The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-02-04
1T BEATS ALL.
b usineSs Failures in January
Were Smaller
And Volume of Business Larger,
Than Any January
KNOWN TOTHE RECORD
Comparison With Former Years
in Bank Clearings.
Increase is Large, Even Outside
of New York.

New York, Feb. 4.-R. G. Dun & Co.'S
Weekly Review of Trade says:
Failures in January were smaller
than in any previous month except
August, 1898, and July, 1897, and the
proportion of solvent payments to clear
ing house exchanges is smaller than in
any other month of which records ex-
list. In January they were but Sc cents
per 81, 900 clearing house payments, and
the smallest in any previous month had
been about $1.0S per 81 900. The default
ed liabilities were $7,721, 1897, against $1O,-
451, 513 last year, a decrease of 26 per
cent and So per cent smaller than In
1887, 81 per cent smaller than in 1896,
SO per cent smaller than in 1895, and 76
per cent smaller than in 1894.
The manufacturing failures were the
smallest, excepting 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 liabilities than in
any previous year. Considering that
January is usually one of the largest
months of the year in failures, the re-
turn is surprising as well as encourag-
ing.
The volume of business in January
has been far beyond all precedent. Ex-
changes through clearing houses have
been A per cent larger than last year
and 597 per cent larger than in 1892,
and while speculation in stocks at New
York materially increases the volume
of payments, it was larger outside this
city by 1873 per cent than in 1892. 1t
is pertinent to note that the remarkable
expansion in the aggregate of business
payments comes in spite of a material
decline in prices during the past seven
years so great that the payments of
$S2, 900, 900 would cover about as much
business as payments of $1OO,OO0,OOO In
1892.
1t is not strange that European ex-
changes are disturbed and alarmed and
q rise in sterling, even when gold is
being shipped this way, is one or the
Interesting features. 1t is commonly
ascribed to recent sales of stocks on
European account, but 1T would take
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 q cent in corn
and only a sixteenth in cotton. The
government estimate of the wheat crop,
675, 600, 900 bushels, has more influence
than any other from that source for a
number Of years, because IL is recog-
nized as the result of great efforts to
get at the truth, and is therefore con-
sidered about the lowest estimate ad-
and present exports of $50 o00, 900 bush
els from the crop of 1898. flour included,
there will be less than 100, 00O, 600 for re
Punishment of stocks, for farmers
months, and the exports of 1912, 436
bushels, flour included, from Atlantic
ports, against 1904, 517 last year, and
495 604 from the Pacific ports, against
ZIG, $40 last year, besides 309,S55 bushels
from Duluth and Portland, Me, show
a stress of foreign demand which may
well recover prices.
A 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, especially
of print cloths and kindred products.
The prospect is that the outgo will place
dealers and manufacturers in
stronger position than they have held
for years, with smaller stocks of goods
unSOld. A better tone appears in the
woollen goods market, also with some
important grades, which were opened at
a great reduction in prices, recently ad-
vanced, which has stimulated the de-
mand for all grades.
Sales of wool have been fairly large,
30. 752, 400 pounds for the year thus far,
against &c, 5S2,470 pounds last year, &c.
Ill, 800 pounds in 1897, and 26,942, 800
pounds in 1892.
Philadelphia has made considerable
sales to eastern mills and others start
ing 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
furnaces will 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
with very heavy demand and
cut nails have been hoiSted by the as
ISOLATION 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. In the minor metals
the speculative fever at London has
considerable advance and the tin
plate combination has advanced prices
25 cents. AS yet the prices of products
do not seem to disturb the foreign de-
mand which is yet strong, but in all the
minor metals the London market is
uncertain.
Failures for the week have been 224
in the United States against 1856 last
year and rs in Canada, against 80 last
year.