The herald., 1896-12-25
COMMERCIAL CONDITIONS
Reported by Dun & Co. and
Bradstreet's
HOLIDAY TRADE IS FAIR
But the Wholesalers Find the Market
Very Dull
The Effect of the Chicago Bank Fail
ures Is Bad but Less Widespread
Than Was Feared
Associated Press Special Wire


New York, Dec. 2i.-Bradstreet' to-
holidays, the close of the year, and the
period of annual stock taking, have
further checked the volume of whole
sale trade Only fillink-in orders are
bing received and trade is slow. Retail
demand for holiday goods has been
active, but it is for cheaper grades than
in previous years. In other lines the
distribution of merchandise has heen
smaller at q number of distributing
centers. Failures of important banking
institutions at Northwestern cities tend
to unsettle confidence in commercial
circles. Very few statesmen remain OH
tn road, but most of them are preparing
to go out within fortnight The mod
crate trade revival which followed the
late presidetial election has been dis
appointing in that aside from the Christ
mas demand business has been more un-
satisfactory for a month past than al
q corresponding period in many years.
The shake-up in the iron and steel prices
is nearly complete and quotations for
Bessemr pig iron and for steel billets
have gotten down to the level of those
for other staples The billet pool has
been patched up nomnally. Anxiety is
felt in the iron and steel trade as to the
uncertainty of the price of lax ore under
the new combination to control that
staple. Exports Of wheat 0iour included
as WheaD from the coasts of the United
States this week amount to 2,111 200
bushels against 3524,000 bushels last
week, 3,4720 bushels in the same week
year ago, 1,s14,00 bushels in the week
hl1S1 1,1is
years ago, and compared with 2,9l1
bushls in the week of 1892. Exports of
Indian corn this week held up we'll the
total amounting to 3,179,000 bushels, as
compared with 2,S14,000 last week, L.
$4,000 bushels in the week one year
ago, and with very much smaller to-
tails in like weeks of three preceding
years.
There are S27 business failures re-
ported throughout the United States
this week. II less than last week. and IL
more than in the. corresponding week
year ago. There are As business failures
reported throughout the Dominion of
Canada this week, against 80 last week
and so in the week year ago.
Bradstreets review of the sto X mar
ket will say: A rapid recovery followed
the depression in stock values al the end
of last week. The street quickly real
lied that the situation created by the
senate foreign relations committee, II
giving a favorable report tc the resolu-
tions acknowledging Cuban importance,
lacked the gravity of the Venezuelan
matter a year nso. London failed to
show any flight and buying from that
quarter was supplemented by large pur-
chases to cover short contracts, so that
on last Saturday the market regained
more or less of the ground it had so
rapidly lost on the break of Friday. The
current gossip ascribed no small por-
ton of the bear covering to Washington
interests, which naturally tended to di-
minish the fears that the Cuban resolu-
tions would lead to serious action, and
the fact that the senate itself on Mon
day laid them over till after the holi-
day recess, together with indications
that the house would fail to concur in
the proposed action, deprived the mat
ter of significance. The market conse-
quently tended to improve still further
during the earlier portion of the week on
continued short covering, and in the
belief that the adjournment of congress
for two weeks recess would afford op-
portunity for speculative discount of
the investment demand and improve
ment in business that is looked for after
January l. This disposition was, how
ever, checked by the development of
banking troubles in the west, including
| the failure of the national bank of IL
| linois, at Chicago and the Bank of Min
nesota at ST. Paul, both institutions
| bringing down with them number of
| minor banks and firms in their respec-
| tive vicinities. The disturbance in the
| financial situation at Chicago had, how
| ever, little or no influence here, as the
| superabundant supply of funds enabled
| the New York banks to render all needed
| assistance to their Chicago correspond
| ents without in any way curtailing
| their own loans, and while speculative
interests at Chicago are naturally
| threatened, the fact that their activity
| has been confined to local enterprises,
| and was almost entirely based on local
| capital, prevented the influence from
| extending to this center. Prices were
| therefore only slightly affected, and at
| the end of the week the market assumed
| dull holiday appearance, the chief ac-
| tivity arising simply from the desire of
professional traders to close up con-
! tracts and stand clear of the market
| over the three days holiday, which re-
| suits from the closing of the stock ex-
| change on the Saturday after Christmas.
| AS there is considerable short interest
| outstanding, this tendency resUlteG in a
| considerable covering and gaze tone
| of strength to the concluding transac-
| tons of the week.
| DUN e. CO.'S REPORT.
| r. G. Dun & Co.'S weekly review of
| trade tomorrow will say: The failure of
| two important banks, the second in size
! of business at Chicago and the oldest al