The times., 1899-01-07

The strength OF Pan Handle was again
pronounced. The stock made a new high
level and closed point above the close on
Thursday despite the weakness of the gen
eral market. There was heavy selling to
take profits when the price reached 70. and
the insiders were able TO get the stock at a
recession. Later il advanced again.
Wheeling and Lake Erie is believed to be
good purchase by many. Houseman is
buying the stock heavily.
st. Louis and Southwestern preferred is
regarded with great favor by conservative
people. The earnings of the company are
excellent and it has been expending large
amounts for betterments In recent years.
One share of American Security and
Trust Company stock was sold yesterday at
los l-2 which is more than twenty points
above the highest sale recorded in 1897.
New York, Jan. 6.-Dun's Review to-
morrow will say:
The failures for the year 1898 we're
12,266, banking and other financial con-
Germs included, with liabilities of $i49,0JI,-
1893. which is 1873 per cent less than last
year, and i6.1 per cent less than in 1886.
The average of liabilities per failure, $780,
i
ito of defaults to solvent business is really
smaller than in previous years, even of the
greatest prosperity, as they are but $1.S9
Tor every $1,000 paid through clearing
houses, but such payments formerly COW
cred stock transactions of many thousand
millions yearly which are now settled
through stock exchange clearing houses.
The year begins with the kind of busi-
ness demand that counts
For months there has been rising de-
mand for materials. but now the crowding
demand for finished products begins to ad-
vance prices, in the iron and steel industry
about l per cent without quotable changes
in pig except at the East The demand
has never been greater at the beginning of
the year than now. Nor is there discov-
cred any reaction in the boot and shoe in
dustry, although shipments in the holiday
week were smaller than for some years.
While 100 quotations of wool by Coates
Bros, of Philadelphia, average 1903 cents,
against 20.71 a year ago, the market is
generally yielding because people appre-
ciate the magnitude of stocks on hand
Obviously, this means great move
ment from the farms to millers' stocks
and Eastern markets. but prices are not
yet low enough to encourage large buy
ing or consumption by the manufacturers
Cotton goods are in fair demand, with
cotton at 5.S7 cents, and while nobody
can guarantee that the price will not 20
lower. it is believed by competent observ-
ers that the market for goods is SO far
relieved of accumulated surplus that prices
are not likely to decline materially, even
if cotton falls
Nobody can speak without some re-
serve of a state of business which results
in exchanges OF over S315, 000 at New
York in single day, when last years
oypta cal oil t.-fsh
$50 3.000,0 ,000 paid through all clearing
houses. the new year beginning with an
increase of 17.9 per cent oyer 1892.
The stock market is singularly strong,
in spite of much speculative and foreign
selling, and the average Of active stocks
is 23 cents per share higher for the week.
THE country Is on the upgrade, and
the men who expect it to take the down
ward road have yet some time to wait.
There are no indications of the reaction
which always follows large and rapid
business recovery, and existing conditions
in the industries and in foreign trade by
no means forbid the hope that the in
crease may continue. as it did after the
revival in 1879, for several years. Exports
compared with imports continue 10 indi-
cate an enormous balance in cash due this
country and gold imports begin again.
Failures for the week have been 242
for the United States, against 322 last
year, and "a in Canada, against 81 last
year"
New York, Jan. 6.-Bradstreet's tomor-
row will say:
The situation is one OF quiet sustained
strength. In wholesale distributive trade
annual inventories have occupied attention,
and distribution in this branch is, there
fore, of only seasonable proportions. Retail
trade reflects the quieting down of the
,-,,1fa iara t,a1fI
but 1t is significant, that the majority of
the reports received since January in this
and in the wholesale branch refer to col
lections as almost uniformly good.
Export trade, particularly in cereals,
continues well up to maximum figures,
while reports from the great industries of
the country are favorable The cruder forms
of iron and steel have been in rather less
demand this week at leading centres and
large orders are few in number, heavy con-
sumers having pretty well covered them
selves for some months to come by their
liberal buying in December. In finished
products, however, and particularly in
steel, more has evidently been doing, this
being reflected in advances at both the East
and West in prices or steel rails, steel
beams, plates and sheets. Some heavy or
ders for railroad account are reported
booked and the export trade continues of
liberal proportions, partly aided. no doubt,
by the shading in ocean freight rates oc-
curing during the past month.
aside from the aggressive strength of
steel prices quotations are little changed
from a week ago. Good trade reports,
both at home and abroad, and small re-
ceipts, coupled with more outside specu-
lative interest, have made for steadness in
raw cotton prices, while in manufactured
goods all the old strength is maintained
in print cloths and some other makes of
cotton goods have been slightly advanced.
Returns as TO 1898 trade in most lines
have been favorable. and the opening of
Spring trade is awaited with more than
usual confidence this feeling being partic-
ularly marked in the lines above enumer-
ated and in lumber and agricultural i'm
plements.
Bank clearings for the week reflect ex-
ceptionally heavy annual settlements in
total of 81, 765 100000, nearly $40 600, 900
larger than ever before reported.
Business failures are exceptionally
small for the opening week of the year,
numbering only 237, against 21S last week
and 1888 in this week year ago"
Washington Stack Excnnn<e.
Regular call-U. s 3's, coupon $50 at
107; Columbia R. r. 5's, 81, 600 at 1O9 Ia;
American Security and Trust l at
16S 1-2; Riggs Fire Insurance. at S;
Capital Traction. Is at IS; Washington
Gas. 20 at 80 3-4 Mergenthaler Liro-
TRY 1T --. -, -