The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-02-07
Dun & CO.'S TRADE REVIEW
January Failures the Smallest tor that
Month on RecOrd-The Immense
Business One-Ove Heavy Balance
Against EUROPE

New York, February 3.-R. G. Dun &
Co.'s Weekly Review of Trade will say
tomorrow:
Failures in January were smaller
than in any previous month except Au-
gust 1898 and July 1897, and the proper
ton of solvent payments to clearing
house exchanges is smaller than in n
other month of which records exist. In
January there were but Sc cents per
81, 200 clearing house payments, and the
smallest in any previous month had
been about s1.0S per $1,000. The man
ufactu'ring failures were the smallest
excepting August 1898. There were on
ly seven failures for 500, 900 or more,
and the average of liabilities per fail
ure is smaller than in January of any
other year, and the small failures are
not only fewer in number, but smaller
in average liabilities than in any pre-
vious year.. Considering that January
is usually one of the largest months of
the year in failures the return is sur
prising as Well as encouraging.
The volume of business in
has been far beyond all precedent. Elk
changes through clearing houses nave
been Al per cent. larger than last year
and 59.7 per cent. larger than in 1892,
and while speculation in stocks at New
York materially increases the volume
of payments, it was larger outside the
city by 33.3 per cent. than in 1892. 1t
is pertinent to note that the remarka-
BILE expansion in the aggregate of bust
ness comes in spite of a me-
terial decline in prices during the past
seven years so great that payments of
$S2, O0O, 900 would cover about as much
business as payments Of 500, 900, 900 in
1882. 1t is not strange that European
exchanges are disturbed and alarmed
and a rise in sterling even when gold
is being shipped this way is one of the
interesting features. 1t is commonly
aScrlbed TO recent sales of stocks on
european account, but it would take
a million shares at ordinary prices to
cover one months merchandise ball
ance. Europe is not buying enough to
cover its accommodating excess of mer-
OF exports over imports.
The most remarkable feature of the
week has been the decline of 5 cents in
wheat, with only 12c in corn and only a
sixteenth in cotton. The RIM
Of the wheat crop, 675, OOO. 900
bushels, has more influence han anv
other source for a number of years.
because 1t is recognized as the result
or great efforts to get at the truth and
is, therefore, considered about the low
est estimate admissible. With ordinary
consumption and present exports of
49, COG, 900 bushels from the crop of
1893, -four included, there will be less
tnan LOG, 600 bushels for replenish-
ment of stocks, for farmers holdings
and for exports in the mex five months
n the exports Of 4.942. 436 bushels.
flour included, from Atlantic norris
against 3,094.417 las year, and 1,495. Goa
from Pacific ports, against 776, $40 last
year, besides 309. $50 from Duluth and
Portland, Maine, shows a stress of for
eign demand which may well excuse
recovery in prices.
A very strong market for cotton
has prevailed and prevents raw
from declining. The advance in
goods has been unusual and has been
sustained by heavy buying, especially
of print cloths and kindred products.
The prospect is that the outgo will
place dealers and manufacturers in a