The record-union., 1896-12-05
WEEKLY TRADE REVIEW.
FAILURES SHOW A
REDUCTION.
The Decline Gives Strong Reason for
the Confidence of Returning
Prosperity.

NEW YORK, Dec. Tx. Vi. Dun eS
Co. will say tomorrow in their weekly
review of trade:
The classified failures for November,
given to-day, show a gratifying reduc-
tion compared with October, and is es-
pecially important in showing that the
peculiar disturbance during the Presi-
Dental campaign, which swelled fail
ures S36, 600, 900 in August and Septem-
ber, did not prevent quick return to a
monthly aggregate scarcely greater
than that of May. Defaulted liabilities
lin eleven months have been $19S, ,S3S,
459, against $14S, 544 ,502 last year, the
increase being only $14,00O,00O outside
of those two months, and this remain
ing increase of only 10 per cent. was
also in part due to the alarm of the
campaign. The decline of failures to
about 40 per cent. of the present aggre-
gate give stronger reason for the con-
fidence so generally expressed.
Ground for confidence is also found in
the abandonment of two Of the largest
combinations by which the iron indus
try has been retarded and the possibil-
ity that two others will be abandoned.
Such a state of things within a month
after the election suggests that these
organizations were formed when de-
pressed business failed to support all
the works in existence, and were not
expected to survive a general revival
and ample demand for products.
The immediate effect of the breaking
prices is to check buying of iron and
steel products, but it will soon develop
about where prices are to range. AT
present the base price for wire nails is
81 %, against 50 30 two weeks ago,
with greater reduction on small sizes,
because new cards reduced extra"
charges. Beams are selling at ST 35.
against 81 50 two weeks ago, and there
are sales of billets below the fixed price.
The bar combination is still undersoid
by steel bars at IL cents and nothing
is doing in rails because the meeting
shortly to be held will settle whether
any price shall be fixed for the next
year.
Bessemer pig at Pittsburg is lower
at S11 50 and gray forge at $40. But
there is large demand for vessel plates,
both In foreign contracts and for the
lakes. Several thousand cars have been
ordered and numerous new buildings
and bridges
Minor metals are shade stronger.
The coke combnat ton has changed its
method so that contracts are openly
made below prices recently ruling. and
there is some partition of consumers
among the producing interests. Anthra
cite sells below the official circular. bur
better demand Is expected with revival
in manufacturing.
Wool manufacturers are waiting. and
while more concerns are at work. the
new demand improves but little with
favorable weather
In the cottop manufacture there is
but little change, though goods are
selling better, but with many added
works production exceeds the demand.
The market for raw cotton is weak
With over 4.T50,000 bales in sight bv
December 1st, when the crop is usually
about half IN sight, current estimates
would leave only 3.500,00O more to
come forward in nine months, and the
larger consumption in mills does not
advance prices.
Other produce markets have been
weaker. Wheat rose to the close last
week, but gradually reacted and broke
Suui oH IiOSlIlS ~ cents
lower for the week.
The volume of business shown by
clearing house returns was for the past
week nearly l per cent. over last year.
and for the month Of November 3 per
cent, and IL per cent. less than 1892,
The comparison being the best for the
past five months.
Failures for the week have been 80
in the United States, against 624 last
year. and in Canada 50, against so last
year.