The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-02-04
Were Smaller Than For Any Core
spending Month.
RECORD IS SURPRISING
VOLUME OF BUSINESS HAS Ex-
CEEDED EXPECTATIONS.
Enormous Increase In Clearing House
Exchanges Partly Accounted For
By Speculation In Stocks-Some
Improvement In the Wooden Goods
Market-Iron Advancing Prices.

New York, Feb. 3.-R. C. Dun & Co.'S
weekly review OF trade will say tomor-
row: Failures in January were smaller
than in any previous month, except
August, 1898, and July, 1887, and the
proportion of solvent payments to
clearing house exchanges is smaller
than IN any other month of which rec
ordS exist. In January they were but
80 cents per $1,000 clearing house pay
mems, and the smallest IN any previous
month had been about SI.OS pea 81, 900.
The defaulted liabilities were 81, 721, 1897,
against O,4o1, 5l3 last year, a decrease
OF 70 per cent, and 0S per cent smaller
than in 1891, % per cent smaller than
in 1896, 30 per cent smaller than in 1895,
and 16 per cent smaller than in 1894.
The manufacturing failures were the
smallest excepting August, 1898.
There wese OnEy seven failures for
100000 or more, and the average of
liabilities is smaller than in January
of any other year, and the small fall
ures 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 We'll as encourag-
ing.
The volume of business in January
has been far beyond all precedent. Elk
changes through clearing houses have
been A per cent larger than last year
and 59.1 per cent larger than 1892, and
while speculation in stocks at New
York mateTia- ly increases the volume of
payments, it was larger outside this
city by 1873 per cent than 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, 600 would cover about as much
business as payments of 800 0O0, 600 in
1892. 1t is not strange that European
exchanges are disturbed and alarmed,
and a rise in sterling, even when gold
is being shipped this way, is one of the
interesting features. 1t is commonly
ascribed to recent sales of stocks on
European account, but it would take
million shares at ordinary prices to
cover one months merchandise ball
ances. Europe is not buying enough to
cover its accommodating excess of mer-
chandise 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,
575, 900 coo bushels, has more influence
than any other from that source for a
number of years, for it is recognized 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 eX-
ports of 50,O000 600 bushels from the
r.
be less than 100000 900 bushels for the
replenishment of stocks, for farmers
holdings and for exports in the next
five months and the export of 1912, $50
bushels, flour included, from Atlantic
ports, against 1904, 517 last year, and
!, 495, 6O4 from the Pacific ports. against
776,S40 last year, besides sos, $50 bushels
from Duluth and Portland, Me, shows
a stress of foreign demand 'Ehick may
we'll recover prices.
A very strong market for cotton
goods has prevailed, and prevents raw
cotton from declining. The advance in
goodI 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 a
stronger position than they have held
for years, with smaller stocks OF goods
unsold.
A better tone appears in the wooden
goods market also, with some impoT-
tant grades, which were opened at
great reduction in prices, recently adj
vanced, which has stimulated the de-
mand for all grades. Sales of wool have
been fairly large, 0,752, 400 pounds for
the year thus far, against 36,5S2,4 40
pounds last year; 90, III, 900 pounds in
1897, and 26,942,S0O pounds in 1892. Phil
adelphia has made considerable sales
to eastern mills and to 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
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
advanced with very heavy demand, and
cut nails have been hoisted by the as
ISOLATION of makers. The rush of or
de.s 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 caused considerable ad-
vance, and the tin plate combination
has advanced prices % cents. AS yet
the prices of products do not seem
to disturb the foreign demand. which is
yet strong, but in all the minor metals.
the London market is singularly I'M
certain
Failures for the week have been .224
in the United States. against 335 last
year, and 25 IN Canada, against SO last