Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-02-04
FAILURES ARE FEWER
THIS RETURN SURPRISING, A.
WELL As ENCOURAGING.
ENORMOUS VOLUME OF BUSINESS.
u IL Beyond All Precedent for
the Month of January-ENchnnge
Through observation-disclosures ~ Per
Cent. Larger Than Last Year.

ttni. Larger lhnn Last lfhr'
NEW YORK, February 3.-Messrs. II.
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 clearinghouse eX-
changes Is smaller than IN any other
month Of which records exist. In Janu-
airy. there were but Sc cents per $1,000 Of
clearinghouse payments, and the smallest
In any previous month had been about
$lOs per $1,000. The defaulted liabilities
were S7.72l Sg7. against $40, i5l 5l3 last year,
a decrease Of % per cent, and y per cent.
smaller than in 1897, 81 per cent smaller
than I'm 1896, 80 per cent. smaller than In
1895 and 20 per cent smaller than in 1884.
The manufacturing failures were the
smallest, excepting in August, 1898. There
were only seven failures for $lVlWO or
more. and the average of Liabilities per
failure is smaller than in January or
any other year, and the smaller failures
are not only fewer i'm number, but smaller
| in average liabilities than in any pre-
| vious year. Considering that January IS
| usually one OF Ailt lat HfTA Ai4'iA'+At 80 VIZ
| year i'm failures, the return IS surprising
| as well as encouraging.
! BUSINESS BEYOND PRECEDENT.
The volume Of business in January has
| been far beyond an precedent EX-
changes through clearinghouse have
been A per cent. larger than last year
| and 597 per cent. larger than IN lHjI, ana
while speculation IN stocks at New YORK
materially increased the volume Of pay
| ments. II was larger outside the city by
| 1873 per cent. than in 1872. 1t Is pertinent
| 10 note that the remarkable expansion ln
| the aggregate Of business payments comes
| in spite Of a material decline In prices
| during the past seven years so great that
| payments OF 100000 would cover about
as much business as payments Of $lOl.-
| 10000 I'm 1892 u As not strange that Lu-
| ropean exchanges are disturbed and
alarmed. ana a rise In sterling, even
| when gold is being shipped this way, Us
| one Of the interesting features. j is com
! monty ascribed 10 recent sales or stocks
| on European account, but IL would take
| q million shares at ordinary prices %
| cover one months merchandise balance.
| Europe Is not buying enough 10 cover its
accommodating excess Of merchandise eX-
| ports over imports.
WHEAT CROP.
The most remarkable feature Of the
week has been the decline of cents in
wheat. with one Of only half cent in
corn and one of only a sixteenth IN cot
ton. The government estimate or the
wheat cr0p-675 00O0O busheis-has had
more influence than any other source for
n number OF years. because IT Is recog-
nized as the result OF great EFFORTS to
get m the truth, and is, therefore, con-
| sidered about the lowest estimate admis-
fr.I CON afI d ID ID Of
present exports of 100000 bushels from
the crop OF 1S9S -four included, there Will
be less than 100000 bushels for replen-
ishmcnt of stocks for farmers holdings
and for export in the next five months,
and the exports of 4gi245j bushels, flour
included. from Atlantic ports against
3G45l7 last year. and l,i3jCJi from Pa
cihc ports against 1850 last year, be-
sides 300 $50 from Duluth and Portland,
Me, show a stress of foreign demand
which may well excuse some recovery IN
prices.
COTTON AND WOOL.
4 very strong market for cotton goods
has prevailed. and prevents raw cotton
from declining. The advance i'm goods
has been unusual and has been sustained
bv heavy buying. especially of print
cloths and kindred products. The pros
pect is that the outg0 Will place dealers
| and manufacturers in q stronger position
than they have held for years with small
| er stocks of goods unsOld a better
| ton. appears in the woollcn goods market
| also. with some important grades. which
were opened at "a great reduction in
prices recently. advanced, which has slim
ulated the demand for all grades. Sales
Of wool have been fairly large, 30.1o,fe
hounds for the year thus far against
So 7S2. 40 last year. 5o,ln,3o0 In 1891, and
% 942. 500 i'm 1892 Philadelphia has made
considerable sales TO eastern mills and
20 others starting after long idleness
IRON INDUSTRY
The iron industry is advancing the
prices Of products rather than or mate
rails. Pie has remained without change
this week. anticipating mat SIX OF seven
furnaces 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 add
vanced with very heavy demand and
cut nails have been hOisted by the assoc
citation of makers. The rush or orders
for the future does not cease, ana the
works are generally covered Tor months
ahead. with orders for ships and steel
cars and for eXpot.
In the minor metals. the speculative
fever at London has caused considerable
advance. As yet the prices Of products
do not seem 20 disturb the foreign ue-
mand. which is yet strong, but IN an inc
minor metals the LONDON h"Ihe'
| singuarly uncertain. M,
The failures for the week have been y
I'm the United states. against 335 last
wear. and - in Canada, against - las'
year.