The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-04
DUN & CO.'S REVIEW.
\ Month of Few and Small Failures
and of Heavy Business.

New York, Feb. 3.-R. G.Dun & Co.'S
weekly review of trade will say tomor-
row:
Failures in January were smaller than
i'll any previous month except August,
1898, and July, 1897, and the propOr-
tion of solvent payments to clearing
house exchanges is smaller than in any
other month of which records exist. In
January there were but So cents per
81 600 clearing house payments, and the
smallest in any previous month had been
about $10S per 81 900. The defaulted
liabilities were $7,721 ,S97, against So,
451, ,313 last year, a decrease of 26 per
cent, and IS per cent smaller than in
1897, 81 per cent smaller than in 1896,
30 per cent smaller than in 1895 and IS
per cent smaller than in 1894. The
manufacturing failures were the small
est 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 are 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
as encouraging.
The volume of business in January
has been far beyond all precedent. Ex-
changes 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
payments, it was larger outside the city
by 1873 per cent than in 1892. 1t is
pertinent to note that the remarkable
expansion in the aggregate of business
payments comes in spite Of a material
decline in prices during the past seven
years so great that payments of $4,000,
600 would cover about as much business
as payments Of $100.000000 in 1892 1t
is not strange that European exchanges
are disturbed and alarmed. and a rise
in sterling even when gold is being ship
ped this way is one of the interesting
features. II is commonly ascribed To
recent sales of stocks on European ac-
count, but it would take Il million shares
at ordinary prices to cover one months
merchandise balance. Europe is not
buying enough to cover its accommodating
excess of merchandise of export over
imports
The most remarkable feature of the
week has been the decline of DC. in
wheat, with only 1Ac. in corn and only
Lice. in cotton The government esti-
mate of the wheat crop, 675,000,000
bushels, has more influence than any
other source for number of years be-
cause it is recognized as the result OF
great efforts to get at the truth, and is
therefore considered about the lowest es-
innate admissible. With ordinary CON
sumption and present exports of $780,
100000 bushels from the crop of 1898
-four included, there viii be less than
100,000,000 bushels for replenishment of
stocks, for farmers holdings and for
exports in the next FIVE months and the
exports of 4,942,436 bushels, flour in
cluded, from Atlantic ports, against
3.094,517 bushels last year. andS ,495,
6O4 bushels from Pacific ports, against
776,S40 bushels last year, besides 309,
$50 bushels from Duluth and Portland,
Maine, shows stress of foreign de-
mand which may well excuse some re-
cOvery in prices.
A very strong market for cotton has
prevailed and prevents raw cotton from
declining The advance in goods has
been unusual and has been sustained by
heavy buying and especially of print
cloths and kindred products. The pros
pect is that the outgo will place dealers
and manufacturers in stronger posi-
ton than they have held for years, with
smaller stocks of goods unsold.
\ better tone appears in the woolen
goods market also, with some important
grades which were opened at a great
reduction in prices recently advanced,
which has stimulated the demand for all
grades. Sales of wool have been fairly
large, 30,732.4 400 pounds for the year
thus far. against 36, 7S2470 last year,
50.111,3 300 in 1897 and 26,942, 500 in
1892. Philadelphia has made consid-
cradle 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, anticinating that six or seven
furnaces will he 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 adj |
vanced, with very heavy demand and
cUt nails have been hoisted by the asso-
Citations of makers. The rush of orders
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 advance. and the
tin plate combination has advanced 23c.
AS vet 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 singnlarly
uncertain.
Failures for the week have been 224
in the United States against $40 last
year and % in Canada against 30 last
year.