The age-herald., 1902-01-18
puN,s REVIEW.

Nrw York. January 1L--R. c. Dun & Co. s weekly trade review tomorrow will snrs:
 { Readiustmc mt cf prices continued dur ing the second week of January and the general average reached a much lower point than prevailed whon the year opened. Manufactured products were scarcely disturbed. but both staples and securities suffered. Business conditions ares sound, liberal distribution and prompt payments being reported except at a few Southern cities Cotton still fails to command a price proportic-atc to the estimated crop. and as consequence the return to growers Is insufsici> mt to sus- tain business at the rate o-tabishod by the previous year-a most profitable yield. Transporting intero sts are less behind. with, deliveries and railroad earnings for the first week of January show gains cf 7.4 per cent over last years phenomenal figures and 14.7 per cent over 19)o
 Bright Outlook.
 Nothing disturbed the bright outlook in the iron and steel industry Deivcliss of fuel are delayed and furnaces operated fully. ,lile mills receive ma tcrial with a fair degree cf promptness. Quotations are maintained firmly par ticularly for pig iron which is in great derpan6. Large. contracts have been placed for Bessemer at $16.50 on Pitts burg deliveries in June. Spot sales in small quantities are much higher. Struc- tural material is taken almost eagerly and more foreign bridge contracts are re- ported, Billets cannot be had in su-fi- cient bulk from domestic producers so that imports from Germany are sold at Youngstown for $27 50. The production of pig iron on January i. according to the Iron Age. was 29s 400 tons, against S2461, the high point on December l.
 During the last two weeks conditions have improved with such rapidity that the present rate of output is probably at about the top point. Stocks at the furnaces showed a further decrease to 216,137 tons on January 12. Sales of. cop per are made at II cents. which makes a somewhat striking comparison with the 50 per cent higher figures of a. few weeks ago. &
 Footwear producers have at last made a general advance of from 2E to 5 cents. Wholesalers have not altered lists. Hides are weaker. which is natural at this sea- son when the quality deteriorates Stocks of cotton goods. are not burdensome and demands gradually expand with the ad vaHcing season, especially for fine grades. Heavy brown goods move slowly, both on home and domestic orders. Woolen goods opened lower than expected and purchases were retarded rather than stimulated by the declines, Changes were few and small. yet there had been such confidence in high level that the trade hesitated. .a
 Grain Reacted Sharply.
 Grain reacted sharply from the high point and a large Western operator was caught with more than he could carry. Forced 1iquidation of this long account facilitated the work of manipulators for decline. Another unsatisfactory fea- ture was the recent falling off in for eign demand. official figures for December showing smaller exports of wheat than for any month of the calendar year. al- though for six months of the crop year there still appears a gain of about 50000. GOO bushels over the corresponding months of 1900 or 1899. This week exports were 434S. 431 bushels against 3,40S, 725 year ago Corn declined sharply but still re- mains about % cents a bushel above the price last year Exports in December were only about per cent of the outgo in the same month of 1900. while for the week Atlantic ports sent out. 12s,67 bushels against 4.6s5, 3SOaa year ago.
 Provisions weakened clightly in sympa- thy with grain, yet the higher level of prices in December established new monthlytrecord in value of exports. Great activity occurred at the coffee exchange where speculators for decline were suc- cessfuily aided by enormous receipts at Brazilian ports. and American stocks 15 per cent larger than were held year ago.sAai
 Failures for the week numbered 334 in the United States against 325 last year. and 70 in Canada against 43 last year.