The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-02-04
BUSINESS N JANUARY
Beyond all Precedent, and Fail
ureS Next to Smallest.
WHEAT A NICKEL LOWER
What Wall Street Has Had to
Do With the Market.

/ Failures in January were smaller than
! in any previous month except August, 1925,
and July, 1897, and the proportion OF SOL
vent payments to clearing house ex-
| changes is smaller than in any ether
month of which records exist. n January
they were but IS cents per s1.0l0 clearing
house payments and re smalles. in any
previous month had been about s. - Per
900. The defau.ted liabilities were 81
! ~, 8s7, against S10.451.513 last year. a de-
crease Of % per cent. and IS per cent small
er than in 1897, II Per cent smaller than
in 1896, 80 per cent smaller than II 1895
and Is per cent smaller than in 1894 The
manufacturing failures were the smallest.
excepting August. 1898. There were only
seven failures for 500, 600 or more, and ihe
average of liabilities per failure is smaller
than in January OF any other year, and the
small failures are not only fewer in mum
Der, 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 surprising as well 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 59T per
cent larger than in 1892, and while specula-
ton IN stocks at New York materially in
creases the volume Of payments il was
larger outside this city by 1873 per cent
than in 1892. II is pertinent 10 remark
that the remarkable expansion in the ag-
gregate Of business payments comes in
spite of a material decline in prices during
the past seven years so great that the
payments of So. 000, 90 would cover about
as much business as payments Of $780,
100000 in 1892 1t is not strange that Eu- |
ropesn exchanges are disturbed and alarm
ed, and a rise in sterling, even when god
is being shipped this way, Is one of the /
interesting features. II is commonly as
cribed to recent sales of stocks on Eu- |
ropean account, but it would take a mil |
lion shares at ordinary prices to cover one |
months merchandise balance. Europe is 1
not buying enough to cover its accumulat- /
ing excess of merchandise exports over i'm /
ports.
The most remarkable feature Of the week /
has been the decline of cents in wheat /
with only half a cent in corn and only a /
sixteenth in cotton. The government esti- !
mate of the wheat crop. 60. OG0 900 bushels !
has more influence than any other source /
for a number Of years, because it is recog-
nized 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 150, coo coo bushels from the crop
of 1898 (four included there will be less
than 1000 zoe bushels for replenishment of |
stocks for farmers holdings and for ex-
ports in the next five months and the ex-
ports of 4,9424 1876 bushels Q1our included)
from Atlantic ports, against 3.0945I7 last /
year, and 1.495 6O4 from the Pacific rorI<
against U6,S40 last year besides 3J9. $50
bushels from Duluth and Portland. Maine
shows stress of foreign demand which
may well recover prices.
very strong market for cotton goods
has prevailed and prevents raw cotton
from declining. The advance in goods has
been unusual and has been sustaied by
heavy buying, especially OF print cloths
and kindred products. The prospect IS
that the outgo will place dealers and man
ufacturers in a stronger position than they
have held for years with smaller stocks
of goods unso,d.
- DctttT tone appears II the WOODEN I
goods markets. also with some important
grades, which were opened at a great re-
duction in prices. recently advanced. which
has stimulated the demand FOR all grades.
Sales of wool have been fairly large. 30
752. 400 pounds for the year thus far.
against 6,5S2 40 pounds last year 5011l.300
pounds in 1897 and % 90 500 pounds in 1892.
Philadelphia has made considerable safes
10 eastern mills and 10 others starting az
ter long ld,eness.
The iron industry is advancing prices Of
products rather than OF materials. Pig
has remained without change this week.
anticipating that six or seven furnaces will
be put into blast as soon as possible. The
demand is strong, but not apparently urg-
ent a. the chief markets Eastern bars
and plates have advanced with very heavy
demand and cut nails have been hois-ed
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 tor ships. street
cans and for export
In the minor metals. te speculative fever
at London has caused considerable ad-
vance and the tin plate combination has
:
OF products do not seem 10 disturb The
foreign demand. which is yer strong. but
in all the minor metals the London market
is singuarly uncertai
Failures for the week have been 90 f. the
United States. against go last year. and s.
in Canada, against - last year.
BRADsTREETs
New York. Feb. 3.-Brads-ree.'s tomo--
row will sa-:
A quieting down ~ speculative interest
is noticeable il a number Of marke-s this
week. without, however. bringing 10 .shti
any important impairment Of -aa under
lying strength Of the general business SIT
uation The out5u-st OF las; week in
wheat ana cotton. in fact. must be regard
Cd as furnishing a vent for outside spe-u-
lative Interest because these staples did
not suddenly gain in strength from causes
located IN thoss trades. bur The activity
vas really a result % an overflow OF spec
ulation from the stock market
The important price recessiors q The
week are those noted in wheat and other
al D