The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-12-09
GROUND FOR CONFIDENCE.
Decline in Business Failures Regarded as
Hopeful Sign.

Decline in Business Failures Regarded as
Hopeful Sign.
New York. Dec. 5.-R. q. Dun & Co.,
in their weekly review of trade, say:
THE CLASSIFIED failures for November.
given to-day. show gratifying reduction
compared with October. and are especially
important as showing that the peculiar dis
turbance during the presidential campaign,
which swelled failures $36, 0U0, 100 in August
and September. did not prevent quick re-
turn to a monthly aggregate scarcely
greater than that Of May. Defaulfed liza
bilities in IL months have been $19S, 73s. 459.
against sl4s,544.2U1 last year. the increase
being only 000 outside OF those two
months. and this remaining increase OF
only 10 per cent was also due In part to the
alarm during the campaign The oeciln-
of failures TO about 40 per cent. of the Sep
TENDER aggregate gives stronger ground
for the confidence SO generally expressed
Failures for the week have been $40 in the
United States. against s24 last Year. and in
Canada SIS. against 81 last year.
Ground for confidence is also found in
the abandonment Of two of the largest
combinations by which the iron industry
has been retarded and the possibility that
two others will be abandoned. Such q
state Of things within a month after the
election suggests that these organizations.
formed when depressed business failed to
support all the works in existence, are not
expected TO survive q general revival and
ample demand for products. The immedi-
ate effect Of breaking prices is to check
buying OF iron and steel products, but 1t
viii soon be seen about where prices are
10 range At present the base price for
wire nails is SIS, against SIS two weeks
ago, with greater reduction on small sizes,
because new cards reduced extra"
charges. Beams are selling al 81 IS, against
8. 80 two weeks ago, and there are sales of
hRl0N N nrio hoy
bination is still undersold by steel bars at
IL cents. and nothing is doing in rails. be-
cause the meeting shortly TO be held will
settle whether any price shall be fixed
for the next year. Bessemer pig at Pitts
burgh is lower, at sll.65. ano gray forge at
SO, but there is large demand for vessel
plates, both on foreign contracts and Ior
the lakes. Several thousand cars have
been ordered and numerous new buildings
and bridges.
The volume of business shown by clear
ing house returns was for the past week
nearly / per cent. over last year, and TOR
the month of November per cent, and IL
per cent. less than 1892, the comparison be-
ing the best for the past tve months"
Bradstreet's says:
General trade continues in moderate
volume, jobbers ana wholesalers being
agreed that there will be no business re-
yival this year There is some activity in
holiday goods Rains and stormy weather
south, and cold and severe weather west
and northwest, have checked traffic On
interior country roads and otherwise in
terfererd with the distribution of mer-
chandise, except at some northwestern
centers, where more seasonable weather
has stimulated the demand for heavy tex
tiles, clothing, hats and shoes. Through
ou- the central MISSISSIPPI valley there mas
been no increase in demand in wholesale
lines, and at the south trade is character
lied as dull
'-Jobbers of dry goods report that sales
for future delivery have fallen off. Trans
actions in wool have fallen off, manufac-
turers buying only as they receive orders.
The situation in iron and steel is unSatis-
factory, with unsettling rumors as to the
success of the steel pool: comparatively
few sales of staple grades and no Hkell-
hood Of revival in demand prior to heb
ruary.''