Birmingham state herald., 1897-01-09
WEEKLY TREND OF TRADE One AdvaF.ge for the New
 Y ITS Business Is WE CLEANING UP Of Y ss,>-.reat Number of Unsound Concerns S>i Which Were Detrimental
TO THE c0UNTRY'S INTEREST
Comparative Figures as to the Banking and Commercial Failures Speculation Mar ket tDull-Enormous Purchases of Bil-
 lets-Great Iron Trade Expected.

New York, Jan. 8.-R. G. Dun & Co. will say tomorrow in their weekly review of trade: The year 1897 begins with one clear advantage; the past year has swept out of the way a great number of un- sound concerns which in any time of ac- tivity would have been a danger to busi- ness. Of the 15,286 commercial and bank ing failures in 1896, with liabilities of 276,815,749 a large share representing crippling losses in previous years, or the violence of speculative storms in 1895 ar the first half of 1896, while thousands more resulted from the fury of the politi- cal tornado last fall. Banking failures amounting to $5O,71S,915 during the year averaged $256 156 each and were 145 per cent. larger than in 1895.
 Commercial failures amounted to $226,- O96, 1884, a little over $1 100000 having been added by the last day of the year. but the average of liabilities, $14, 1892, was smaller than in some years of great prosperity The failures of brokerage and 'other commrcial concerns averaged $58418 each, increasing 1S3 per cent over 1885, while manufacturing failures averaged $2S,SOS each, and increased 34 per cent, and trading failures increased IS per cent. and averaged only $9,606 each.
 While banking failures have not ceased al the west apprehension about them has almost wholly subsded, and no serious influence upon general trade is now ex- pected. Many sound concerns were doubtless caught by the epidemic, but practically all the important failures are traced to disregard of law and of banking sense at periods somewhat distant. It is felt at the west that all business will be the Sounder of its purging, and the re- turn of money to New York has exceeded shipments to the interior by $2.000.000 for the week. Heavy disbursements by the treasury and by great corporations make money abundant, and banks and sav- ings banks are seeking good paper, talk ing some formerly sold at Chicago. For eign exchange has risen triffle, as large bills are about to mature. Merchandise exports were Il per cent. over last year, while imports were 27 per cent less than for the same week.
 Speculative markets have been dull.
 Cotton started up a, shade, but receipts from plantations are still too large for low estimates, and the condition of the cot ton mills foreshadows curtailment rather than large consumption. The market for goods is extremely low, as many infer that the unprecedented stocks of print cloths indicate surplus of other goods. The logic is bad, but in many branches the mills have doubtless manufactured goods anticipating a demand which has not come. It is now proposed to relieve the market by selling quantities of print cloths abroad, or by locking up 100000 pieces until the market improves. The only change in quotations is Ac. reduc- tion in some bleached goods.
 In woolen goods the only change Is a reduction of 719 cents in clay worsteds and mixtures, and orders are not more frequent. Orders for boots and shoes have almost ceased, except for a few qualities which have been advanced only 2h to 5 cents in price, but jobbers are buying a little more as stocks run low. Leather is stiff and hides a shade stronger.
 Enoromus purchases of billets came with a rush, most of the large concerns contracting for all they required for months and even a year to come, and some of the largest contracts are said to have been at $15 or even less; but there is as yet no better demand for structur- al work. Bars are weak. Nails have declined to $1.40 for wire and $1.30 for cut, and little is doing in rails. as possi- ble buyers think $25 is too high with bil- lets at $15 per ton. Nevertheless. a great trade is expected when relative prices become settled.