The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-02-04
Volume Of Business in January Be-
yond All Precedent.
Exchanges Through Clearing nousesLargely
In Excess Of Last Year.
Failures the Past Month Smaller
Than in Any Previous Month,
Except in August, 1898, and
July, 1914 Very Strong Mar
ket for Cotton Goods.

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 -hc use exchanges is smaller than
in any other month of which record
exist In January they were but 36
cents per $1,000 clearing house pay
ments, and the smallest in any previous
month had been about $1.0S per 81 900.
S97, against S10,451, 513 last year, a
decrease of 26 per cent. and % per
cent smaller than in 1897. 81 per cent.
smaller than in 1896, 90 per cent.
smaller than in 1895 and 20 per cent
smaller than in 1894. The manufac-
turing failures were the smallest ex-
cept August, 1898. There were only
seven failures for 100000 or more, and
the average of Liabilities per failure is
smaller than in Janury 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 failures. the return is sur
prising, as well as encouraging.
The volume CT business in January
has been far beyond all precedent. Elk
changes through clearing houses have
been A per cent. larger than last year
and 59.1 per cent. larger than in 1892
and while speculation in stocks at New
York materially increases the volume
OF payments, it was larger outside this
city by 1913 per cent. than in 1892. II
is pertinent to note that the remark
able expansion in the aggregate of bus
mess payments comes in spite of q ma
terial decline in prices during the past
seven years, so great that the payments
of SS2,COO,O00 would cover about as
much business as payments of $780,
100000 in 1892
1t is not strange that European ex-
changes are disturbed and alarmed, and
q 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 it would take
a million shares at ordinary prices to
cover one months merchandise bal
ance- Europe is not buying enough to
cover its accommodating excess of mer-
chandise exports over imports.
= The most remarkable feature of the
week has been the decline of Eve cents
in wheat, with only half a cent in corn
and only a sixteenth in cotton. The
Government estimate of the wheat
crop. 675.O00,O00 bushels, has more in
fluence than any other from that source
for q hdr nf Sc
recognized as the result of great eff
forts ito get at the truth, and is there
fore, considered about the lowest es-
innate admissible. With ordinary con-
sumption, and present exports of $780,
100000 bushels from the crop of 1898
flour included, there will be less than
100000, coo bushels for replenishment
of stocks, for farmers holdings and
for exports in the next five months. and
the exports of 1912. 460 bushels, flour
included, from Atlantic exports. against
3,O94.511 last year, and 1895, 6O4 from
the Pacific ports. against 776S40 last
year, besides 309. $50 bushels from Du-
luth and Portland, Me- shows a stress
of foreign demand which may well re-
cover prices
A very strong market for cotton
goods has prevailed, and prevents raw
cotton from declining. The advance in
goods has been unusual and has beer
sustained by heavy buying, especially
of print cloths and kindred products
The prospect is that the outgo will
place dealers and manufacturers in a
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 some
important grades, which were opened
at great reduction in prices, recently
advanced, which has stimulated the de-
mand for all grades. Sales of wool
have been fairly large, 80, 1852. 40G