The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-03
FAILURES N FEBRUARY
Construed as Symptomatic of
Commerce ial Soundness.
COTTON HOLDERS IN LUCK
Week Holds the Record for
Iron and Steel Output.
COTTON-H OiL OERS IN LUCK

New York, March 2.-R. C. Dun & Co. s
weekly review of trade tomorrow will
say: Besides the 81 commercial failures
for $9,931,O4S which were reported today,
there were in February six banking fail
ures for $500, 121, and receivers were APP
pointed for the United States Flour Mill
ing company with go, 900, 600 Of stock and
SIS, 00O, 900 Of bonds authorized at its organ
ization last April, and for the Third
Avenue Railroad company after liens for
several nllions had been pI nced upon the
property. Unless separated from such
events commercial failures could not be
compared with bepe1t. The manufacture
ing failures, for s.. 25T,63S, were larger
than in February Of 1896 or 1895, bat more
than half the amount was in two classes,
four large lumber and: one cloth hing failure
making &c per cent Of the whole. The
trading failures were larger than in Feb-
ruary fast years only, sout twenty per
cent of these defaults were made in five
failures. In most branch es the COMPARE
son with previous years is encouraging
and analysis brings out in strong light
the remarkably low avecage of liabilities
in the smaller failures. which constitute
the great majority, indicating sound bu-
sineSs conditions and usually satisfactory
collections.
The rise Of cotton to SIC the highest
point since January. 1892 has done much
70 -+f,, q,
southern plantations and country towns
more than double the quantity marketed
last year. distributing millions to pro-
ducers whose purchases Of supplies are
thus increased and sweIIed beyond all ex-
pectation the purchase for export Hea-
Wy 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 market both for goods and for cotton
have been affected all over the world,
and the country will reap some Benefit in
a large excess of merchandise exports
over imports. The market for goods has
been pushed to greater activity, though
they have risen only per cent since the
year began while the material has risen
over % per cent.
Except across the ocean. where events
in South Africa caused nearly all business
to be forgotten, changes in the stock
market rank next in financial interest to
the rise in cotton. 1t was a revocation of
the appreciation in which American rail-
way stocks are held, to see them strong
~ supported with Third 9venue falling to
about 80 and Flour milling dismissed to
the hands of receivers.
The small rise in wheat last week. al
though the price is quite low, sufficed
to call from the farms such receipts,
41G5 661 bushels against 3,195. 437 last year,
as to indicate that supplies are not near
" exhausted. Exports from Atlantic
ports continue small for the week; flour
included, only 1872 500 bushels, against
1869 9S4 last year, and in fur weeks from
both coasts exports have been II ,639. $50 !
against 14S23373 last year. Though ex-
ports run behind last year, which were /
almost unequalled, they ahve already
exceeded in eight months those of most |
fun years, and the exports OF corn, in !
feur weeks, u, 724,645 bushels. against p
O51. 053 last year. explain much of the diff /
fcGlty. corning rising three-quarters of a |
cent during the week, while wheat de- |
clined 4 cents.
The iron and steel industry continues !
the largest weekly output ever known, !
even while men speak of it as waiting for |
more definite assurance about the future
Prices OF pig iron yielded little, some |
sales of Bessemer having been made at |
Pittsburg for $24 and anthracite No. is |
quotd here al $3.50. Billets has been sold |
at $33 at Pitts5urg. For more finished /
products prices are stronger than a week .
ago. or as strong, bars and sheets being /
strengthened by large business. while only
plates appear weaker, $40 being quoted /
for sizes not the widest. Coke is scarce
and higher in spite Of the largest output
ever known, and the wages of hands
have been raised 12l5 per cent, to the
highest ever paid. The decline in Chica-
go continues, having been over . per cent
the past week and per cent from the
highest point in December.
Leathr has decline only per cent from
the highest point and part Of that only
in exceptionally large transactions. pre-
sumably meant to be private. Boots and
shoes have yielded very little. and many
dealers ended their eastern trip without
buying, and intend to wait until April.
as they did last year, when they paid
rather less than prices asked in Febru-
airy. Yet shipments on past orders have
been in February SS5,2I4 cases, about
5000 more than in 1895 or any other year
Failures for the week have been % in
the United States against 1S6 last year,
and Is in Canada against A last year.
BRADSTREETS
New York. March 2-Badstreet's to-
morrow viii say. Stormy weather has
retarded the developmen- of spring trade
at many markets, iute.yGp5ing telegraph
and railway communication aid natural