The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-03
DUN'S REVIEW OF FEBRUARY,
The Milling Trust nad Third Avenue
Railway Troubles.


NEW YORK, March 2.-Dun's review to-
morrow will say:
Besides the SS1 commercial failures for
1891 .94S which We report today there
were il February six banking failures for
$62o.l2i, and receivers were appointed for
the United States Flour Milling Company,
with SIS. 100000 of stock and s15, 0Oo, 900 of
bonds. authorized at it's organization last
April, and for the Third Avenue Railroad
Company after loans for several millions
had been placed on the property. Unless
separated from such events, commercial
failures could not be compared with bene-
fit.
THE manufacturing failures for s4,257,-
S3S were larger than in February of 1896
or 1895. but more than half the amount
was in two classes, four large lumber and
one clothing failure. making IS per cent of
the whole. The trading failures were
larger than in February ot last year only.
but IS per cent of these defaults were
made in five failures. In most branches
the comparison with previous years is en-
couraging, and an analysis brings out in
strong light the remarkably low average
OF liabilities in the smaller failures. which
constitute the great majority. Indicating
sound business conditions and unusually
satisfactory collections.
The rise of cotton to 9 1-2 cents. the
highest point since January, 1898, has
done much to stimulate business. Heavy
selling of cotton by people who had none.
but felt certain that cents would mark
the limit Of the rise. had placed them
quite at the mercy of holders. But the
markets both for goods and for cotton
have been affected all over the world and
will reap some benefits in larger excess
of merchandise exports over imports. The
market for goods has been pushed to
greater activity, though they have risen
only 8 per cent since the year began.
while the material has risen over 25 per
cent"
Except across the ocean. where events
in South Africa caused nearly all business
to be forgotten, changes in the stock mar
ket rank next In financial interest to the
rise OF cotton 1t was a revelation of the
appreciation in which American railway
stocks are held to see them so strongly
supported. The average for sixty railroad
stocks closed only IS cents a share lower
than a week ago. although the average for
Industrial stocks had fallen $3.50 per share.
and street and city stocks. exclusive of
Third Avenue, had fallen $40 per share.
The discrimination was intelligent.
The small rise in wheat last week,
although the price is quite low. suffces
to call from the farms such receipts.
4,105, 661 bushels, against 3,195,437 last
year, as to indicate that supplies are not
nearly exhausted. Exports from Atlantic
ports continue small for the week. -four
included. only 1,S12,3O6 bushels. against
4, 059,9 1854 last year.
The exports of corn. in four weeks. Were
II, 724 ,645 bushels against 12.051 ,053 last
year, corn rising three-quarters of cent
during The week, while wheat declined
1-4c.
Iron and steel industry continue the
greatest weekly output ever seen. even
while men speak OF it as waiting for more
definite assurance about the future. Prices
Of pig yield little. For most finished
products prices are stronger THAI week
ago. The decline in hides at Chicago con-
tinues, having been over per cent the
past week Leather has declined only
per cent. Boots and shoes have yielded
very little
The volume of business shown by pay
ments through banks falls behind last
years wonderful record. But the great
expansion of loans this year is in part
explained by such operations as the loan
of $50, 900, 900 to the Russian Government.
the whole amount being spent here for
rails. rolling stock, and for war vessels.
Money continues easy and without present
prospects or change.