The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-10-05
THE COMMERCIAL OUTLOOK
Reports of the Observers of
Business Conditions
FALL TRADE PROMISES WELL
Dry Goods Improve, Iron and Steel Are
Firm
Dun & Co.'s Careful Figures Indicate the
Approach Of a Condition of Gem
eraI Prosperity


NEW YORK, Oct. 4.-Bradstreet's to.
morrow will say: Seasonable weather
has stimulated sales of merchandise and
trade generally. Among the less favora-
BILE features are a moderate demand in
staple lines on the Pacific coast. a reac-
ton In the volume of business at Dalti-
more and the check to the advance in
prices of iron and steel. with reduction
of about 81 per ton. at Ohio valley anu
Pennsylvania centers.
Prices for iron and steel at western CEN
tiers are firm and dealers are said to be
SOLD about eight months ahead. Mercan-
tile collections are very generally inn
proved, more particularly in the south,
Georgia and Texas merchants and farm
Indebtedness and anticipating the pay
ment of commercial paper.
The general dry goods trade has i'm
proved with mere favorable weather. The
unfavorable spot is mems wear, woolens,
the spring sale for which was unsatisfac-
tory, owing to foreign competition. The
conditions south are improving with the
free movement OF cotton and the high
price of the staple.
Exports of wheat. -four included as
wheat, from both coasts Of the United
states and Canada amount to 2,6l3. 600
bushels. Last week the total was 3, Isl ,00C
bushels. one year ago g. 243 900, two years
ago 3, 1S9, 900 bushels and three years ago
4,3lo, 900 bushels. Relief from the con
slant gold Withdrawals has been followed
by an easier tone of speculation and by
an irregular improvement in stock
quotations, but at the close of the week
bearish Influences have reappeared in
sympathy with fears Of collapse of the
mining shares boom in London and
Paris.
The drop in exchange rates was even
more sharp than had been expected and
at the close OF the week there was q nat.
ural reaction from the decline in that
market. the rates being sufficiently low
to prevent gold shipments.
While this influence has been beneficial
to the New York stock MARKET the aotiv-
ity has been almost altogether profession
al and has not attracted foreign buying.
The principal advances have been in
stocks directly under clique guidance,
or those IN which manipulative interests
bave busted themselves. Europe still
shows Discrimination to notice Ameri-
can speculatives and at the close of the
week the London market was disturbed
by a liquidating. tendency in mining
shares. rhe inflated speculation in such
securities has indeed become menace to
the financial world.
The failures have been POT in the United
States against 219 last year, and Al in
Canada against 40 last year.
Dun & Co.'S Report
n,~
Co. 3 weekly review of trade. which Is
sues tomorrow. will say:
Commercial failures in the third quar-
ter of 1895 were 1892, with liabilities O.
s32, 1877, 179, averaging $1l. SCI per firm,
against $l0,O2S last year, about 10 pei
cent more.
The rate of commercial mortality i
2.34 failures in quarter for every 1000
firms in business, which is lower than
last year, and the proportion of defaulted
liabilities to the solvent business repre-
sented by payments through clearing
houses is but 2.49 per $1,000, against 2.71
last year. The defaulting liabili ties pei
firm in business average $26.92. against
$3.50 last year. The defaul.ing liabili
ties of the manufacturing class average
$40, s65, against $19 1853 in the same quar-
ter last; IN trading. $s577. against $b443
last year; and the banking failures, not
including above. have been thirty one.
with average liabilities of STA, 900. against
$l10, 036 last year.
In the third quarter, when failures are
usually low, the average of Liabilities in
prosperous years falls below $4,000; the
number below two in 1000 firms, the de-
faulted liabilities below So per $1,000 ex-
changes and below SIS per firm in bust
ness. The analysis indicates a condition
approaching, but not yet reaching, one
of general prosperity. Highly important
comparisons Of prices this weeE show
about September I'd the lowest range ever
known for wholesale prices of all COM
since March of 20 per cent in cotton
goods, 40 per cent in boots and shoes and
80 per cent in iron and steel products,
while in the woollen goods there has
been scarcely any advance and in all food
products taken together fall OF II per
cent.
Comparisons snow fall in food prod
ucts of 23.2 per cent in the five years
since October, 1890; in wooden goods, 20. &
per cent; in iron products, 1874 per cent
and in cotton goods, II. So per cent: while
boots and shoes are little higher and
leather and hides much higher than five
years ago. The cotton market has
uOON0 y Ccuto dhu HcluS Ill SDltt
of realizing. but as the crop is late and
quite largely held back. does not yet feel
the influence of the receipts natural at
this date. Reports of jury and lower
estimates of yield have impressed all
hands, while few remember the stocks
brought over. Receipts are growing. but
for the month have. been 255, 900 bales less
than last year.
Wheat is shade weaker. while west
ern receipts have been 81. $50 494 bushels
against A, 487. 104 last year, while A tlantic
ports have only 1.03S, 179 bushels against
2, 79l, 4S9 last year.
Corn is but little lower. though Begin
ming to move quite largely
The Pennsylvania railroad has ordered
1000 steel rails and other roads IS, 000 but
the steel rail makers having bought their
pig, Bessemer is lower and also grey forge,
and the demand for finished products is
decidedly smaller, so that the average OF
iron prices turns downward for the first
time since February.
Coke workers gain per cent more
wages and coke is raised IL to 80 per cent.
Wool speculation continues with snor
nous transactions. 10, 1852, 900 pounds for
the week and for the month 35,636, 10
pounds, of which 10, 1857 were do.
nestle, against 81, 2SS. 400 in 1892. OF
which 26, 1872. 500 We're domestic, but the
average Of 1O4 quotations is 1 cent lower
than a month ago. The manufacturers
are dong we'll in dress goods and many
speciaItles, but have lost large share Of