The San Francisco call., 1896-03-07
DUN,s REVIEW OF TRADE.

NEW YORK, y. Y, March 6.-R. G. Dun &
Co. in their weekly review of trade, Will say to-
morrow: Failures for the week have teen 2S5 in
the United States, against pa last year. and IS in
Canada, against So last year.
The Cuban resolutions and the appointment OF
receivers for the Baltimore and Ohio Railroad were
events of sufficient importance to affect almost
any genuine market, especially for securities. 1t
therefore argues either remarkable strength of
conditions an entire want of life aid genuine
ness In the market that the prices of the sixty
most active railroad stocks, which averaged $40 IA
per share February ], have never fallen lower than
S49 36, nor risen above $50 SIS per share.
rators who cannot AFFORD to see IL decline much.
but it is also true that the vote on Cuba and the
receivership had both been discounted. The
strength of the market is largely due TO more
isfactory reports of railway earnings. The volume
of business reflected by clearing house exchanges
is not materially improving, the weeks returns
showing a gain OF only 65 per cent over last year
and decrease of z. d per cent in comparison with
the same week OF 1885 IL must yet Dc broadly
stated that business appears to improve only in
prospect and in the confidence on which future
transa may be based. but not yet in actual
sales accomplished.
The industries all report a slightly lower range
of prices except for iron and steel products, and
II is noteworthy that while combinations in struc
tural beams and wire and cut nails are advancing
the QUOT for Bessemer pig has fallen Sl2 40
at Pittsburg. and southern No is offered at
81 rs delivered at Birmingham, and billets have
sold at $l7 at Pittsburg. The bar combination
which raised prices not long ago finds an increas-
The demand for class OF iron products is at this
time brisk. but large structural business is ex-
pected in the spring. and there is still much hope
fulness about railroad orders, earnings continue
to imf rove.
The reports of the noot and shoe interests are not
on the whole more encouraging this week, ship
ments from the kast being still nearly 20 per cent
less than last year, but there was no further de-
cline in prices. No important change appears in
the leather market and hides are somewhat weak
err Prices OF wool have declined an average of =. 4
per cent within the month of February, presume
bly, because OF the failure of the proposed tariff bill
which included duties wool. AT present the
sales are the smallest recorded for years There is
no Improvement whatever in the demand for
woolen goods and number of establishments
have closed or reduced working forces.
Some further reductions have been made In
prices of cotton good although 1t does appear
that The concessions have thus far been unslccess
full in calling out new BUSH ness. Reports fire.
auent that many of the largest mills about to
stop production for time in order 10 give the
ket opportunity TO clear itself.
Speculation in breadstuffs has not been particu-
larly active nor has n change in prices been I'M
portaut. Western receipts OF wheat were 2S0l 900
bushels against ,S24 900 for The same week last
year. Atlantic exports again fell behind those of
last year, amounting FOR the week l,54l 900
bushels. -four included. against 1,sS6,0O0 last
year.
With continuing large receipts, corn remains
substantially unchanged in price. The cotton ar
ket has continued its downward movement. spots
having fsllen S-l6 again, and the May option 20
points. Receipts continue as before, large AS TO
render quite inadmissible the lowest estimate of
the crop of 1895, and Mt the same time the prepa-
rations for planting this year go at such scale
that IL Is believed BY many conservative observers
that the crop with favorable weather may prove
one OF the largest on record.