The San Francisco call., 1895-12-21
DUN's REVIEW OF TRADE.

NEW YORK, n. Y, Dec. OR. g. Dun g. Co.
in their weekly review of trade will say tomorrow:
Failures for two weeks Of December show liab-
ties OF 80 451 against SO $40, ,40l last year and
gil, ,679,996 for the same weeks of 1893. Failures
for the week have been 377 in the United States,
against 349 last year and 80 in Canada against 80
last year.
The strong Americanism of the Presidents mes
sage has given its character to the week. Popular
feeling profoundly moved, but excepting in
stock and cotton markets business was remark
ably dull and scarcely affected.
Selling of securities held abroad was a natural
first Impulse, though the sellers are not unlikely
in time TO discover that other securities are
safer from international complications than the
American.
Cotton has declined 14c, and wheat about 9
cents The markets in this country do not act
upon the theory that any interruption OF foreign
relations is to be expected. Coming at time
when nearly all produce markets are inactive and
industries unusually dull, the disturbance has
affected values much less than might have been
expected.
because of influences which have been In continu-
operation for months. prices OF manufactured
goods continued to decline. There is no great
change in boots and shoes though gradually lower
prices are offered. Leather still declines, though
hides at Chicago scarce and stronger. Prices
OF iron and steel have fallen about per cent for
the week, and are now per cent below their max
imum Bessemer pig and gray forge and most kinds
of finished products having yielded more or less
Purchases by the great steel companies il is now
evident, much in excess OF their actual con-
sumption. and 1t is believed that some furnaces
will have 60 suspend production. as the demand
Tor manufactured products is too small TO support
the output, estimated for the year at 1887, ,639
tons by the Pittsburg American Manufacturer.
Minor metals weaker.
There is no change of Importance in the market
for foreign goods, which is not active enough to
prevent some accumulation. Print cloths are a
shade weaker. The market for woolen goods has
not improved.
Sales of wool are mainly confined to immediate
needs OF manufacturers, who are buying but little
ahead. The imports of woolen goods continue
very large, though smaller than n month ago.
1t sounds strange to hear the many complaints
of slow collections and scarcity of money at the
West, on account of the tardy movement of
products from the farms, when Western wheat
ceps in three weeks have been 1S 6l5 49s bushels,
against 9,437, ,324 last year, while Atlantic ex-
ports, -four included, are only 5,Sl23 against
6,453, 100 last year.
Grain is so low that free movement cannot be
expected, and vet the receipts so large that
the crop remaining behind must exceed ordinary
estimates. The movement in cotton continues
comparatively small. but estimates of consump-
ton here and abroad begin TO take the place in
measure of estimates of yield, markets for
goods generally dull. There was shade of
advance in price until foreign quotations disturbed
the market, but it closed with a 14c decline.
The stock market went all to pieces on Friday
and closed So per share lower than q week ago for
railroads and So 25 per share for trusts. On Fri
day alone the four more prominent railroad stocks
fell an average Of $6 SO per share. ana the five
more prominent trusts IS 81 per share, much OF
the selling being of securities lars held abroad