The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-04
Volume of business i'm January be-
yOnd Precedent, Bank CIearinEs
Showing Gain of o9.7 Per Cent.
WEEKLY REVIEWS OF TRADE
SPECULATION CRAZE NOT so RAM
PANT AS A WEEK AGO.
Iron Industry still Active and an I'm
provement Reported in Several
other Manufactures.

p NEW YORK, Feb. 3.-R. G. Dun & Co.'S
weekly review of trade will say tomorrow:
'FailureSS in January were smaller than in
any previous month except August, 1888,
and July, 1897 and the proportion of solvent
payments to clearinghouse exchanges IS
smaller than in any other month of which
records exist. In January they were but
Sc cents per $1,000 clearinghouse payments,
and the smallest in any previous months had
been ABBOTT $1.OS per $1,000 The defaulted
liabilities were $7,721,S97, against $10,451,513
last year, a decrease of 26 per cent. and
IS per cent. smaller than in 1897 81 per cent.
smaller than in 1885, so per cent. smaller
than in 1895 and IS per cent. smaller than in
1894 The manufacturing failures were the
smallest except in 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 liabih-
ties than in any previous year. Considering
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 precedent. Exchanges
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 out
side this city by 1873 per cent than in 1892.
1t is pertinent to note that the remarkable
expansion in the aggregate of business pay
ments comes in spite of a material decline
in prices during the past seven years, so
great that the payments of $S2C00,000 would
cover about as much business as payments
of $100,0OO000 in 1892. 1t is not strange that
European exchanges are disturbed 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 Euro
pean account, but it would take a million
shares at ordinary prices to cover one
months merchandise balance. Europe is not
buying enough to cover it's accommodating
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 esti-
mate of the wheat crop, 775 0G0.0O0 bushels
has more influence than any other from that
source for a number of years, because it IS
recognized the result of the efforts to
get at the truth and is, therefore, consid-
cred about the lowest estimate admissible.
With ordinary consumption and present
ports of 800 1000 $50 bushels for the crop of
1898, flour included. there will be less than
100.000,O00 bushels for replenshment of
stocks. for farmers holdings and for eX-
ports in the next five months, and the ex-
ports of 2,436 bushels. flour included,
from Atlantic ports against 3O94,511 bush
els last year, and 1864 bushels from Pa
cifc ports. against 1880 bushels last year,
besides 309.Sy5 bushels from Duluth and
Portland. Me, shows a stress of foreign
demand which may well excuse some recov-
cry in prices.
A better tone appears in the wooden goods
market also, with some important grades,
which were opened at a great reduction in
prices recently advanced, which has stimu-
lated the demand for all grades. Sales of
wool have been fairly large, 80, 752. 400 pounds
for the year, thus far, against 1859 40
pounds last year, 50,111 800 pounds in 1897,
and 26,942, 500 pounds in 1892 Philadelphia
has made considerable sales to Eastern
mills and to others starting after long idle
ness
The iron industry is advancing prices of
products rather than materials. Pig has re-
manned without change this week. anticpat-
ing that six or seven furnaces will be put
into blast as soon as possible. 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.