The star. (Reynoldsville, Pa.) 1892-1946, 1899-02-08
TRADE REVIEW.
Very Few Fsiiures-continuedD Demand Tor Iror
Produets-Good Foreign Market.
Grain, Flour and Feed.

very rev Fauurcs-Nonti1ued Demanu lot iron
Products-Good Foreign Market.
II. G. Dun 6 Co.'S weekly review of
trade reports as follows for last week.
Failures in January were smaller than
in 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 ex-
list.
The manufacturing failures were
the smallest, excepting August. 1898,
There We're only seven failures for
100000 or more, and the average of
Liabilities per failure Is smaller than
i'm January of any other year, and the
small failures are not only fewer in
number, but smaller I'm average liabil-
tiles than in any previous year. Con-
sidering that January is unusually one
of the largest months of the year in
failures the return is surprising as
we'll as encouraging.
1t is pertinent to note the remark
able expansion in the aggregate Of
business payments comes in spite of
n material decline in prices during the
past seven years, so great that pay
inents of $S2, 100000 would cover about
as much business as payments OF $l0O,-
100000 in 1892. 1t is not strange that
European exchanges are d!sturbs and
alarmed, and a rise in sterling 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 at or
dinary prices to cover one month s
merchandise balance. Europe Is not
buying enough to cover its accumu-
lating excess of merchandise exports
over Imports.
The most remarkable feature of the
week has been the decline OF cents
in wheat, with only half a cent in
corn and only sixteenth in cotton.
The government estimate of the wheat
crop, 675,000,000 bushels, had more in
fluence than any other from that
source for a number of years, because
1t is recognized as the result of great
efforts TO get at the truth, and Is
therefore considered about the lowest
estimate admissible. With ordinary
consumption and present exports OF
$50, 900 bushels from the crop of
1898, -four included, there will be less
than 1O00O0,O00 bushels for replenish-
ment of stocks, for farmers holdings.
and for exports in the next five
months and the exports of 4.942, 43S
bushels. -four included from Atlantic
ports. against S,094,5 bushels last
year and 1.495,6 GOA bushels from Pacific
ports, against Ib,o4U DuShelS last
year. besides 800, S55 bushels from Du-
luth and Portland, Me-, shows a stress
of foreign demand which may well ex-
cuse some recovery in prices.
A better tone appears in the woolen
goods market also, with some impor-
tant grades, which We're opened at a
great reduction in prices. recently ad-
vanced. which has stimulated the de-
mand for all grades. Sales of wool
have been fairly large, 80, 1872, ,4OC
pounds for the year thus far, against
36.7S2,470 pounds last year. 501ll 800
pounds in 1897 and 26.942.s0o pounds in
1892.
The iron industry is advancing
prices Of products rather than of ma
terials. Pig has remained without
change this week, anticipating that
six or seven furnaces viii be put into
blast as soon as possible. The demand
is strong, but not apparently urgent
at 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 covered for months
ahead with orders for ships, street
cars and for export. In the minor
metals, the speculative fever at Lon
don has caused considerable advance
and the tin plate combination has ad-
vanced prices 20 cents.