The sun., 1901-01-05
THE STATE OF TRADE
Dun's Review on Opening Business Of
the Twentieth Century.
NO CHANGE I'm METAL MART.
Revised Figures Regarding Past
Years Failures show That They
Total $13s, s,495,673 In Amount
and IO,z54 In Number.

New York, Jan. Ar. G. Dun 6 Co.'S
weekly review of trade says:
In spite of the Interruptions of the hol-
idays and unusually heavy annual settle
ments in all lines of business, the new
year opens with indications of further
progress. 1t is relief in iron and steel,
as well as some of the textile markets,
that tension has not developed with re-
spect to labor. There is no lack Of con-
tracts offered at steady prices in the
country's leading industry, and in some
departments of cotton goods there is
better movement, though speculation has
| depressed the price Of the raw material;
otherwise, a decline in wheat is the only
noteworthy movement in staples. 1t is
explained by reduction in the flour out
| put at Minneapolis, some mills shutting
down, while the foreign demand at At
lantic seaboard cities is not brisk.
| The ordinary measures of business con-
tinue to make gratifying exhibits. Rail
road earnings reported for the month OF
December indicate gain of S.9 per cent
over 1890 and 10 per cent over 1898.
Bank exchanges for the leading cities
outside New York show an increase of
10.4 per cent over last year and gain OF
1872 per cent over 1899, while at New
York the exceptionally heavy annual in
terest settlements combined with large
speculation to make a gain of 42.2 per
cent over 1900 and 3S.4 per cent over
| 1899.
| No alteration has yet occurred in
| quotations of iron and steel products,
and this industry is on such firm foun-
dation that most large concerns have
maintained wages at the old scale, in
stead of making the reductions antici-
pated. Iron ore prices are also unchang-
! cd, and no action is now expected until
| March, although a lower rate was looked
| for early in January. Coke is firmly held
at Connelsville, and there are fewer idle
ovens, while the much discussed fall in
4 prices appears confined to inferior quail
tieS ut outside furnaces. Pig iron sells
| freely for delivery up TO April, and there
is no indication of weakness. All finish
ed products are eagerly sought, many
large contracts having been placed for
structural material, and others are under
consideration. An American company is
the lowest bidder for the large bridge at
Sydney harbor, Australia.
Steel Company Expanding.
/ The purchase of 100 acres near Pitts
burg by leading steel company indi-
Gates great enlargement of its plant.
Aside from the reduction Of wages at
blast furnaces in the Mahoning and She
mango valleys the weeks news is most
encouraging in this the greatest Of Amer
i lean industries.
4 The market for textiles has been fea-
| tureless, as the holidays and stock taking
reduced business to limited dimensions
Wool has again declined, making the
average or 100 quotations 1928 CENTS
| according to Coates Bros circular. Sales
at the three chief eastern markets
amounted to only 3,121,000 pounds for
the week, and there is much uneasiness
over the statements of large stocks at the
end of the year, while recent heavy fail
ures have not tended to improve the tone.
Cotton goods have not the same difficult
ties to contend with, but an abnormally
high price for raw material acts as a
check on this industry
| Local jobbing and retail trade is brisk
in boots and shoes, and many manufac-
turers are behind with orders, yet un-
even distribution of business has left
some shops ready to make concessions.
Shipments from Boston for the week
We're s., 443 cases, against 81 ,665 year
ago. Sole leather is purchased freely, but
less activity in upper tends to weaken
prices. Exports of sole from this city
were heavier in December than in any
previous month last year, but the total
for 1900 fell 30G,93G sides below 1899.
For the first time in many weeks there
was some recovery i'll hides at Chicago.
Commercial failures in 1900 were 10,-
ia in number and $13S, S,495,673 in
amount, against 9,337 in 1890, with to
tai Indebtedness Of S90,S79,SS9. Bank
ing defaults numbered 80, with liabilities
Of S35,G17, ,5G3, against sc for $32, ,252, 79o
in the previous year. Although this ex-
hibit is most unsatisfactory in compare
son with 1899, there is logical expana.
tion for the greater number and larger
amount of failures. Prior to the remark.
able record made by 1899 failures were
more numerous every year since 1S9.
than in the NE just ended. Moreover
the average or defaulted liabilities tc
each firm in business was but $115.44, by
no means a severe strain to bear, and
only -four years out OF the previous q
produced lower ratio.