The San Francisco call., 1896-05-16
DUN's REVIEW OF TRADE.

NEW YORK, n. Y, May 15.-R. G. Dun & Co.
In their weekly review OF trade will say
Failures for the week have been 224 in the United
States, against Pill last year, and 33 in Canada,
against 81 last year. II is now the middle of Nav
too late for business TO change materially until the
prospects of coming crops assured and definite
shape has been given 10 the Presidential contest
by the conventions. Until The future is more clear
there is prudent disinclina,ion to produce much
beyond orders TO order beyond imm ediate and
certain needs If this waiting spirit prevails two
months longer Ii will crowd into the last half of
the year an enormous business IL the outlook then
is good. For the present there is less business
than a year ago, though in some branches more,
and the delay following months of depression is
TO many trying and caused numerous failures.
Speculative markets are com para lively inactive
but the stock market Is stagnant, and the average
price of railroad stocks has declined less than per
only about half of per cent. An attempt was
made 10 manufacture excitement in cotton out of
the Government report, but the price closed
exactly it began the week and the port receipts
have been actually larger than last year. All
rent arguments based on the assumption that the
quantity used IN manufacture had been or is now
at maximum rate are disproved by the closing
OF many mills for want of demand and the general
effort TO reduce wages, which have caused some
strikes. Wheat is unchanged in spite of all rumors
The volume of domestic business, though large
In some branches, Is represented by payments
through clearing g-houses 1873 per cent smaller
than last year. The railroad earnings have been
for the first week of May 3.S per cent larger than
last year, showing trifie better than the returns
for April. The most fortunate of the chief indus
tries at present is the boot and shoe manufacture,
which is not only shipping TO customers within 8
per cent of the largest number OF cases ever for
warded in the first half OF May, but is getting
many new orders and there many urgent re-
quests TO anticipate orders for June and July de-
livery, indicating that distribution to consumers
has outrun executions. Prices unchanged at
the lowest average yet reached, but there is
rather rapid advance in hides at Chicago and
leather begins TO stiffen little.
The iron and steel industry, on the other hand,
is pronounced dull it ever has been at Pitts
burg, in part because of doubt about the mainten-
ance of prices recently advanced. and the demand
is so small that in spite OF such advances prices
average 1.2 per cent lower for the week, Bessemer
pig being no higher than il was three months ago,
and No ] anthracite is lower The attempt to
hold common bar at 1.2c leads many large con-
sumers TO prefer steel bars, which sell at 1c, and
prices of nails are expected to be reduced because
OF scanty demand. There is much promise for
future structural work, but orders deferred
Textile mills are not yet gaining. Enormous
bargain sales OF cotton dress goods and of ready
made woolen clothing have hindered orders at any
price which the mills can AFFORD to take and
have partly supplied the needs OF consumers. For
some cotton goods more active demand appears,
and low-grade bleached are an eighth higher, but
Lousdale ana Fruit OF Loom AKA goods cut TO
Curtatment OF production, partly by intention and
partly by differences about wages, has not yet
brought the Improvement hoped for. Sales OF
wool have been Il little larger he past week. The
large drives in clothing have cleared out stocks
some ready made concerns, but check bus-
ness and the general disposition is postpone
ders as far as possible.