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

NEW YORK. March 2.-Dun's review to-
morrow will say;
Besides the ISL commercial failures for
81, 9S1 ,04S which we report today there
were in February six banking failures for
s620.121. and receivers we're appointed for
the United States Flour Milling Company.
with SIS, goo, 600 OF stock and SIS. O00 600 Of
bonds, authorized at its 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 1881
63S 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 Of last year only,
but % per cent of these defaults we're
made in five failures. In most branches
the comparison with previous years is en-
eouraging. 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 10 cents, the
highest point since January. 1893 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 9 per cent since the year began.
while the material has risen over % per
cent"
Exc spt 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. II 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 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 s640 per share.
The discrimination was intelligent.
The small rise in wheat last week,
although the price Is quite low. sufiices
to call from the farms such receipts.
A. los, 661 bushels, against 1884 last
year. as to indicate that supplies are not
nearly exhausted. Exports from Atlantic
ports continue small. for the week, -four
included. only 1Si2 800 bushels, against
4, 0j9 9S4 last year.
The exports of corn. in four weeks. Were
L, 724, SIS bushels against 12.051 .053 last
year. corn rising three-quarters Of a cent
during the week while wheat declined
1 1-4c.
Iron and steel industry continue the
greatest weekly output ever seen, even
while men speak OF II as waiting for more
definite assurance about the future. Prices
of pig yield a little. For most finished
products prices are stronger than week
ago. The decline in hides at Chicago con-
tinues, having been over 2 per cent the
past week Leather has declined only 3
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. 600 20 the Russian Government.
the whole amount being spent here for
rails. rolling stock and for war vessels.
Money continues easy and without present
of change.