The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-01-13
CLEARS THE WAY.
Collapse of Unsound Concerns Is Good
for Business.


Collapse of Unsound Concerns Is Good
for Business.
New York, Jan. 9.-R. g. Dun & Co.,
in their weekly review of trade, say:
THE year 1897 begins with one clear adj
yantage-the past year has swept out
of the way great many unsound concerns
which In any time of activity would have
been dangerous to business. OF the 15.2S6
commercial and banking failures In 1896.
with liabilities of s276. Sis. 749. a large share
represented Gripping losses in 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 S50, Ills. 9l5 during the year
averaged S256. 156 each. and were ls5 per cent.
larger than in 1895.
Commercial failures amounted to $685.
G96,S34. little over 100000 having been
added by the last day of the year. but the
average of Liabilities, $li.992, was smaller
than in some years of great prosperity.
The failures of brokerage and other COM
mercial concerns averaged Sos,4lS each, in
creasing 1S3 per cent. over 1895. while manu-
featuring failures averaged S2S,S0s each.
and increased "a per cent, and trading fail
ures increased not Is per cent. and averaged
only S9.6O6 each
While banking failures have not ceased
at the west. apprehension about them has
almost wholly subsided and no serious in
fiuence upon general trade is now ex-
pected. Many sound concerns were doubt
less caught by the epidemic, but practi-
caIly 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 purging, and the
return of money to New York has exceeded
shipments TO the interior by s., 00e, 900 for
Ia disbursements
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 tritie. 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.
THE specula tive market has been dull
After rising about so cents per share and
vival of talk about Cuba at Washington
and by reduction of the dividend on the
Delaware & Hudson. Earnings reported
for December amount to S3l.12 ,905 in the
United States alone, "a per cent. less than
in 1885 The railway receiverShipS noted
by the Railway Age cover sz.a.l ,5Os. 9u0
stocks ana DonoS in the years IoS3-So. and
s., W, 535,oOO in the previous nine years;
foreclosure sales of the past three years
cover S2,23l, l0l 100, against Sl,6l5. VIA, Wv
the previous ten years.
Wheat rose TO SIC on Monday, but has
declined again TO Ss.25c, with western re-
ceipts l.UO0, v0U bushels smaller than last year,
While Atlantic exports, flour included, were
1900 bushels, against 2,337, $50 last year.
The trade accounts INDICATE great guam
tity in farmers haiIua 1usI4 To permit
more than l0o, O00, COO bushels to be exported
in the remaining SIX months.
Cotton started up shade, but receipts
from plantations are still too larg- for
low estimates, and the condition of the
cotton mills foreSnauOWS curtaIlment rather
than large consumption. The market Tor
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
prancnes the mIlIs have doubtless manu-
featured 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
900 pieces until the market improves
The only change in quotations is Ac. re-
duction in some bleached goods.
Prices 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 pro ba bly, larger
than is commonly supposed. In wooden
goods the only change is a reduction of
7Isc. in clay worsteds and mixtures, and
orders are ilol more frequent.
Orders for boots and shoes have almost
ceased, except for a few qualities, which
have been advanced only 21s TO &c. in price,
but jobbers are buying a little more as
stocks run low. Leather Is sluI and hides
a shade stronger.
Enormous purchases of billets come with
fISh ran n q a roe ar,oS
ing for all they required for months, and
even year TO come, and some of the
largest cOltractS 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 Sl40 for wire
and $1.30 for cut and little is doing in rails,
as possible buyers think s25 is too high
with billets at SIS per ton. Nevertheless
a great trade is expected when relative
prices become settled"