The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-12-25
IN THE MARTS OF TRADE
BdN6 FAILURES SERIOUSLY AF-
FECTED BUSINESS THIS WEEK.

In Nearly All Staples the Demand Has
Been for Only Immediate wants-Pay-
ments Through the Clearing House
News From Various Distributing Cen
ters- Failures for the Week
New York, Dec. 24.-R G. Dun &
Co.'S weekly review of trade says:
The failure of two important banks,
the second in size of business at Chi
cago, and the Oldest at st. Paul, with
some others dependent on them, closes
not favorably month which promised
to end with only moderate commercial
disasters. 1t does not lessen the effect
of these failures that one was caused
by enormous loans in aid of an electric
railway and other concerns, and that
the other appears to have resulted from
heavy ventures in unstable real es
tate Since several thousand business
men and depositors are for the time
embarrassed as much as the SPECTATORS
that caused the trouble, the break down
Is the reverse Of hopeful at present, al
though it comes when money markets
are we'll supplied and when no serious
effect in business is to be apprehended.
Other important events of the week
are the failure of the billet and rail
pools to find a basis for agreement and
the somewhat general discharge Of
hands or reduction Of wages in the
shoe manufacture. The holiday trade
has been fair, but generally in articles
of medium grade.
The fall of steel billets from over $40
to about SIG at Pittsburg, and in steel
rails from $2S net for mills to $25, less
brokers' commissions, produces so
great a change in other prices and
conditions of business that the meet
ing held here this week, for the pur-
pose of reviving pools and fixing prices,
influenced operations throughout the
country But no agreement was
reached, and meanwhile contracts have
been made covering the wants of most
producers for three months and some
for the whole of the year 1897, and 1T is
said that such large. contracts have
been made at SIS at Pittsburg and
1880 at the east. Bessemer pig has
declined to $11.15, and grey forge to
1896 at Pittsburg, while bar and other
finished products remain unchanged,
although 200 bundles of cotton ties
have been contracted for at go cents
per bundle. The production of coke
increases rapidly, 1850 ovens being in
blast, with an output of 97,155 tons
for the week. Scarcely any business
has been done in the minor metals, and
1137 is quoted for lake copper, 1885 for
tin and 3.05 for lead.
The closing of shops and discharge
of hands in the shoe business, espe-
cially at Lynn, has been plainly fore
Swallowed by the weekly report, show
ing for some past scarcely any new
orders received. Jobbers claim that
they cannot get the advance in the
prices demanded, manufacturers claim
they cannot make shoes with present
prices of leather and wages for labor
unless they receive even more than the
advance asked, and the workingmen
quite generally claim that this is only
O. preteXt to secure reduction OF wages.
Leather does not yield much, though
one or two minor grades are little
lower Hides are stronger at Chicago,
and tanners are confident that prices
of leather will be held. In the cotton
manufacture there is further decline in
some staple goods, and tahngs by
northern spinners are disappointing.
Print cloths accumulate and do not adj
vance. Raw cotton comes forward just
as it did in other years when official
and other stories of injury ended In
great crops.
Sales of wool are restricted by the
general conviction that prices asked by
interior holders cannot be realized, and
there is considerable disposition to I'M
load speculative purchases at seaboard
markets Most manufacturers have
more wool than they have orders, and
others meet as yet no satisfactory de-
mand for goods. Sales of wool were
only 2,363O00 lbs. at the three chief
markets, against 5,924,3O0 for the same
week last year.
Foreign exchanged seems, has turned
a little more favorably during the
week, so that the engagements of gold
for shipment on Tuesday were not car
ried out, in part because the supply
Of bills against products exported was
much larger than had been expected
The effect of western failures on the
rate of interest here also had an infiu-
ence Exports of merchandise from
New York were unusually large, so pei
cent larger than last year, and fol-
three weeks have been 16 per cent
larger, while imports were per cent
smaller for the week and 10 per cent
for three weeks for December, Fail
ures for the week have been 297 in the
United States against 1922 last year, and
a in Canada, against 40 last year.
Canadian trade is generally quiet
with jobbers, though good at st. Johns
and fairly active at Winnipeg, with
exceedingly good payments. Retail
trade has generally improved with
colder weather and Is reported brisk
and the holiday trade is good on the
whole and above the average at the
west. The lack of good country roads
still materially affects trade and set
Elements with the interior. Money
markets are quiet with plentiful supply
Shipments Of grain from Winnipeg are
reduced by the closing of navigation
SUCCESSFUL OPERATION.
DIR. D. L, Garland of Meriden, assist
ed by DR.. B. Austin Cheney of New Ha-
ven. performed a very successful oper-
alton on Mrs. Charles Sehreck at the
,sJ.,,r p hr