The San Francisco call., 1896-01-18
$2l,O53,846
DuN,s REVIEW OF TRADE.

NEW YORK, y. ", Jan. 17.-R. g. Dun dI Co.
will say tomorrow in their weekly review OF trade:
Failures for nine days of January have shown liza
bties of S5,56S, 900 against S4,522, ,53l year
aiures for the past week have been much larger
in magnitude, numbering 395 in the United States
against 373 last year and 81 in Canada against so
last year.
The situation could hardly be more perplexing
for business men. Practical merchants manufac-
those who minimize their difficulties.
None doubt that the Government will raise
money to meet obligat IONS but how far the money
market will be disturbed or the treasury reserve
first diminished none can say. The business world
cannot know as yet how far foreign questions
may upset calculations, though there seems every
reason to expect peaceful settlement. 1t cannot
know what may be the duties on any important
class of imports month hence; whether imports
are likely to exceed exports and draw away gold ;
whether the deficit of revenue Will continue, or
what other taxation Will be levied.
Failure of the Senate thus far to take any action
upon financial measures proposed by the President
or those passed by the House, affects unavoidably
all branches OF business. Under such adverse cir
cumstances it is actually encouraging that shrink
age in transactions and resulting com ercal disas-
ters have not been greater. But four large failures
within day or two indicate that the same condi-
tions cannot continue without much embarrass-
ment.
Domestic trade, shown by Clearing house pay
ments, is S5 per cent larger than last year. but
27S per cent less than in 1898, and in nearly all
trades there is much hesitation. Railroad earn
! ings for the first week of January were 5.7 per
cent larger than in January, 1895, but 1875 per
1898
1alures brought more cautious feeling. After
rising on an average of 81 81 per share railroads
closed 81 30 higher for the week.
Speculation in produce was not very active, and
wheat practically unchanp ed. though Atlantic
exports for two weeks. -four incud ed have been
4:4s5,l9O bushels against 4273,124 last yer.
Western receipts Still make short crop predictions
ridiculous, amounting for two weeks OF January to
5.421 800 bushels against 2,559,0OU last wear.
Corn receipts also liberal and exports about
five times last years.
Cotton receipts still indicate yield neither as
small as Mr. Nels reiterated estimate of g. 800 600
bales nor as large as the 100000 bales estimated
by others, but ii yet be seen whether supplies
held for better prices of consequence. The
price declined rs with accounts of narrower de-
mana by splnners abroad and declining prices for
goods In this country.
Cotton goods not quotaby lower, but con-
~Cessons ~ 10 secure business are reported in many
instances and many of the mills have been run
ming largely in anticipation of orders not vet re-
ceved There is little better inquiry for staples,
with Indications that dealers stocks are running
low. The opening of fine and fancy woolens has
brought no change in prices, and revisions caused
by recent openings of worsteds have been gener-
ally toward lower prices.
The pigiron output weekly January ! was
2O14Sl tons, a decrease of 9316 or 4.3 per in
December, and unsold stock increased 9l.I25
tons, or over 10000 weekly, while the great steel
companies whose stocks are not reported pro-
duced in December 342, ,936 tons. The production
is so far beyond the present demand for finished
products that temporary stoppage of many fur
naces is expected. Yet plgirOn is higher Bes-
semer about 80 cents and gray forge and anthra-
cite rs cents, although finished products are gem
orally weaker with less demand.
Controllers of the coke and coal output have
had 10 agree to maintain prices above those OF
1895, which means dearer pigiron, but if orders
for finished products do not materially increase
the advance in material can hardly be maintained.
Minor metals are weaker Shipments of boots
and shoes for the week have been % per cent less
than last year, but many of the factories are run
ming full and orders are scanty, buyers still be-
a mn at pnIO