The morning news., 1897-01-09
WEAK FIRMS GO TO THE WALL.
WEDDING OUT PROCESS MARKED
BY LAST YEARS FAILURES,

Their Collapse One of the PreIimi-
naries Necessary to CInrificatiOn
OF the Atmosphere For the Advent
of Continued Good Timcs-No
Material Changes i'm the Business
situation During the Past Week.
New York, Jan. S.--R. G. Dun & Co will
say 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 unsound concerns,
which, In any time of activity, would have
been a danger to business. OF the Is, 2S6
commercial and banking failures in 1896
with liabilities of $276, S15,749 large share
represented crippling losses in previous
years. or the violence of speculative storms
in 1895 or the first half of 1896, while thous-
ands more resulted from the fury of the
political tornado last fall Banking fail
ures amounting to $5O,7S,915 during the
year averaged $256, 1856 each and were 145
per cent. larger than in 1895.
Commercial failures amounted to $780,
O96, ,SS4, little over $1,OOO.OOO having been
average of liabilities, $ll,992. was smaller
than in some years of general prosperity.
The failures of brokerage and "other''
commercial concerns averaged SIS, AS each,
increasing 1888 per cent. over 1895, while
manufacturing failures averaged SIS, sos
each and increased "a per cent, and trad
ing failures increased Is per cent. and aver
aged only $9,606 each.
while banking failures have not ceased
n tha west abOut them ha
almost wholly subsided 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 bank.
ing sense at periods somewhat distant, II
is felt at the west that all business will
be the sounder after its purging and the
return of money to New York has exceed
ed shipments to the interior by S2,00O,00O
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 exchange has risen a trifie, as
large bills are about to mature.
Merchandise exports were II per cent.
over last year; while imports were q 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 cotton
mills foreshadows curtailment rather than
large consumption. The market for goods
is extremely as low, as many infer that
the unprecedented stocks of print cloths
indicate a similar 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. 1t is now proposed to relieve
the market by selling quantities of print
cloths abroad. or by locking up 2OOO,OOO
pieces until the market improves. The
only change in quotations is A-cent re-
duction in some bleached goods.
"In wooden goods the only change is a
reduction of 71ac in clay worsteds and
mixtures and orders are not more fire.
quent.
"Orders for boots and shoes have al
most ceased, except for a few qualities
which have been advanced only 21A to &c
in price, but jobbers are buying little
more as stocks run low. Leather is stiff
and hides a shade stronger.
Enormous 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 SIS or even less but there is
as vet no better demand for structural
work. Bars are weak, nails have declin7
ed to ST. 40 for wire and $l30 for nails, and
little is doing in rails as possible buyers
think that $25 is too high, with billets at
SIS per ton. Nevertheless great activity is
expected when relative prices become set
tied"