Birmingham state herald., 1895-11-23
THE WEEKLY TRADE REVIEW Dun and Bradstreet Still Trying
 to Explain THE GENERAL DEPRESSION One Says 1t Is the Weather, the Other
 Don't Know.
AN INCREASE OF FAILURES REPORTED
Besse1ner Pig, Steel Billets, Wheat, Corn, Oats, Pork, Lard. Coffee, Cotton, Hides,
 Petroleum and Cattle Show Marked Decline in Prices.

New York, Nov 22.-Bradstreets to- morrow will say:
 The check to general trade. which has been conspicuous for the past few weeks, still continues. Unseasonably mild weather and rains have intensified this feature, which is more conspicuous south where the decline in the price of cotton and consequent check to ship ments are held to be partly responsible. But the demand for staples increases on the appearance of seasonable cold weather, the result being larger orders for woolens, shoes. rubbers and holiday specialtes.
 Complaints are made in Texas of re- duced shipments of cotton and crop es- inmates; these are again lowered This is in contrast to later reports of the prob able size of the wheat crop, which now place the amount nearly 100000 bushels larger than the crop report last spring.
 While perhaps textile manufacturers are fairly well employed they declare it is without material profits. Wool re- mains quiet with q fair inquiry, although manufacturers are not adding to stock. Uncertainty as to prices of leather checks and buying of shoes by retailers depresses the manufacturing in dustry. There is less demand for iron and steel, and prices for standard varie- ties are lower about one-half of the years advance having been lost.
 Business failures show another marked increase, numbering 323 throughout the United States. against 297 last week. 295 In the week year ago and 35S in the third week of November, 1893. The bulk of the increase is in the middle and west ern states.
 Notwithstanding continued evidence of a moderate reduction in the volume of business in recent weeks the total value of bank clearings continues of large pro- portions-$1 ,126, COG, ,000-which, while it is 3.7 per cent less than last week is fully 10 per cent larger than in the correspond ipg week last year, nearly IS per cent larger than in the third week of Novem- ber, 1893, and 2 per cent more than in the corresponding week of 1892.
 No less striking than a week ago is the comparatively long list of decreases of prices for staples, among them Besse- mer pig iron and steel billets. wheat, corn, oats, pork, lard and coffee, among food products, and cotton. petroleum cally unchanged quotations are reported for turpentine and rosin, tobacco, leath- CT, lumber. and coal.
 Net railway earnings reported to Brad streets by roads, representing 75 per cent of the railroad earning capacity of the country, point to a steadily sustain ed growth in the volume of net receipts for nine months of the year, as com pared with year ago.
 Gold shipments to Europe this week have been very heavy, amounting to $7275000. The outflow of specie was ap- parentiy swollen by calling in balances due in Europe by bankers here Foreign mi but their efforts supplemented the dis turbing effects of the gold movement in the New York stock market.
 New York. Nov. 22-R. G. Dunn & Co., will say tomorrow in their weekly re- view of trade:
 Failures for the first half of November amount to sos in liabilities, against s5,6O23O3 last year and s7.24S.279 in 1S93 Failures for the week have been 320 in the United States, against 322 last year. and forty-two in Canada. against thirty one last year. Reaction in business there is none. Efforts to explain it or to att tribute 1t to this or that temporary fn- f1uence are wasted When stocks bought in advance of consumption have been worked off men will be able to judge the cause. Final distribution is to be ex- pected and meanwhile prices are de- pressed by the selling of quantities bought for speculation by the pressure of stocks, for which consumers have not yet been found. and by the idea that prices may go still lower.
 Gold exports have been lowering, amounting to s2.257,0O0 last week. and presumably to $7.35O,000 this week. but are rather a result than a cause of ex- isting conditions. A little selling of American stocks on European account has followed forced releasing in foreign stocks, but the new compact of trunk lines promises better earnings for rail- ways, though it has no speculative eff feet, and that with the corn carrying roads are doing especially we'll. Earn fngs for the first half of November are the best reported for years, showing a gain of 10.6 per cent over last year and only 8 per cent decrease compared with 1892. Products are lower, without disturbance or sign of panic. The cotton market has been assisted all the week by small re- ceipts and remarkably stiff statements of scarcity, but has gained sixteenth. though some think short receipts were deliberately organized by planters. It begins to be a decisive fact that exports are small partly because stocks abroad are heavy and partly beca use the mana- facturer abroad does not find market for the usual quantity of goods, the Brit ish being especially embarrassed.
 In this country the cotton manufac- turer has fared better than most others. escaping an excessive rise and the re- sulting decline. While some prices were marked too high while cotton was above g cents most goods are held at quoted prices, and the mills generally have or fiers to cover work into next year. but 1t ls becoming a question whether retail distribution has kept pace with manufac- furers orders or with sales to retailers.
 Iron and steel products are lower. av- eragipg per cent for the week and per cent from the highest Bessemer, anthracite No. l and barbing quoted lower while sales below quotations are freauent. There Is frequent competition for orders, most works having little ahead, and new business Is remarkably small Structural work Is cut down by the strike of house workers here. and quite number of mills. principally bar. have stopped within a few days. The as- sociation reaffirms prices. but do not sell enough to keep works busy.