The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1897-01-14
CLEARS THE WAY. I
Collapse Of Unsound Concerns Is Good
~ for Business.

CLEARS THE WAY. S
Collapse Of Unsound Concerns Is Good
~ for Business.
New York. Jan. Or. &. Dun & Co.,
in their weekly review of trade, say:
1.-THE year 1897 begins with one clear aa-
vantage-the past year has swept cut
OF the way great many unsound concerns
which In any time of activity would have
been dangerous to business. OF the 22S6
commercial and banking failures In 1896.
with liabilities of SCI. Sl5. 749. large share
represented Gripping losses iE previous
years. or the violence Of speculative storms
In 1895 or the first half Of 1896. while thou
sands more resulted from the fury OF the
political tornado last fall. Banking fall
ures amounting to $50. 71S. 915 during the year
averaged $3.50. 1856 each, and were 145 per cent.
larger than in 1895.
Commercial failures amounted to $685.
o96:Ss4, little over $1,000. 900 having been
added by the last day Of the year, but the
average of liabilities. $14.s92. was smaller
than In some years Of great prosperity.
The failures of brokerage and other COM
merc1ol concerns averaged SIS. 418 each, in
creasing lS per cent. over 1885, while manu-
featuring failures averaged $228NS each.
and increased "a per cent. and trading fail
ures increased not Is per cent. and averaged
only 9.GO6 each
while banking failures have not ceased
at the west, apprehension about them haH
almost wholly spbsided and no serious in
fiuence upon general trade is now ex-
pected. Many sound concerns were doubt
less caught by the epidemic. but practi,
cally. all the important failures are traced
to disregard of law and of banking sense
at periods somewhat distant.
1T Is felt at the west that all business
will be sounder after the pureing. and the
return OF money to New York has exceeded
shipments to the interior by g.. 600 600 for
the week. Heavy disbursements by the
treasury and by great corporations make
money abundant. and banks and savings
banks are seeking good paper. taking some
formerly sold at Chicago. Foreign ex.
change has risen trif1e. as large bills ara
about to mature Merchandise exports
were II per cent. over last year. while i'm.
ports were q per cent less than for the
same week.
1.-The speculative market has been dull,
After rising about so cents per share and
- for trusts. stocks were checked by re-
vtval Of talk about Cuba at Washington
| and by reduction of the dividend on the
Delaware G. Hudson. Earnings reported
for December amount to $31. 121 .905 in tt+
United States alone. "a per cent. less than
IN lsgh The railway receiverships noted
by the Railway Age cover $2S21. sos. 00e
stocks and bonds In the years 1895, and
$2.094,5 $4,000 In the previous nine years
foreclosure sales of the past three years
cover $2.231. $4,000. against sl.673 044. 600 ir
the previous ten years.
Wheat rose to 92c on Monday, but ta.
declined again to S9.25c. with western re-
ceipts 0G0. 600 bushels smaller than last year
While Atlantic exports. -four included, were
2.027 800 bushels. against 2337. 1886 last year
The trade. accounts indicate O great guam.
try in farmers hands, enough to permit
more than loo. 100000 bushels to be exportei
in the remaining six months
Cotton started up a shade but RECENT,
from plantations are still too lare.. TO,
low estimates, and the condition Of thu
cotton mills foreshadows curtailment "a the
than large consumption. The market fo1
goods Is extremely slow. as many infc]
cloths indicate similar surplus of othe]
goods. The logic Is bad, but in man,
branches the mills have doubtless mann
featured goods anticipating demand
which has not come. It Is now proposed
to relieve the market by selling quantitte,
Of print cloths abroad. or by locking W
100000 pieces until the market improves
The only change in quota tons is We. re-
duction In some bleached goods.
''Prices Of wool are a shade lower, and
quotations by Coates Bros. are compar red
/ showing a decline in six years Of IS cent.
in prices Of northern states wool, with
| relatively as great decline in western an1
NVAAA\OAy "OOss "AASI 6OSo AdE 10 explain
the large reported stocks. and quantities
held by manufacturers are probably larger
than Is commonly supposed. In wooden
goods the only change is a reduction OF
TIC. In clay worsteds and mixtures, and
orders are not more frequent.
Orders for boots and shoes have almos,
ceased, except for few qualities, which
have been advanced only ~ to &C. in price
but jobbers are buying a little more as
stocks run low. Leather is stiff and hides
shade stronger.
Enormous purchases Of billets come with
a rush, most of the large concerns contract.
ing for all they required for months and
even a year to come, and some of the
largest contracts are said to have been al
SIS or even less. but there is as yet no bet.
ter demand for structural work: bars are
weak, nails have declined to $1.4O for wire
and 5: 80 for cut, and little is doing In rails
as possible buyers think $25 is too high
with billets at SIS per ton. Nevertheless
q great trade Is expected when relative
prices become settled"