Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-02-04
WEEKLY TRADE REVIEW.
JANUARY BUSINESS FAR BEYOND
ALL PHECEDENTS.
(By Telegraph to Virginia Pllot)


(By Telegraph to Virginia Pllot)
New York. Feb. 3.-R. G. Dun & Co.'S
weekly review of trade will say to-mor-
row:
Failures in January were smaller
than in any previous month except
August, $685. and July. 1897. and the
proportion of solvent payments to
clearing house exchanges is smaller
than in any other month of which rec
ords exist. In January there were but
So cents per $1,000 clearing house pay
mentS, and the smallest in any previous
month has been about Sl.0S per 81 00O
The defaultcd liabilities were $7,72l, S97,
against Sl0,i5 ,5lS last year, Il deere -
or 70 per cent, and 5S per cent smaller
IMAM in 1897. % per cent. smaller than
IN 1896, so per cent. smaller than i'm
1870 and &c per cent. smaller than I'm
1884.
The manufacturing failures were the
smallest excepting August. 1898. There
were only seven failures for 500. 900 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 i'm
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.
Inc volume of business In January
mas been far beyond NIL precedent Ex-
changes through clearing houses have
been "a per cent larger than last wear.
ana % per cent. larger than in 1892
ana while speculation in stocks at New
\ ork materially increases the volume of
payments II was larger outside the
city by 1913 per cent. than in 1892. It is
pertinent To note that the remarkable
expansion i'll the aggregate of business
payments comes in spite of Il material
decline in prices during the past seven
years so great that payments or $50
o0O,OOO would cover about an much
business as payments of 500 900. 900 in
lSo2 1t is not strange that European
exchanges are disturbed and alarmed
and rise I'm sterling even when gold is
being shipped this way is one of the in
tercSting features. 1t is commonly as
cribed 10 recent sales of stocks on En-
ropean account. but IT would take n
million shares at ordinary prices to
cover one months merchandise bal
ance. Europe is not buying enough In
cover IT'S accnmulating excess of mer-
chandise of 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 estimate OF the wheat crop
6'o.0oo.oo0 bushels. has more influence
than any other source for a number. az
years. because it is recognized as the
result of great efforts To get at the
truth. and is therefore considered abou,
the lowest estimate admissible With
ordinary consumption and present ex-
ports of 150.o00000 bushels from the
crop of 1895, flour included. there will
be less than 100000 900 bushels for re-
punishment of stocks. for farmols hold
months. and the exports of 4 go 81,
bushels. flour included. from Atlontjc
ports against 3.094.5l7 last year. ana
l.i9o,6oi from Pacific ports. against
U6,SiO last year. besides 500. $50 from
Duluth and Portland. Maine, shows a
stress of foreign demand. which may
well excuse some recovery in prices.
y very strong market for cotton
goods has prevailed. and prevents r,,v
cotton from declining. The advance in
goods mas been unusual and has been
sustained by heavy buying especially Of
print cloths and kindred products. Tn.
prospect is that the outgo will nIac.
dealers and manufacturers in n strong
err position than they have held for
years. with smaller stocks of good, m.
sold. "''
\ better tone appears in the wooden
goods market also, with some import
ant grades which were opened at y
great reduction in prices recently adj
N8nced. which has stimulated the d.
niand for all grades. Sales OF wool
have been fairly large. so, 800 pounds
Tor the year thus far. against Sd. 7S94Tn
last year. SOIL 500 in 1897. and 2s ot9 son
in 1892. Philadelphia has made cons.d.
cradle sales to Eastern mills and TO
others starting after long idleness.
The iron industry Is advancing prices
or products rather than OF materials.