The San Francisco call., 1896-01-25
DuN,s REVIEW OF TRADE.

NEW YORK N " Jan. PR. G. Dun & Co.
report in their weekly review of trade: Failures
for fifteen days OF January have shown liabilities
amounting to $l2 53S.6l7, against 81, sol ,209 in
seventeen days OF last year and $l3, ,65S $3.50 in
eighteen days OF 1894. The failures for the week
have been 373 in the United States against 1868
last year, and 81 in Canada against 81 last year.
The week has been marked by improvement, ap-
parent rather than real. Prices of some products
have rsen but only because supplies are believed
to be smaller than was expected. Prices of pig
iron and bets have risen, but broken iron and
ore have been made dearer not because OF any
better demand for finished products.
Money has been easy, but only because more has
oeen borrowed from Europe at time when the
actual balance OF trade takes money hence TO Eu-
rope. The Senate still Injuries all business by
doing nothing and the treasury cannot expect to
gain IN gold as yet, but losses are less than was
expected. 1t is generally assumed that the loan
will be placed without difficulty. Business at the
mills does not revive. Payments through clear
lnghouses for the week 6.5 per cent larger
than last year, but 293 per cent less than in 1891
being less satisfactory than for a long time
a deluge OF foreign reports favorable to wheat
speculation found ready answer in an advance of
over SC here in spite of Western receipts so per
cent larger than last year Atlantic exports for the
week were also much larger than last year for the
first time in several months, but for the crop year
bushels smaller than last year. The market has
the idea that foreign demands hereafter must be
much greater because OF deficient supplies else
where, but no one expects that the increase wifi be
at all commensurate with the enormous increase
IN w eStern receipts.
Corn advanced because wheat advanced, receipts
and exports continuing as before. Cotton rose an
eighth, although Mr.. Ellison estimated the yield at
seven million bales, and receipts TO date support
that estimate, but there many W no reason that
the surplus VIII be dangerously small at the end of
the year, even if the yield is seven million bales.
Textile industries do nos gain. With materials
practically unchanged, they halt because the de-
mand for future delivery is so narrow.
Cotton manufacturers have for months been
storing up goods, but prices have gradually de
cl1ned ever since October until now the average is
4 per cent lower than at that point. WoolIen
goods also tend lower with small demand and are
practically at the prices OF year though wool
is higher; nor is there anything the boot
and shoe industry, for though hides bout 3 II
per cent lower than fortnight ago leather does
not change and boots and shoes are but slightly
lower.
The iron and steel business finds encouragement
in the advance of Bessemer pig TO $l3 Pittsburg
and grey forge to 81 %, but these results of
the advance ordered by combinations in coke and
ore. Anthracite is not dearer the East ana
southern pig is pressed for sale Finished products
are not stronger, while pgiron has advanced l.9
per cent since January H. Prices of flushed pro-
ducts average 1T per cent lower than time.
The demaI Is plainly TOO small for the supply,
and the works in operation killing the profits
for each other by undertaking. In such case
lower prices Tor pig, and coke would seem in
evitable: but last year the materials hoist ed
everything else, and some expect the operation to
be repeated. While thirteen furnaces the Pitts
burg region have stopped since January the de-
mand for products of iron has the whole in
creased, partly because the bar, nail and rail asSo-
Citations have all refused to lower prices. Minor
metals are all weak.