The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-12-25
THE STATE or TRADE.
Bnnis Disasters tho Chief Feature OF
The WecN.

the WecU.
New York, Dec. observation-disclosures to-
morrow Will say:
The arrival of the holidays, the close
of the year and the action of annual
stock-takinG have further checked the
volume of the Wholesale business. Only
hllinS-in orders are being received ana
trade in slow. Retail demand for hol-
day goods has been active. but II Is for
cheaper grades than in previous years
In other lines the distribution of mer-
chandisc has been smaller at n number
OF distributing centres. Failures Of i'm
portant banking institutions Mt North
western cities tend to unsottle conf
dencc in commercial and banking cir
Giles.
The moderate trade revival which fol-
lowed the last Presidential election has
been disappointing in that, aside from
the Christmas demand, business has
been more unsatisfactory for q month
past than at corresponding period in
many years. The confidence with which
merchants and manufacturers have
been looking forward to the arrival OF
the delayed trade revival early In Feb
ruary next is less pronounced than il
was. while the prospect for legislation
next spring and summer looking to
tariff revision and. Congressional an
Xiety to take charge of affairs abroad
is more than likely TO put off Il porma-
nent revival in business here until next
fall. The shake up in the iron ana steel
prices is nearly complete and quota
tions for Bcsscmer pig iron ana for
steel hillets have gotten down to the
level of those for other staples.
Il. q. Dun Il Co. in their weekly re-
view of trade. will say:
The failure of two important banks,
the second in size of business at Chicago
and the oldest at st. Paul, with some
others dependent on them, closes not
favorahly Il 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 rail-
way and other concerns, and that the
other appears to have resulted from
heavy ventures in unsalable real estate
Since several thousand business men
and dcpositOrs are for the time embar-
rassed by the peculiar conditions which
caused the trouble the break down is
the reverse OF hopeful at present. al
though it comes when money markets
are well supplied andSws,en no serious
effect in business is To be apprehcndei.
Other important events of the week are
the failure Of the billet and rail pouls
TO find a basis of agreement ana the
somewhat extensive discharge OF hands
or reduction of wages in the shoe manu-
facturc. Tile holiday trade has been
fair hut generally in articles Of med
ium giadc. The reports of earnings are
> >
cembcr thus far has been 40 per cent.
less than last year. the Granger and
other Western roads showing most de-
crease.
The fall in steel billeta from over 500
10 about SIG at Pittsburg and In steel
rails from SIS net for mills To S25. less
brokers commissions, produces So great
Il change in other prices and Condi-
tons of business that the meeting held
here this week for the purpose OF rcvlv-
ing pools and fixing prices. influenced
operations throughout the country But
no agreement was reached ana mean
while contracts have been made cover
ing the wants of most producers for
three months, ana some for the whole of
the year 1897. and it Is said that such
large contracts have been made mt $l5
nj Pttshurg and $3.50 ut the East. Rcs-
semer pig has declined tp SlI.l5 and grey
forge To S9.65 at PittShurE. while bar
and other finished products remain un-
changed though 100000 bundles of cot
ton ties have been contracted FOR at CO
cents per bundle. The production OF
coke increases rapidly. $3.50 ovens being
in blast with an output of a7.l55 tons
for the week
In the cotton Manufacture there is
further decline i'm some staple goods.
and takiugs by Northern spinners are
ppontingly light. Print cloths ac-
cumlate and prices do not advance.
Raw cotton comes forward jus. as II did
in other years when official and other
stories Of injury ended In great crops.
Sales of wool are restricted by the gene
raj conviction that prices asked ny in
terror holders cannot he realized. and
there is considerable disposition to un-
load speculative purchases Mt seaboarl
markets. Most manufactures have
more wool than they have orders ana
others meet as yet no satisfactory do
mand for goods The volume OF busi-
ness, all branches considered. is not
large. Payments through clearing
houses have been FOR The week go per
cent. less than last year
Failures for the week have been 2g7
in the United states. against 30 last
year. and 40 in Canada, against 40 last
year.
SNIIIIEED 4 HnIHE