The times. [volume] (Richmond, Va.) 1890-1903, 1899-02-04
FAILURES WERE
FEW AND SMALL
The Record for January Surprising
as Well as Encouraging.
BUSINESS WAS UNPRECEDENTED
Clearing House Exchanges Nearly
Double Any in Recent Ycars-Pros-
poets for Cotton and Noollcn
Manufacture Much Better

NEW YORK. Feb. 3.--R. c.. Dunn and
Company Weekly Review Of Trade viii
say tomorrow:
Failures in January were smaller than
On any previous month except August
1SaS. and July 1897. and the proportion OF
solvent payments 10 clearing house ex-
changes Is smaIer than in any other month
of which records exist. in January there
were bur So cents per $1,000 clearing house
payments and the smallest in any pre-
vious month had been about SLN per
M.ooo The dofauhcd liabilities were 81
~ Ss7. AGAINST Sl0i5i .5l3 last year, a de-
crease Of per cent. and s. per cent
INHALER than in 1897. 81 per cent. smaller
than in 1896 70 per cent smaller tnan III
lSe5. and IS per cent. smaller tnan IN l''''
me manufacturing failures were the
smalles, excepting IN August lSsS. IheIe
were only seven failures Tor SlVo'W OF
more. and tho average liabilities per Ial,-
ure is smaller than IN January OF ans
pths.r year. and the smaller ialiuIta ~
not only fewer IN number. but 81 l1Hel
A averaee liabilities than IN any previous
vear. Considering that January Is US
s,auv one OF tho largest months OF t"e
war in failures. the return ~ SuiPl -
ing as well as encouraging.
TsrsINESS I-NPRECEDENTED.
Tho volume OF business IN january IaS
been FAR beyond al Prece ,oyses have
A,eeu a per cent. larger IMAM laSI o y cai
and SCI per cent. larger than ~ l9s@, w S,.G
while speculation IN stocks Al NeW ~
materially increases The volume vl Pc
,nenta Al was larger outside the CITY
hx, a2 3 per cent. than in lo9- III H. Pc
tinent 10 note that the remarkanle -
psnsion IN the aggregate OF nus.i,n ,Ss de-
ments comes in spite OF a mateIial nc. nc
cline in prices during the pasl 80 ~, ~ -
wears 60 great that payments OF $1,000
'vould cover about as InuSSh OusiHv3 not
strange that European exchanges ar 2
disturbed and alarmed and n fse IA
sterling even when gold rs penis sniIpeu
this ay Il one OF the interesting 10
tmres II is commonly asCribed % recent
sales Of stocks on European account Du'
n would take a million shares ar oruI-
nary prices 10 cover one month ; ~
chandse balance Europe IL NOT ouy
ing enough 10 cover IT'S accumulaung
excess Of merchandise OF export over I'M
ports. <-... - .ha
week has been the decline OF cents ~
wheat with only half cent IN corn ana
only "A sixteenth IN cotton. Inc GOV
ernuent estimate Of the wheat crop, bio'-
90 900 bushels has more influence than
any other source for number or wears
becaus IL is recognized as the result OF
great efforts 10 get az the truth ana -
therefore considered about the lowest
estimate admissible.
GRAIN EXPORTS.
with ordinary consumption and present
exports Of 150.Oc0 600 bushels from the
crop of 1895. flour included, there VIII De
less than 100 900 00O bushels for replenlsn-
ment Of stocks for farmers holdings ana
for exports I'm the next I'VE months ana
the exports Of 4g42.436 bushels, flour In
Guided, from Atlantic ports, against 3
O94 81 last year, and 1885 from Pacihc
ports, against 1880 last year, besides
3oe SO from Duluth and Portland, Me,
shows a stress OF foreign demand which
may well excuse some recovery in 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 sustained
by heavy buying and especially OF PRINT
cloths and kindred products
The prospect is that the outgo VIII
place dealers and manufacturers in
stronger position than they have held
for years. with smaller stocks Of goods
unsod.
A better tone appears In the woollen
goods market also. with some important
grades which were opened at a great re-
duCtiOn I'm prices recently advanced.
which has stimulated the demand for all
grades Sales Of wool have been fairly
large. 30 $50 400 pounds for the year thus
far against &C. 1910 last year. Nlll,3OO
iu 1897 ana Is 942 so in 1892. Philadelphia
has made considerable sales TO eastern
mills and 10 others starting after long
idleness.
The iron industry is advancing prices
OF products rather than Of materials
Pig has remained without change this
week. anticipating that six or seven fur
naces would be put into blast as soon
as possible The demand is strong but
not apparently urgent at the chief mar
kets. Eastern bars and plates have adj
vanced. with very heavy demand and cut
nails have been hOisted by the aSsOcia-
ton 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. steel cars and for
export. I'm the minor metals the specu-
JatiVe fever at London has caused con-
siderable advance. As yet the prices OF
products do not seem 10 disturb the for
cign demand which is yet strong. but In
all the minor metals the London market
Is singuariy uncertain
Failures for the week have been 22f in
the United States against 335 last year,
and p IN Canada against 80 last year