The San Francisco call., 1897-01-30

from their regular business because they expected
rise in prices. But prices fail yet to bring
them profit.
Wheat declined severely. Cotton has scarcely
risen enough to pay brokerage. Wool holds
steady in spite of enormous buying. Wooden
goods have made no improvement Leather is
sluggish Hides are lower.
ne average OF railroad stocks is slightly lower
than it December 81. and the advance in
trust stocks has been small. o traders in such
properties the month has been disappointing yet
during the week the record shows that ten iron
worXs have started and only two have stopped
| Thirteen woolen works have started and many
more are about ready TO start, while three have
| stopped.
| Similar things are sen in other industries and
| tn e additional establishments are not starting
without some Increase in orders received II
would more harm than good 10 exaggerste the
Improvement. but a study of the conditions gov
erning business ind Gates that the wheels are on
the right rack and moving in the rs ht direction
| Men talked of possible drain OF gold month
ago, but January has passed and the liquidation of
foreign Indebtedness to this country seems further
oH man ever. mere auu4oe eAPoi.S @ oiu an1 80.
York in January have been ABOUT 20 per cent
smaller than last years when the excess OF ex-
ports was over S1S,C00,000, while exports from
other ports have also been larger The month mas
not diminished butincreased the current balance
due this country. Money markets become more
easy and favorable leg itmate business. The
reduction in wheat was over cents, in spite OF
reported yield far below that generally accepted
rejecting perception OF the error of the report and
the enormous exports of corn-S0, 900 600 bushes
When corn can be had for less than wheat it is
largely preferred in European markets, and In
January 7,S76127 bushels of corn has gone
abroad from Atlantic ports against $3.50 4lS last
year, while Atlantic exports of wheat and Hour
have been 6,515,135 bushels against S,S45 679
last year. AS the Government crop of corn pre-
verted much advance in its price it al affects the
demand for wheat, and heavy liquidation has oc-
CURED, with the price of corn scarcely changing
Cotton looks less attractive to traders because
American millers are laboring with plans 10 re-
duce large surplus of goods and prices have de-
clined. Taklngs of Northern spinners have been
| in five months $4,000 bales less than last year
| and 42S, 900 less Than in 1S94-95
Sales wool in January have never been sur
| passed in that month nor in any other month eX-
cept last November and July of 1895 and 1892
| The price has remained about steaGy
he iron and steel manufactures show little
gains, production having increased so heavily be-
| fore, and the gradual enlargement o demand for
finished products has not overtaken that increase
Lower prices result for Bessemer pig, gray forge
and for Southern iron a. Chicago, for cut nails
and the average of all quotations Is the largest
since asst year. For sheets there is active de-
mand and better demand Tor bars on account of
car building Tin and copper are shade stronger
but competition causes sales of tin plates 1O@l5c
below the agreed prices.
Failures for the week have been 33l in the
United States, sainst 404, and 90 in Canada,
against 10 last year.