The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-04-20
DUN's REVIEW OF TRADE.

NEW YORK, y. y, April l9.-R. G. Dun & Co.'s
weekly review Of trade, which issues tomorrow,
will say: In every speculative department the
business is growing but this is really the least sat
isfactory feature of the situation. Cotton, oil and
wheat climb above the export price, so that the
marketing of products abroad must be checked,
and money is absorbed which ought to be emptied
in productive industry and in distribution Of prod
ucts to consumers. Everybody knows that oil has
not risen 200 per cent because it is intrnsicaly
more valuable, is wheat actually worth more
than it was two or three weeks ago. but the expan-
sve and uplifting force has unfortunately taken to
speculation rather than to production, and so we
have higher prices in all speculative markets with
out large demand for consumption. Stories of
combinations between the Standard Oil Company
and Russia to partition for the consuming terri
tory by no means account for the recent prices of
petroleum, which appear to be entirely fictitious.
There is no evidence that Cotton is in larger de-
mand than it was when the price l cent lower,
but the prices have been so low for months that
upward movement was easy without much reason,
though stocks here and abroad are 300 900 bales
larger than they at the same date after the
greatest crop ever produced heretofore and spin
ners here and abroad have taken about 1900, 900
bales more than they have consumed. The rise
tends TO prevent the decrease OF acreage which is
one reasonable excuse. Wheat has advanced over
3 cents during the past week and the Western re-
ceipts small, only l,002S46 bushels, against
1,766S29 last year, but Atlantic exports for three
weeks of April have been only 1856 4Sl bushels,
there is no indicaionthat the foreign demand will
Increase, while the prospects for this years crop
are considered excellent. Western receipts are not
large, and II would be strange if they WERE with
ceipts so low but advancing. Exports continue TO
indicate that the European demand will not be
particularly heavy this season.
Outside OF speculative markets the most impor-
tant feature is the rise in the price of beef, which
is largely due to the control of sources of supply
by few strong corporations. There ought to be,
but apparently not, sufficient power in the hands
OF the Government TO meet any such conspiracy
against the public and the proposal of Secretary
Morton TO admit Mexican cattle and cattle from
Canada on easy terms for the benefit of consumers
Is heartily commended, though it is not likely to
have much influence The actual decrease In re-
has been 200 600 head during the first quarter OF
1885, and the quantity killed has been only $4,000
head less than last year, about 10 per cent, but
facts have little to do with prices in this case,
in the case Of oil.
In iron and steel the situation is rather disap-
pointing, although the output continues large, as
the demand for finished products does not seem to
increase Structural forms are in large demand,
but sales Of wire are about 80 per cent less than
last year and in other branches there is no per
ceptible gain.
II is still open question whether the consump-
ton VIII support the manufacture at the present
rate, which is at least an eighth below the present
maximum. The c0JtOn-mills encouraged by
improving prices and are fairly busy Sales of
wool at the chief Eastern markets have been 49,
334 900 pounds for three weeks OF April, against
1862, 800 last year, which indicates that the pro-
duction of goods is at present larger than it has
been at any other time for nearly two years, and
while foreign competition is seriously felt in
effort to retain the home market in lines they
at one time expected TO abandon
Failures during the week have been 241 in the
United States, against 2l9 last year; 81 in Canada