Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-03-21
WEEKLY TRADE REVIEW
For the First Quarter of the
Year
TRADE Is DlSAPP0IN TING
Price of Cotton Goods Is 0nly 0ne-Sxteenth
of Cent
ABOVE THE LOWEST PRICE ON RECORD
A Troublesome Feature of the Situation Is
the Stringency in Commercial Loans,
Due to Disturbances Caused
by Heavy Failures.
TRADE is DlSAPPOlN TING
ABOVE THE LOWEST PRICE ON RECORD

New York, March 20.-Bradstreet's to-
morrow will say:
General trade throughout the United
States for the first quarter of 1896 is dis
appointing. The most favorable reports
at this time are those which declare the
volume of business only equal to, in a
few instances in excess of, the like total
year ago. The fact that interior mer-
chants are buying new supplies of goods
in Missouri, Oklahoma and parts of Me-
braska constitutes almost the one fa-
vorable announcement for the week. In
almost all other parts of tine country east
of the Mississippi stormy weather has
ten6ed to check the volume CT business
and still further restrict mercantile col
lections, which have now been excep-
tionally slow for more than a month.
The winters jobbing business in staple
lines, with few exceptions, was unsatiS-
factory, as has been that for the coming
spring. The prolonged falling off in the
demand in the iron and steel, cotton,
wooien and shoe industries presents no
sign of early improvement. AS a conSe-
quence hides, leather and shoes are all
weaker-in some instances lower. Cling
hams and print cloths have sold for less
money with the week; the demand for
American woolen goods remains in mark
ed contrast to the active request for like
goods of foreign make, and quotations
for some grades of iron are lower than
last week, without prospect for immedi-
ate Improvement. Wholesale trade in
mems wear, including clothing, is de-
pressed by heavy stocks carried over and
low quotations for domestic wool has
sent some abroad. The unusually large
number of business failures taking place
during the first quarter of this year
promises to make a record. The total
for the current week throughout the
country is 300, or eighteen more than
last week and forty-eight more than the
same week of 1895. While the distribu-
ton of merchandise at the northwest is
not as active as a few weeks ago, 1t is
of larger volume than year ago. Coun-
try bankers in that and regions further
south have been withdrawing Chicago
balances, but northwestern jobbers con-
tin,ie confident of the revival of the coun-
try demand General business at the
south remains unchanged. In addition to
reactions in quotations noted, prices for
+ wheat. -four, pork and lard are lower,
+ while those for Indian corn, sugar, re-
/ fined cotton and crude and refined pc
troleum are higher. The continued ad-
vance in the price for cotton, in the face
of reductions for manufactured prod
ucts during fortnight, indicates that ex-
pectations of large new crop of cotton
have been permitted to unduly attract
attention from the comparative shortage
of present supplies.
Dun's Review.
r.. G. Dun & Co. will say tomorrow:
( Failures for two weeks of March cover
liabilities of $6,799,397, against $3,372, All
last year. Failures for the week were
261 in the United States, against 27S last
/ year, and forty-nine in Canada, against
thirty-five last year. A movement to-
ward better things is still the exception.
There Is better business in shoes and
small Industries, and there has been
the general tendency of industries and
prices is not encouraging and those who
were most hopeful month ago are still
waiting, not so hopefully, for the sex-
pected recovery. distractions to recov-
cry are not to be sought primarily in the
investment or the money market but
in the industrial reaction after the un-
natural expansion of demand and prices
last year. A sharp decline in the prices
of cotton goods is the comment of mills
on rising cotton. Goods now average
fswer than since May, 1895, having de-
cliNed AZ per cent for the week; print
cloths to 21ac., which is only 10th above
the lowest price on record. The accumu-
lation of goods in the face of rapidly
diminishing demand has brought the
closing of one of the largest mills and
others are considering. The iron indus
try shows but a slight average decline in
prices AS combinations still insist upon
the highest prices of last year, the
demand Is naturally curtailed. Quota
tions are deceptive because lower prices
are constantly made to secure business.
But with ore and coke combinations de-
manding high figures, hesitation is in
eyitable. Minor metals change little, but
aluminium, by misprint quoted here err
roneously last week, sells at so cents.
Speculation in cotton has caught short
sellers in trouble, just because they
thought prices must go lower. The shorts
are forced to put them up. Such rise
may go on without regard to supply or
demand, but neither the government re-
port of last week nor the fall in, goods
and closing of mills give rise to more
than speculative rise. The market
In wheat has been weak, though rather
stagnant, but the weight of facts is felt,
as western receipts for three weeks of
March have been S,9S2,4S1 bushels.
against 5624929 bushels last year. At
lantic exports (fiour included also show
decrease, amounting to 4,04S,064 bushels
for three weeks, against 5,097,0l8 last
wear. The movement of corn continues
very large and prices have declined 1
cent for cash. A troublesome feature of
the situation is the stringency in COM
mercial loans, not because of scarcity of
money, but because banks are disturbed