although rails are shade
stronger, with Russian order pending
for 35 900 tons to complete the Pacific
Railway, and plates are in very heavy de
mand, 5000 tons for cars and 1000 tons
for other use at Pittsburg, with 10000
more originating at Chicago, and structu
raj orders cover 1900 tons for building a
the East, with 1000 more at Pittsburg ant
many at Chicago.
Failures for the week have been 220 III
the United States, against 26O last year
and 81 in Canada, against ~ last year.