Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1897-01-30
MONTH OF DISAPPOINTMENT
January Fails to Come Up to
Expectations.
ALL CLASSES OF GOODS
Show Decline, While Industries in Certain
Lines Resume Operations.
THE ENORMOUS CROP OF CORN
Bids Fair to Drive the Price of Wheat Still
Lower-Iron and Steel Show an In
crease of Production Fail
ures for the Week.

New York, Jan. 29.-R. G. Dun & Co.
will say tomorrow in their weekly re-
view of trade: january has been
month of disappointment but of real
gain. Nearly everybody had promised
himself land of milk and honey after
New Years, and the slow progress looks
like standing still to men in such a state
of mind. Moreover, there are multitudes
throughout the country who have been
taking large ventures in advance of or
apart from their regular business, be-
cause they expect rise In prices. But
prices fail as yet to bring them a profit.
Wheat has declined severely, cotton has
scarcely risen enough to pay brokerage,
woods hold steady in spite of enormous
buyers, woolen goods hardly change in
price, iron and its products decline, leath-
er Is sluggish, hides are lower, for some
shoe manufacturers accept shade lower
prices, the average of railroad stocks is
slightly lower than it was December 81,
and the advance in trust stocks has been
small. To traders in such properties the
month has been disappointing. Yet dur
ing the week the record shows that ten
iron works have started and only two
have stopped; thirteen woolen works
have started and nine more are about
ready to start, while three have stopped.
Similar things are seen in other Indus
tries and the additional esta ablishmentS
are not starting without some increase in
orders received. 1t would do more harm
than good to exaggerate the improve
ment. But a study of conditions govern
ing business indicates that the WneelS
are on the right track and moving in the
right direction. Men talked of possible
drain of gold a month ago, but January
has passed. and the liquidation of foreign
Indebtedness to this country seems far-
ther off than ever Merchandise exports
from New York in January have been
about per cent. larger than last year,
and imports 15 per cent. smaller tnan
last year, when the excess OF exports was
over $1S, 600, 900, while cotton exports from
other parts have also been larger. The
month has not diminished, but has in
creased the current balance due this
country. Money markets become more
easy and favorable to expansion of in
dustries and legitimate business
The decline in wheat was over cents
In spite of an official report of yield far
below estimates generally accepted, re-
fleets perception of the error of the re-
port and also of the influence of enormous
exports of corn instead of wheat, eighty
million bushels In seven months. When
two bushels of corn can be had for less
than one bushel of wheat, 1t Is largely
preferred in European markets and up to
January 7,859,127 bushels of corn have
gone abroad from Atlantic ports against
$685. ,349 last year, while Atlantic exports
of wheat and flour have been 6,535,154
bushels, against S,403,765 last year. AS
the great crop of corn prevents much
advance in it's price, its outgo affects the
demand for wheat and heavy liquida-
ton of speculation has occurred with the
price of corn scarcely changing. The
largest article of export at this season
goes out freely, but cotton looks less at
tractive to traders, because American
millers are laboring over plan to reduce
great surplus OF goods and prices OF
many have declined. Takings of north 4
ern spinners have been in five months a.
900 bales less than last year. and 423,0O0
less than in 189495.
Sales of wool in January have never
been surpassed in that month, nor in any
other month except last November and
July of 1895 and 1892. The price has re-
mained about steady.
The iron and steel manufactures show
little gains, production having increased
so heavily before and the gradual enlarge
ment of demand for finished products
has not overtaken that increase. Lower
prices result for BesSemer pig, grey forge
and for southern iron at Chicago; for cut
nails and the average of all quotations Is
the lowest since early last year. For
sheets there is active demand, and better
also for bars on account of much car
building.
Failures for the week have been 331 in
the United States, against 404 last year,
and 81 in Canada, against 70 last year.
BRADsTREETs REVIEW.
New York, Jan. 2s-Bradstreets to-
morrow will say: There has been fall
ing off in general trade owing to the
heavy fall of snow and cold weather.
There Is a moderate increase In distrl-
button of heavy winter goods, but COM
mercial travellers very generally report
buyers are even more conservative than
early in the month and that wholesale
trading in January xcept in lines spe-
Gifted, Is smaller than for years. Mer-
cantile collections are interrupted and
the improvement looked for in iron and
steel Is not in sight.
The most favorable feature OF the busl-
ness week is the sudden and sharp fall
ing off in the total number of business
failures in the United States, the aggre-
gate being 1926 as compared with 429 last
week, a decrease of 103. When COM
pared with the corresponding week OF
1896 this weeks falling off Is 67.
There have been increased sales of
hides and leather, in some instances OF
shoes, COAL fertilizers and southern pig
iron for export. At Boston, Charles
ton, Galveston and San Francisco there
are moderate gains in trade compared
with last week. The feature of the Pa
cific coast business situation continues to
be the relatively large proportion of for
eign trade. Eastern and middle state
iron and steel Industries are In an unsat-
isfying condition. but southern furnaces
announce nearly $4,000 tons of iron sold
for export with Russia in the market
as would-be buyer.
The heavy business in raw wool within
a fortnight continues and there Is still
an active demand. Mems wear woolens,
heavy weights for next fall, are attract
ing attention and good orders have been
hooked Cotton goods continue depressed
notwithstanding efforts to relieve the sit
uation by reducing heavy stocks of prints
on hand.
Bank clearlngs at cities throughout the
United States show a sharp falling off
Increase of per cent compared with teh
corresponding total one year ago. The