The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-02-06
DUN'S COMMERCIAL REVIEW.

January q Month of Disappointment, but
of Real Gain-Not Quite a Land of Milk
and Honey Which Everyday Promised
Himself, but a Season of Increase in
Productive Industries Without Advance
In Prices.
New YORK, Jan. 30.-R. G. Dun &
Co. say to-day 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 Years,
and the slow progress looks like stand
ing 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 because they
expected 4 rise in prices. But prices
fail as yet to bring them profit. Wheat
has declined severely, cotton has
scarcely risen enough to pay broker
age, wool holds steady in spite of
enormous buying, wooden goods hardly
change in price, iron and its products
decline, leather is sluggish, hides are
lower, for some shoe manufacturers
accept a shade lower prices; the aver
age of railroad stocks is slightly lower
than it was December 81, and the adj.
vance in trust stocks has been small.
To traders in such properties the
month has been disappointing. Yet
during the week the record shows
fan iran t-p,.l-a ho-a ek,rfaI a-1 On1-
two have stopped, thirteen wooden
works have started and nine more are
about ready to start while three have
stopped. Similar things are seen in
other industries and the additional
establishments are not starting with
out some increase in orders received.
1t would do more harm than good to
exaggerate the improvement. But a
study of conditions governing bust
ness indicates that the wheels are on
the right track, and moving in the
right direction.
Men talked of a possible drain OF
gold a month ago, but January has
passed and the liquidation of foreign
Indebtedness to this country seems
farther off than ever.
Merchandise exports from New York
in January have been about four per
cent. larger than last year, and i'm
ports Is per cen smaller than last
year., when the excess of exports was
over SIS, 0O0, 600, while cotton exports
from other ports have been larger.
The month has o diminished, but
has increased, the current balance due
this country. Money markets become
more easy and favorable to expansion
of industries and legitimate business.
The decline in wheat was Owe six
cents, in spite of an official report OF
yield far below estimates generally
accepted, aud reflects perception OF
the error oY the report, and also of
the influence of enormous exports of
corn instead of wheat-SO, 900, 600 bush,
els in seven months. When two bush
els of corn can be had for less than
one bushel of wheat, it is largely pre-
ferred in European markets, and in
January :, $50, 1877 bushels of corr have
gone abroad from Atlantic ports,
against 5,a06, $40 last year, while At
lantic exports of wheat and flour have
been 6,535,I5 bushels, against $751;
619 last year. As the great crop of
corn prevents much advance in it's
price, it's outgo affects the demand for
wheat.
A heavy liquidation of specie has &C.
Cured with the price of corn scarcely
changing.
Cotton looks less attractive to trad.
ers, because American millers are Ia
boring over plans to reduce a great
surplus of goods and prices of many
have declined. Takings of northern
~spinners have been in five months, a.
900 bales less than last year, and 49,
coo bales less than 1875.
Sales of wool in January have never
been surpassed in that month, nor in
any other month, except last Novem-
Der and July of 1895 and 1892. The
price has remained about stationary.
The iron and steel manufactures
show little gains, production having
increased SO heavily before, and the
gradual enlargement of demand for
finished products has not overtaken
that increase. Lower prices result for
Bessemer pig, gray forge, and for
southern iron at Chicago, for cutnails
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 car
building. Tin and copper are a shade
stronger, but competition causes sales
of tin plates 10 to Is cents below the
agreed price.
Failures for the week have been 331
in the United States, against 400 last
year, and 81 in Canada, against 20 last
year.
UNSATISFACTORY REPORT.