The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-01-16

New York. Jan. s.--R- q. Dun & Co.
In their weekly review OF trade. say;

&0lMI4t OF AnH1uuu CONCERNS ~ GUUN
for Businozs-
New York. Jan. g.-R- q. Dun & Co..
In the4r weekly review of trade. say;
1.-THE year 1897 begins with one clear adj
vantage-the past year has swept out
OF the way great many unsound concerns
which In any time or activity would have
| been dangerous TO business OF the 1850
commercial and banking failures In 1906.
with liabilities OF Sx76.Sl5.7fg large share
represented Gripping losses In previous
years. or the violence OF speculative storms
/ In 1895 or tho first half OF 1896 while thou
sands more resulted from tho fury OF the
! political tornado last fall. Banking fall
ures amounting 10 So. 7is.yl5 during the year
averaged s256. l5G each. and We're iss per cent.
| larger than IN 1875
Commercial failures amounted 10 $780,
C96.S34 little over 81 .0o0.0 900 having been
added by the last day OF the year. but tho
average OF liabilities. slf.e92. wns smaller
| than In some years OF great prosperity.
! The failures OF brokerage and other COM
morclal concerns averaged S0s.4lS each. in-
| crcasing 1888 per cent over 1895. while manu-
featuring failures averaged S2S,SS each.
and increased "a per cent. and trading fail
urcs Increased not Is per cent and averaged
! only s.. SOC each
while banking failures have not ceased
nc the west. apprehension shout them has
almost wholly subsidized and no serious In
| nuence upon general trade is now ex-
! pcCteQ. Many SOuNu concerns were dOubt-
less caught by the epidemic. but prncti-
cally all the important failures are traced
| TO disregard OF law and OF banking sense
ut periods somewhat distant
1T Is felt az the west that all business
will be sounder after tho purging. and the
return OF money 10 New York has exceeded
shpnents to the interior by 900 for
the week. Heavy disbursements by the
treasury and by great corporations make
money abundant. and banks and savings
hanks are seeking good paper. taking some
formerly sold at Chicago. Foreign ex-
change has risen a trihe. as large biss are
about 10 mature. Merchandise exports
were II per cent. over last year. while Inn
ports were q per cent less than for the
same week.
''The speculative market has heen dun
After rising about 70 cents per share and
81 for trusts stocks were checked by ro-
vival OF talk about Cuba at Washington
and by reduction OF the dividend on the
Delaware & Hudson Earnings reported
for December amount TO $3i. sos In the
IN 1896 Tho railway rccelvershps noted
by the Railway Age cover $2.El. 0OaOO0
stocks and bonds I'm the years lA33-S6. and
5000, $4,000 In the previous nine years:
foreclosure snles OF the past three years
cover 1921. l57 600 against Sl.673. 044.OO0 la
the previous ten years.
Wheat rose TO 92c on Monday. but has
declined again 10 50 Csc. with western re-
cepts goo COO bushels smaller than last year,
while Atlantic exports, -four included. were
2027. 900 bushels. against .e36 last year.
The trade accounts indicate a great guam
TRY I'm farmers hands. enough 20 permit
more than 100. 600 coo bushels 10 be exported
In the remaining six months
Cotton started up a shade, but receIpts
from plantations are still too large for
low estimates. and the condition OF tho
cotton mills foreshadows curtailment rather
than large consumption The market for
goods is extremely slow. 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 manu-
featured goods anticipating n demand
which has not come. IL IS now proposed
TO relieve the market by selling quantities
OF print cloths abroad. or by locking un
100000 pieces until the market improves
The only change In quotations ~ &c. re-
duction In some beached goods.
Prices OF wool are a shade lower. and
quotations by Contes Bros. are compared
shelving a decline IN six years OF rs cents
In prices OF northern states wool with
relatively as great decline In western and
territory wool. which goes far TO explnin
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
re In clay worsteds and mixtures and
orders are not more frequent.
orders for boots and shoes have almost
censed. except for a few qualities which
have been advanced only 2k TO &c In price,
but jobbers are buying little more as
stocks run low. Leather Is stin 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 CONTACTS arc said 10 have been al
SIS or even less. but there IL as yet no bet
ter demand for structural work: bars are
weak nails have declined to $40 for wire
and $3.50 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"