The record-union., 1897-01-30
REVIEW OF TRADE.
A MONTH OF DISAPPOINTMENT
BUT OF REAL GAIN.
Prices Not What Were Expected, Yet
Manufacturing Works i'm Large
Numbers Open Up.

NEW YORK, Jan. Z9.-R. G. DUN d
Co. Will say tomorrow in their weekly
review Of trade:
January has been a month of disap-
pointment, but of real gain. Nearly
everybody had promised himself a land
of milk and honey after New Year, and
the slow progress looks like standing
still to men in such a state of mind.
Moreover, there are mulutudeS
throughout the country who have been
taking large ventures in advance of or
apart from their regular business, be-
cause they expected a rise in prices.
But prices fail as yet to bring them
profit. Wheat has declined severely;
cotton has scarcely risen enough to pay
brokerage; wheat holds steady, in spite
of enormous buying; woolen goods has
made no change in price; iron products
declined; leather is sluggish and hides
are lower, for some shoe manufact-
urers accept a shade lower prices. The
average of railroad stocks is slightly
lower than it was December 31st, and
the advance in trust stocks has been
small.
To traders in such properties the
month has been disappointing. Yet
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 signs are visible in
other industries. 1t would do more
harm than good to exaggerate the i'm
provement, but study of conditions in
dicates that the wheels are on the right
track, and moving in the right direc-
ton. Men talked of a possible drain of
gold a month ago, but that time has
passed, and the liquidation of foreign
debts by this country seems further off
than ever.
The month has not diminished, but
has increased the current balance due
this country. Money markets become
more easy and favorable - the eXpan-
sion of industries and legitimate busi-
ness.
The decline in wheat was over six
cents in spite of an official report of
yield far below estimates generally ac-
cepted. 1t reflects perception of the error
of the report and also of the influence of
enormous exports of corn instead of
wheat, 100000 900 bushels in seven
months. When two bushels Of corn
can be had for less than one bushel of
wheat it is largely preferred in Euro
pean markets, and in January 1859, 1T
bushels of corn have gone abroad from
Atlantic ports, against 5,306, ,349 last
year, while Atlantic exports of wheat
and flour have been 6,535, ,154 bushels,
against S,S46679 last year. AS the
great crop of corn prevented much ad-
vance in its price it also affects the de-
mand for wheat A heavy liquidation
Of speculation has occurred, with the
price of corn scarcely changing.
Cotton looks less attractive to trad
ers, because American millers are la
boring over plans to reduce a great sur
plus of goods, and prices of MANY have
declined. Takings of Northern spinners
have been in five months $4,000 bales
less than last year and 423, 600 bales less
than in 1S9495.
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
remaiend about stationary.
The iron and steel manufactures
show little gains, production having in
creased SO heavily before and the grad
ual enlargement of demand for finished
products has not overtaken that in
crease. Lower prices result for Besse-
mer pig, gray forge and for Southern
iron at Chicago, for cur 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.
Tin and copper are a shade stronger
but competition causes sales of tin
plates 10 to 10 cents below the agreed
price.
Failures for the week have been 334
in the United States, against 405 last
year, and 40 in Canada, against 70 last
year.