The San Francisco call., 1895-10-12
DUN's REVIEW OF TRADE.

NEW YORK, n. V, Get. 11.-R. G. Dun & Co.
in their weekly review of trade tomorrow will
say: The price barometer gives indications that
not entirely favorable. Cotton goods go up
with increasing evidence that the crop OF cotton
is short. Prices of other manufactured products.
of wool, hides and leather all show some decline
general abatement in orders being the principal
cause. With an immense volume Of business, not
much exceeded in the largest month Of the ex-
ceptionaI year 1892, and with evidence that in
several important branches the volume has sur
passed that OF any previous year. there is grow
ing uncertainty about the future Of industries
Money markets are neither strained nor threat
ening: foreign exchange no longer raises appIe-
hension, and all fear about the great Northern
crops are pas l. There have been few advances in
wages of labor within the past month and only a
few works have been closed by strikes for an ad-
vance.
The main cause of decreased orders has been re-
peatedly pointed out by this journal during the
past half year. When business began to revive
million traders in haste to order only the
goods each expected to sell within given time
but enough more TO replensh stocks which had
been cut down almost to bare shelves by two
years of pros.ration.
Thus the buying was much in excess of real con-
rose many hastened TO buy in advance of visible
neeus, hoping that every purchase wonld mean
gain while multitudes hurried to get in their orders
before competitors could buy cheaply. Under such
conditions buying continued for six months and
still continues in cotton goods, which have risen
less than material. But in most manufactured
products buying, for the same reason longer
be expected, and the steady and regular consump-
In wooden manufactures a demand for dress
goods and some speclaltes keeps many fully en-
ployed, but most of the works making mems wool
ems, for which orders scanty. find not
enough to keep them running. To pile goods up in
advance wholly in the dark as TO future foreign
competition involves such risk that some con-
Germs may close for time
1t is too early for cotton movements to cast much
light on the probable yield port receipts TINS far
23 per cent smaller than last year, do not indicate
as small crop as many fear i'll view of the known
lateness of the picking.
Widely circulated adviceS to hold back cotton
have some influence also. At present prices aver
age S12c in southern markets against 534 C a year
ago. Seven million bales would bring $l3, 900 900
more than 100000 bales brought last year. Some
months ago Dun's review predicted that 5000 900
bales OF American cotton would be carried over
and was much criticized by some. Mr.. Ellison,
the financial European authority, shows that
2,977 900 bales were held September in ports and
at mills here and abroad.
Wheat receipts have been 7,351,474 bushels,
against 4.6901Sl last year. and Atlantic exports
only l,707629 bushels, flour included, against
! 1898 1856 last year. The movement at Duluth is
heavy as to absorb vessels snd almost arrest ore
shipments.
Failures for the week have included two banks
and several concerns of some size, and havo been
26S in the United States, agains: 2A last ar and
so in Canada against 43 last year.