Birmingham state herald., 1895-11-16
WEEKLY TRADE REVIEW The Money Market Shows un-
 usual Firnness DESPITE THE GOLD EXPORTS The Demand for Both Iron and Steel Has
 Fallen Of, BUT THE PRODUCTION STILL GOES ON Southern Railroad Earnings Reflect lm- proved Trade and Show Increases
 in Spite of the Short Cot
 ton Crop.
DESPITE THE GOLD EXPORTS
BUT THE PRODUCTION STILL GOES ON

R. G. Dun & Go. will say tomorrow in their weekly review of trade:
 Failures in the first week of November amounted to $2,971 ,475 against $2,S44, 445 last year, and for October show liabilities of SIG, ,637, ,921 against $11 127, ,290 last year SPA, ,954, ,132 in 1893. For the past week fail ures have been 2S3 in the United States, against 270 last year, and 49 in Canada, against 3S last year. The scare about gold exports had no real significance, and although $2,250,000 more will go out, the stock market has been recovering. The collapse of Kaffir speculations abroad has forced many to realized on American stocks, and the impression that our government may have to borrow again also operates to our disadvantage. But there is no local disturbance of money markets; stocks are but few cents per share stronger than a week ago, commer- cial loans are not large and the demand for moving crops has been remarkably small, so that on the whole the money market has shown very unusual strength and steadiness for the fall season. [he government monthly crop report has caused rather more uncertainty as to its interpretation than previously existed as to the crops. The cotton statement, lacking amount of interest on which it is based, was of only speculative value, and the mere rumor that Mr. Neill had reduced his estimate of the crop actually weighed more than the official estimate. Receipts from plantations 25 per cent less than last year, if of value, would indicate a crop over 7,300,000 bales, but organization to hold back the crop rem ders the comparison of less use. The bottom fact is that even a smaller crop than anybody expects, with the 3,000,000 bales carried over, will assuredly prevent any famine in cotton. Meanwhile the exports decrease 36 per cent in quantity. Wheat perplexes the oldest inhabitant.
 The output of pig iron November 1 was 217, ,S06 tons weekly, about 10 per cent larger than ever before, and the contin- uance of the same production for six weeks more would make the half years output 5,350,000 tons or more, about 450, 900 tons greater than in any other half year. The startling fact is that the demand for products of iron and steel falls off, notwithstanding the increase in the out put of pig and that only a few concerns have closed on reduced work or wages on account of the lack of orders; prices are sinking, having declined 2.7 per cent for the week and GA per cent from the highest point. Bessemer pig, billets, gray
  angles and wire nails have all sold lower within the past week.
 The woolen manufacturer has to meet this year with two difficulties, the re- markable demand for clay worsted, which has encouraged an advance of 10 per cent in prices, and the heavy imports of wool goods. But sales of wool continue large in spite of the fact that part of the works are closed or working only part of the force The cotton mills are running well and find a very good demand for the prod ucts, though 1t is not of late fully sus- tained. Print cloths have declined a shade.
 The volume of domestic trade apears from clearing house exchanges IT per cent larger than last year, but 114 per cent smaller than in 1892.
 Bradstreet's Review.
 New York, Nov. 15.-Bradstreets to- morrow will say:
 The condition of general trade con tinues irregular and without material change. There is distinct falling off in demand for iron and steel, with perhaps the heaviest reaction in quotations In these lines reported in any week since the late boom in these metals reached its climax. Central western cities con- tinue to feel the unfavorable influence of unreasonable mild weather. which is true as well of cities at the northwest. Then there is the long list of decreases in quotations for merchandise. The con- verse includes an unexpected improve ment in woolen goods.
 October gross railroad earnings reflect generally improved trade, and an es- pecially heavy movement of spring wheat is the largest gain shown for any months but June and July this year. With the exception of the southwestern roads and the coalers which show de- creases, every other group shows gains. A %1A l. ivana f10 0a1<lxy al I.a southern roads show increases, the latter in spite of the short cotton crop.
 Renewed gold exports. amounting for the week to $3,250,000 have checked the bullish tendency of the New York stock market. The selling, however, is profess the liquidation apparently completed. Further gold shipments are expected next week.
 Bank clearings at cities throughout the United States aggregate $1.1T, 900 this week. 4 per cent more than last week. AS compared with the corresponding pe- riod of 1892 at @ time when bank clear ings were exceptionally heavy, the fall ing off this week is 12 per cent.
 There are 279 business failures reported throughout the United States this week, compared with 260 last week, 2S0 in the week one year ago and, as contrasted with only 2O5 in the corresponding week of 1892 The increase ip the number of failures this week over last is more than accounted for by southern and New Eng land states.
 Other failures include very generally satisfactory mercantile collections east, west and south, exceptions being conspic- uous by their infrequency. There is a. disposition in the gulf states to market cotton more freely, and Texas cities re-, port a checked volume of business, re- sulting from lower prices for cotton.
 The Gun Had No Trigger.
 Raleigh, N. C., Nov. 15.-W. c. Hall Of Orange yesterday tried seven times to