River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1897-01-14
CLEARS THE WAY.
Collapse OF Unsound Concerns is Good
for business.
New York. Jan. Or. G. Dun a Co.,

Tor business.
New York. Jan. Or. q. Duu & Co..
in their weekly review of trade, say:
1.-THE year 1897 begins with one clear ad-
vantage-the past year has swept out
of the way great many unsound concerns
which In any time of activity would nave
been dangerous to business. OF the 1885
commercial and banking failures In 1896.
with liabilities of SIZE. ei5 7f9. large share
represented Gripping losses In previous
years or the violence OF speculative storms
in 1885 or the first half Of 1876. while thou-
sands more resulted from the fury of the
political tornado last fall Banking fall
ures amounting to $50. 7ls.sl5 during the year
averaged S256. 1856 ach. and were liS per cent.
larger than In 1895
Commercial failures amounted TO $685.
Oe6.S3 little over 81. 000, 900 having been
added by the last day of the year, but the
average of Liabilities. 1892. was smaller
than In some years of great prosperity.
The failures of brokerage and other COM
mercial concerns averaged s5s,4ls each. in
crcasint, lS3 per cent over 1885. while manu-
featuring failures averaged $2S,Sos each.
and Increased "a per cent, ans trading fall
ures increased not Is per cent. and averaged
only 49, sos each
while banking failures have not ceased
at the west. apprehension about them has
almost wholly subsidized and no serious In
fuence upon general trade Is now ex-
pected. Many sound concerns were doubt
cslly 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 re sounder after the purging. and the
return of money TO New York has exceeded
shipmt nts 10 the interior by $1,000 900 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 a trife. as large bills are
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 duh.
After rising about so cents per share and
81 for trusts. stocks were checked by re-
vival of talk about Cuba at Washington
and by reduction of the dividend on the
Delaware & Hudson. Earnings reported
for December amount to S31.1 .905 In the
United States alone. "a per cent. less than
by the Railway Age cover SSH 500. go
stocks and bonds IN the years 1885. and
81. 094. $4,000 In the previous nine years;
foreclosure sales of the past three years
cover s2,2Si. 49, 900 against sl.673044.o00 In
the previous ten years.
Wheat rose 10 92c on Monday. but has
declined again to S925c. with western re-
ceipts 200. 900 bushels smaller than last year,
while Atlantic exports, flour included. were
2.027, 800 bushels. against 1881 1856 last year.
The trade accounts Indicate great guam
try in farmers hands. enough to permit
more than 100. 00e 900 bushels to be exported
in the remaining six months
Cotton started up shade, but receipts
from plantations are still too large for
low estimates. and the condition of the
cotton mills foreshadows curtailment rat Their
than large consumption. The market for
goods Is extremely slow. as many infer
that the unprecedented stocks of print
cloths Indicate similar surplus of other
goods. The logic is bad, but In many
branches the mills have doubtless manu-
featured goods anticipating demand
which has not come. 1t is now proposed
to relieve the market by selling quantities
of print cloths abroad, or by locking I'M
100000 pieces until the market improves.
The orly change in quotations is &c. re-
duct,on in some bleached goods.
'1'rices of wool are a shade lower. and
quotations by Coates Bros. are compared,
showing a decline In six years of is cents
IN prices of northern states wool. with
relatively as great decline in western and
territory wool. which goes far to explain
the large reported stocks. and quantities
held by manufacturers are probably larger
than is commonly supposed. In wooden
goods the only change Is reduction CT
7izc. In clay worsteds and mixtures. and
orders are not more frequent
Orders for boots nd shoes have almost
ceased, exec II for a few qualities, which
have been dyancd only 2ls to sc. in price,
but jobbers are buying little more as
stocks run low. Leather is stiff and hides
a shade stronger.
Enormous purchases of billets come with
a rush, most Of the large concerns contract
ing for all they rcquired for months. and
even q year L. come. and some of the
largest contracts are said to have been at
SIS or even less. but there is as yet no bet
ter demand for structural work; bars are
weak, nails have declined to 81 10 for wire
and 81 80 for cut. and little is doing in rails.
as possible buyers think $25 is too high
with billets at SIS per ton Nevertheless
a great trade is expected when relative
prices become settled"