The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-02-04

weekly review Of trade will say to-
morrow:
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 rec
ords exist. In January they were but
Sc cents per 81 900 clearing house pay
ments, and the smallest in any previous
month had been about $1.0S per $1,000
The defaulted liabilities were $7,72SS0T
against $lO,4jl 5I3 last year. q decrease
Of 26 per cent. and So per cent. smaller
than in 1897, "a per cent. smaller than
in 1896, 50 per cent smaller than in 1895
and 7G per cent. smaller than in 1884
The manufacturing failures were the
smallest excepting August, 1893. Con-
siderinE that January is usually one
Of the largest months of the year in
failures, the return is surprising as
we'll as encouraging.
The volume of business in January
has been far beyond all precedents
Exchanges through clearing houses
have 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 vol
umc of payments, it was larger outside
This city by "&.3 per cent. than in 1899.
1t is pertinent to note that the re-
narkabie expansion in the aggregate
of business payments comes in spite of
material decline in prices during the
past seven years SO great that pay
ments of $4,000, 900 would cover about
as much business as payments of $780,
i- ,f,.o,, tI,at
European exchanges are disturbed and
alarmed and a rise in sterliru even
when gold is being shipped this way
is one of the interesting features. 1t is
commonly ascribed to recent sales of
stocks on European account but 1t
would take million shares al ordin-
ary prices to cover one months bal
ances. Europe is not buying enough
10 cover its accommodating excess of
merchandise exports over imports.
DECLINE IN WHEAT.
The most remarkable feature of the
week has been the decline of cents in
wheat with only half cent in corn
and only a sixteenth in cottsn. The
government estimate of the wheat
crop, 675,0000O0 bushels, has more in
huence than any other from that source
for number of years, because it is
recognized as the result of great efforts
to get at the truth, and is therefore
considered about the lowest estimate
admissible. With ordinary consump-
ton and present exports of $50, 600 600
bushels from the crop of 1898, flour in
cluded, there will be less than 100, ,0OO,-
900 bushels for replenishment of stocks,
for farmers holdings and for exports
in the next five months, and the ex-
ports of 4,492,436 bushels, flour includ-
ed, from Atlantic ports against 3,094,-
517 last year, and ,495 ,604 from Pacific
ports against 336,S4O last year, besides
309,S55 from Duluth and Portland, Me-,
shows a stress Of foreign demand
which may we'll excuse some recovery
in prices.
COTTON MARKET STORY.
A very strong market for cotton
goods has prevailed and prevents raw
cotton from declining. The advance in
goods has been unusual and is sus-
tained by heavy buying, especially Of
print cloths and kindred products. The
prospect is that the outgo will place
dealers and manufacturers in strong
er position than they have held for
years, with smaller stocks of goods un-
sold. better tone appears in the
Woolen goods market also, with some
important grades which were opened at
a great reduction in prices recently ad-
Vanced, which has stimulated the de-
mand for all grades.
The iron industry is advancing prices
of products rather than of materials.
Pig has remained without change this
week, anticipating that six or seven
furnaces will be put into blast as soon
as possible. The demand Is strong, but
not apparently urgent at the chief mar
kets. Eastern bars and plates have
advanced with very heavy demand and
cut nails have been hoisted by the as
sociation of makers. The rush of Or
ders for the future does not cease and
the works are generally covered for
months ahead with orders for ships,
steel cars and for exports In the
minor metals, the speculative fever at
London has caused considerable ad-
vance and the tin-plate combination
has advanced prices 20 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 singularly un-
certain.
Failures for the week have been 224
in the United States against 1886 last
year and 25 in Canada against 80 last
year.