The San Francisco call., 1895-11-16
DUN,s REVIEW OF TRADE.

NEW YORK, y. ", Nov. 15-R. g. Dun & Co.
will say in their weekly review of trade:
Failures in the first week of November amounted
to S2,971.475, against S2s44,4 ,445 last year, and
for October show liabilities of $16637 921 against
S11,127, ,290 last year and $24,954,132 in 1898.
For the past week failures have been 293 in the
United States, against 270 last year, and 49 in
Canada, against 3S last year.
The scare about gold exports had real sgnif-
canoe. and although $2,25O,000 more will go out
the stock market has been recovering. The col
lapse of Kaffirs speculation abroad has forced
many TO realize Americans held, and the i'm
preston that our Government may have 20 borrow
again also operates to our disadvantage.
But there is no local disturbance of money mar
kets, stocks are soc per share stronger than q
week ago, commercial loans are not large ana 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. The Government monthly crop
report has caused, usual, rather more uncer-
tanty to its interpret alton than previously ex-
listed as to crops. The cotton statement lacking
account of acreage which it is based OF only
speculative value and the mere rumor that Nell
has reduced his estima e of the crop actually
weighed more than the official estimate.
Receipts from plantations 20 per cent less than
las. year. if of value would indicate crop over
100000 bales but organization to hold back the
crop renders the comparison OF less use: The bot
tom fact is that even smaller crop than anybody
expects, with the 100000 bales carried over, will
assurediy prevent any famine in cotton Mean
while the exports decrease 36 per cent in quantity.
Wheat perplexes the Oldest inhabitant. There is
really little reason 70 expect yield larger than
last years, but Western receipts S,202, 1854
bushels against 4O26, ,639 bushels last year, do not
mean scarcity OF wheat.
Probably Il is true that the attempt to induce
farmers TO keep back their wheat in July has
ended, as usual. in much bigger sales at lower
prices in November, and prices have now declined
far that for the first time In many months At
lantic exports exceed those OF year ago. The de-
cline, nearly 1c is not much. but does not mean
confidence in renewed advance. Corn is scarcely
lower, but without the aid OF the Government all
know that the supply will largely exceed all home
and foreign demands.
The output of pig iron November was 217, 1906
tons weekly, about 10 per cent larger than ever
before, and continuance of the same production
for six weeks more would make half years out
put 5,350,000 tons more, about 1000 tons
greater than in any other half year. The startling
fact is that the demand for products of iron and
steel falls OF notwithstanding the increase In out
put of pig, and though only a few concerns have
lack of orders prices sinking, having declined
2.7 per cent for the week and 6.4 per cent from
the highest. Bessemer pig, biles. gray forge bar,
tank steel plates, structural angles and wire nails
have all sold lower within the past week.
The minor metals are on the whole lower. The
wooden manufacturer has to meet this year with
two difficulties, the remarkable demand for clay
wOrsteds, which encouraged advance OF 10
per cent in price, and the heavy imports Of woolen
goods which have amounted for nine months of
the current year to So 45S 402 pounds, against 12
407, $50 last year. But sales of wool continue
large, for two weeks of November 12,192,O50
closed or working only part force. The cotton
mills running well and find good demand for
products, though 1t is not OF late fully sustained
Print cloths have declined a shade.
The volume of domestic trade appears from
clearing house exchanges IT per cent larger than
last year, but ia per cent smaller than in 1892.
The earnings of railroads, 90 per cent greater
than last year for the first week of November and
the previous four weeks, and tonnage movements
are J 2 per cent larger than in previous year.