The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-04
DUN's REVIEW OF TRADE.

NEW YORK Feb 3.-R. G. Dun & Co. s
Weekly Review of Trade will say tomorrow:
Failures in January were smaller than in any
previous month except August 1898. and July,
1897, and the proportion of solvent payments
to clearing house exchanges is smaller than
in any other month of which records exist. In
January there were but Sc cents per $1,000 clear
ing house payments, and the smallest, In any
previous month had been about 81 0S per $1,000.
The defaulted liabilities were s7721,Se7. against
$40, 451, 513 last year. a decrease of 26 per cent
and IS per cent smaller than in 1897. 81 per
cent smaller than in 1896, so per cent smaller
than in 1896, and rs per cent smaller than in
1894 The manufacturing failures were the
smallest excepting August 1898. There were
only seven failures for 100000 or more, and the
average of liabilities per failure is smaller
than in January of any other year, and the
small failures not only fewer in number
but smaller in average liabilities than in any
previous year. Considering that January Is
usually one of the largest months of the year
in failures, the return Is surprising as Wen as
The volume of business in January has been
far beyond all precedent. Exchanges through
clearing houses have been A 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 pay
ments, 1t larger outside this city by 49,
per cent than in 1892. 1t is pertinent to note
that the remarkable expansion in the aggre-
gate of business payments comes in spite OF
material decline in prices during the past seven
years so great that the payments or SS2.OOO 600
would cover about much business as pay
ments of $780, 0O0, 900 in 1892. 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 or the
interesting features. 1t is commonly ascrined
to recent sales of stocks on European account,
but II would take million shares at ordinary
prices to cover one months merchandise bal
ance Europe is not buying enough to cover
its accommodating excess of merchandise exports
over imports.
The most remarkable feature of the week has
been the decline of cents in wheat, with only
a cent in corn and only sixteenth in cotton.
The Government estimate of the wheat crop,
675, 600 600 bushels. has more influence than any
other from that source a number of years,
because it is recognized as the result OF great
efforts to get at the truth, and Is therefore con-
sidered about the lowest estimate admissible.
With ordinary consumption and present eX-
ports of $50. 000 900 bushels from the crop OF
1895 -four included, there will be less than 100, =
600. 900 bushels for replenishment OF stocks, for
farmers holdings and for exports In the next
-four included, from Atlantic ports, against
1904 ST. last year and Lass. 604 from the Pacific
ports, against 776.s4o last year besides Sos $50
bushels from Duluth and Portland. Maine
show stress of foreign demand which may
well recover prices.
A very strong market for cotton goods has
prevailed and prevents raw cotton from declin-
ing. The advance in goods has been unusual
and has been sustained by heavy buying espe-
cially of print cloths and kindred products. The
prospect is that the outgo will place dealers
and manufacturers in stronger position than
they have held for years. with smaller stocks
of goods unsold. A better tone appears in the
wooden goods market also, with Sbme important
grades, which were opened at a great reduc-
ton in prices, recently advanced which has
stimulated the demand for all grades. Sales
of wool have been fairly large. 30 752 400 pounds
for the year thus far, against 365S2,470 pounds
last year. Ill 300 pounds in 1897 and &c, 900
pounds in 1892.
Philadelphia has made considerable sales to
Eastern mills and TO others starting after
long idleness. The iron industry is advancing
prices of products rather than of materials.
Pig has remained without change this week.
anticipating that six seven furnaces will
be put in blast as soon as possible. The de-
M nd strong
the chief markets. Eastern bars and plates
have advanced with very heavy demand. and
cut nails have been hoisted by the association
OF makers. The rush of orders for the future
does not cease and the works are generally COW
cred for months ahead, for ships and for ex-
port In minor metals the speculative fever at
London has caused considerable advance. and
the tinplate combination has advanced prices
% cents. AS yet the prices of products do not
seem to disturb the foreign demand, which is
yet strong but in all the minor metals the
London market is sngularly uncertain.
Failures for the week have beeen PA in the
United States against 335 last year, and rs in
Canada, against SO last year.