The herald., 1897-12-11
Dun g. Co.'s Review

Ouu O 20. s TSeVleW
NEW YORK. Dec. 1G-R. G. Dun &
Co.'S weekly review of trade will say to-
morrow: The opening of congress. with the
annual message and reports. has not dis
lcouraged business. as some predicted. but
all speculative markets are stronger than
week ago. The productive Industries, even
In the season usually about the dullest Of
the year. as to new orders. met definite
improvement In demand for important
products. presumably the fruit of pre-
ivailing conviction that new business will
begin to crowd the works after the new
year starts. The outward movement of
wheat and other products continues SO
heavy that foreign exchange has fallen
lthree-quarters of cent. and, instead of
gold. which have marked December In re-
cent years. imports would come If gold
were wanted Securities are advancing
with reason. in the increased earnings of
railways Of s470S5. s01 for November on re-
porting roads in the United States, which
Is 1dS per cent larger than last year and
SO per cent larger than In 1892. A striking
comparison of five years shows that in each
of the last three months earnings have
been greater than In any previous year,
with larger increase in November than
in October or in September.
| The sudden rise In December wheat in
Chicago to $l.09 would do harm were 1t
not based on avowed contracts to ship
some millions Of bushels to Europe. That
fact and the continued demand In spite of
such contracts has helped rise of 11sc.
here. Western receipts for the week were
SIS I'll bushels, against 3.691,374 last year,
and Atlantic exports, including -four 4,6l2-
317. against 1915. e51 last year. and so great
Is the foreign shortage that the outgo of
corn last year. far greater than even be-
fore, Is again exceeded. 1t being 3,313 0S6
for the week. against 3.0667SO year ago,
with the price neArly cent higher for the
week. The report that the western sup
plies are running low is discredited by re-
ceipts from farms.
! A strike in English mills Is no longer
threatened, and the possibility of one at
Fall River has little weight. The demand
for woolen goods has cleary improved, and
more wool has just been purchased abroad
and is being imported. the sales in domes-
tic market having been for the past week
only 2,6600O0 pounds at Boston, and In two
weeks LOCO. 400 pounds at the three mar
kets. While some grades have been sold
largely at prices lower than a month ago,
quotations are generally sustained There
is more demand for iron and steel products
in preparation for railway work, bridges
and buildings next year, and on contracts
for export, including one for a government
bridge in Holland. others for bridges In
Japan with large shipments of various
products to England and other countries
Foreign contracts for 10000 tons Of rails are
pending. In and about New York bridge
and building contracts call for Is 900 tons,
! and Chicago works are figuring on numer-
Gus contracts for 1000 railway cars. The
formation of the American Steel and Wire
company is expected to strengthen prices
and causes some buying. While Bessemer
at $40 and gray forge at $9l5 arg slightly
lower at Pittsburg. prices are stronger at
Chicago. and in all quarters heavy bus
mess Is expected after the new year. A
sale of lake copper said to be 10000 COO
pounds at 11c., so strengthens the demand
than $l0T Is bid but tin and lead are very
dull and spelter a shade lower, while
future contracts for tinpates have been
made at $3.50 per hundred pounds.
Failures in the first week of December
were but $2,617, ,240 manufacturing, $780,
42O, and trading. s1,791.570
Failures for the week have been 312 in
the United States against $50 last year, and
70 IN Canada, against last year.
LOCAL CONDITIONS
II. @. Dun & Cos monthly review of trade
conditions in Southern California says:
Bank clearances for November continued
to make good showing, and the excess
of imports over exports totaled up for the
month about $16O, 900. The improving
state OF manufacture was shown by the
| advance in the wages of 200 workers In
iron and wool industries. Wheat dropped
in the fact OF q large foreign demand, and
the certainty of large cotton crop les
sened speculative effort and cotton fur
ther declined. Iron was quiet without
weakening, and wool was quiet but steady.
Our immediate district Is beginning to be
concerned over the seasons delayed rain
fall. The continued dry weather IS affect
ing the market for farm products, giving
them great steadiness Of value with de-
csded tendency to advance. Beans are
freely offered; demand not 30 aotive The
orange crop had q close call from the
frost. The true orange land sections suf-
fered no damage. The probability is the
fruit In low lands has suffered some in
jury. The early orange market this year
has been the best ever known. The ship
ments to meet the holiday demand will be
unusually large. and then lessen until the
middle Of january. The prevailing prices
for lemons are less than year ago; de-
mand fair. No Improvement in nuts. The
walnut growers overrated the price effect
Of the tariff, and are now ready to make
CONCESSIONS The future market is uncer-
tain, but many growers think Z CENTS will
be ultimately realised. Although there was
a less acreage to wine grapes, the vintage
of 1897 is larger than usual and the quality
promises we'll. The price at which It shall
be held is not determined by merchant and
producer. The dried fruit market is dull
and the demand light. except In the north
west. The October rains damaged the raj