The herald., 1897-01-30
COMMERCIAL CONDITIONS
According to Views of Pr0fes.
siOnal Observers
THE DEALERS DISAPPOINTED
Because the Milk and Honey Failed to
Materialize
Snow and Cold Weather Retard Opera
tions, but Some Progress Has
Been Made.
Associated Press Special Wire

of disappointment, pul VI iShi Se'iii'
Nearly everybody had promised him
self a land of milk and honey after New
Years. and the slow progress looks like
standing still to men in such state
of mind. Moreover, there are multi
tudes throughout the country who nave
been taking large ventures in advance
or apart from their regular business,
because they expected a raise in prices.
But prices fail as yet to bring them
profit
Wheat has declined severely; cotton
has scarcely risen enough to pay pro-
kerage; wool holds setady in spite of
enormous buying; woolen goods hardly
change in prices; iron and its products
decline: leather is sluggish; hides are
lower for some shoe manufacturers ac-
cept a 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, during the past
week the record shows that ten iron
works have started and only two have
stopped; thirteen woolen mills nave
started and nine more are about ready
liar things are seen in other indus
tries. and the additional establishments
are not starting without some increase
in orders received. The decline in wheat
was over six cents, in spite of an OFF,
cial report of a yield far below est1-
mates generally accepted. which reflects
perception of the error of the report and
also of the influence of enormous exports
of corn instead of wheat-S0, ,000, 900 BUSH
els in seven months. In January 1852
127 bushels of corn have gone abroad
from Atlantic ports against 5,3O6.349 last
year. AS the great crop of corn prevents
much advance in its price, its outgo af-
fectS the demand for wheat, and
heavy liquidation. of speculation has oc
CURED, with the price of corn scarcely
changing. Sales of wool in January
have never been surpassed in that month
nor in any month eXcopt last November
and July of 1895 and 1892. In the earlier
year the sudden demand for consump-
ton was the cause, but the increase in
orders for wooden goods was small in
November and had been small in Janu-
ary. compared with the purchases or
anticipated possible duties. The price
has remained about steady. Iron and
steel show little gain, production hay
ing increased so heavily before the
gradual enlargement of demand for
finished products has not overtaken that
7
semer pig, grey forge and for southern
| iron at Chicago; for angles and cut
| nails the average of all quotations is
| the lowest since early last year. For
| sheets there is an 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 Is cents below
the agreed price.
Failures for the week have been 331
| in the United States against 404 last
| year, and 81 in Canada against 20 last
year.
BRADSTREET'S REPORT
Bradstreet's tomorrow will say: There
| has been a falling off in general trade
| owing to the heavy tall of snow and
| cold weather. There is a moderate in
crease in distribution of heavy winter
| goods but commercial travellers very
| generally report buyers as even more
| conservative than earlier in the month
and that wholesale trading in January,
except in lines specified, is smaller than
| for years. Mercantile collections are
interrupted and the improvement looked
| for in iron and steel is not in sight The
most favorable feature of the business
week is the sudden and sharp falling off
in the total number of business failures
in the United States, the aggregate be.
ing 326, as compared with 429 last week,
a decrease of 102. When compared with
the corresponding week of 1896 this
weeks falling off is g., but is an increase
of IA as compared with the like week of
1885, The total number of business fail
ures throughout the Canadian Dominion
this week is SO. Last week the total
was 81 and last year it was 63 The down.
ward movement of prices for some of the
more important staples continues con-
spicuous, notably for -four, Wreat Gers
I
tin plates. Quotations for Indian corn,
pork. sugar. cotton and print cloths are
practically unchanged. Exports of
wheat (nour included as WheaD from
both coasts of the United States this
week amount to 2.515,40S bushels, as COM
pared with 2,916,000 last week. 1900 600
in the week a year ago and 2,4S3,000
bushels in the week two years ar"
Bradstreets financial review will say:
Extreme inactivity prevails in specula-
tion. The market from day to day has
| been a mere affair of trades and the
principal interests We're afforded by the
efforts to depress certain stocks, espe-
cially some of the anthracite coal roads,
| This resulted in irregularity in the quo
tations, but in spite of such influences
the undertOne of the market has been
strong. The general impression in the
street is that very little will be required
to produce another upward movement
in prices. Liquidation of the weak spec
| ulative holdings started fortnight ago
has been completed and stocks have
passed into strong hands while a con-
siderable short interest has been made.
The bond market is very strong, but its
activity has decreased. while the supply
of good bonds or of the better class of
speculative issues is greatly reduced.
The new government fours this week
touched 1884 the highest figure they
have yet reached. London is not fac
tor. The American market there is neg
lected and fiat and prices simply fol-
low the New York market. The street
has paid little attention to the foreign
exchange situation or to the break in
rates early in the week. This seemed
due to the selling Of some of the long ex-
change held here on loans, which course
was natural in view of the decline il
money at London. The break. however,
was checked and rates restored, the eX-
change market presenting indications of
manipulation. Little attention has been
given to the proceedings of the expiring g
changes. An attempt to revive the Gu
ban discussion in the senate was without
any speculative effect
rr~