The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-12-30
BUSINESS is SLOW.
Bank Failures Have Depressing Effect
on Trade.


on Trade.
New York, Dec 25.-R. G. DUN & Co.,
II: their weekly review of trade, say:
"The failure of two important banks, the
second in size of business in Chicago. and
the Oldest at st. Paul, with some others
dependent on them, closes not favorably a
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 In
unstable real estate. Since several thou
sand business men and depositors are for
the time embarrassed as much as the spec
ulators that caused the trouble, the break
down Is the reverse Of hopeful at present,
although 1t comes when money markets
are well supplied and when no serious eff
feet In business Is to be apprehenced.
Other important events of the week are the
failure Of the billet and rail pools to find q
basis for agreement, and the somewhat
general discharge of hands or reduction OF
wages in the shoe manufacture. The holi-
day trade has been fair, but generally in
articles Of medium grade. The reports of
earnings are not cheering, and the ag-
gregate for December thus far has been
As per cent. less than last year, the
granger and other western roads showing
most decrease.
1.-THE fall in steel billets from over 800
to about SIS at Pittsburgh, and in steel rails
from $28 net for mills to $25, less brokers'
commissions, produces so great a change
in other prices and conditions of business
that the meeting held here this week for
the purpose 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 pro-
ducerS for three months, and some for
w
that such large contracts have been made
at SIS at Pittsburgh and $3.50 at the east.
Bessemer pig has declined to $11.15, and
gray forge to $9.65 at Pittsburgh, while bar
and other finished products remain UNI
changed.
I'm the cotton manufacture there is fur
ther decline in some staple goods and
takings by northern spinners are disap-
pontingIy light. Print cloths accumulate
and do not advance. 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 unload
speculative purchases at seaboard mar
kets. Most manufacturers have more wool
than they have orders, and others meet as
yet no satisfactory demand for goods
Wheat has grown a little stronger in
spite of the disturbance Of the Chicago
market The volume of business. all
branches considered, is not large. Pay
ments through clearing houses have been
for the week $50 per cent. less than last
year, and for the month thus far the daily
average is 98 per cent. less than last year.
Failures for the week have been 297 in
the United States, against 322 last year,
and A in Canada, against 40 last year
Bradstreet says:
1.-The arrival of the holidays, the close of
the year and the period of annual stock
taking have further checked the volume
of wholesale business. Only filling-in or
derS are being 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 dis
tribution of merchandise has been smaller
at a number Of distributing centers. Fail
ures of important banking institutions in
northwestern cities tend to unsettle conf
dence in commercial and banking circles
Very few statesmen remain on the road,
but most of them are preparing to go out
within fortnight. The moderate trade re-
vival which followed the last presidential
election has been disappointing, in that,
aside from the Christmas demand, bust
ness has been more unsatisfactory for
month past than at a corresponding period
n MANY years.