Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1897-01-02
WAS DEPRESSING FEATURE
Bank Failures During the Week Had
Bad Effect on Business.
Holiday Trade Not as Satisfactory ~
Anticipated---The Volume or
Business i'm All Branches
Was MOI Large.

New York. Dec. 26.--R. q. Dun Il Co.'s
Weekly Review of trade said:
The failure Of two important banks,
the second in size of business at n
cage and the oldest at 81. Pani, with
sosne others dependent on them. closes
not favorably a month which promised
to end with only moderate commercial
disasters. 1t does not lessen the erect
of these failures that one was caused
by loans I'm aid of an electric
railway and other concerns, and hat
the other appears to nave resulted from
heavy ventures In unsaleable real es-
tate. Since several thousand business
men and depositors are for the time EN-
barrassed as much as the spectators
that caused the trouble. h breakdown
Is the reverse of hopeful. although 1t
comes when many markets are well
supplied and when no serious effect IN
business Is to be apprehended.
Other important events OF the week
are the failure Of the billet and rail
pools to find a basis for agreement, and
the somewhat general discharge OF
hands or the reduction Of wages In the
shoe manufacture. The holiday trade
has been fair but generally I'm articles
OF medium grade.
The fall In steel billets from over $40
to about SIC at Pittsburg, and In steel
rails from s2S net at the mills to SIS, less
brokers commissions. produces 80 great
q change In other prices n conditions
OF business that the meeting held here
this week, for the purpose OF rev1ving
pools and fixing prices. Influenced OPP
erations throughout the country. But
no agreement was reached and mean
while contracts have been made COW
ering the wants of most producers for
three months, and some for the whole
year 1897, and It is said h a some large
contracts have been made at $lb, at
Pittsburg, and 3l7.50 at the east. Bes-
semer pig has declined to Sill Is n gray
forge to 1896 at Pittsburg. while bar
and other finished products remain un-
changed, though 100, 600 bundles Of cot
ton ties have been contracted for at so
cents per bundle. The production of
coke increases rapidly $3.50 ovens being
in blast, with an output of 97,l55 tons
for the week. Scarcely any business
has been lone In the minor metals, and
sll.37 is quoted for LAKE copper, $l2.s5
for tin and 1906 for lead.
In cotton manufacture there is a fur
tit ottilJit IL OIIlE sAapit scONS @ifN
takings by northern spinners are disap-
polntingly light. Print cloths accumu-
ate and do not advance. Raw cotton
ZONES forward just as 1t did in other
years, when official and other stories OF
injury resulted in great crops. Sales of
o are restricted by the general con-
v.ction that prices asked by interior
holders cannot be realized, and there Is
a considerable disposition to unload
speculative purchases at seaboard mar
kets. Most manufacturers have more
wool han they have orders, and others
meet as yet no satisfactory demand for
goods. Sales Of wool ere only 1858, 900
pounds at the three chief markets,
against 1874 300 for the same week last
year.
Wheat has grown a little stronger in
spite Of the disturbance OF the Chicago
market. Exports have been l,47l ,+43
bushels, Ion included as wheat, for
Ave days. and $780,, 5S7 for o weeks,
against s,527, 959 for the same weeks last
year, while from Pacific ports the in
crease has been large. Western receipts
are still small, amounting TO S,455,63i
bushels in three weeks OF the month,
against IA. 344, $50 last year.
The volume Of business. all branches
considered, Is not large. Payment
through clearing houses have been for
the week 20 per cent less than last year,
and for the month thus far the daily
average Is 9.S per cent less than last
year.
The aggregate of gross earnings Of all
railroads in the United States. reporting
for the first half of December or a part
thereof, Is So, OH. 126. a decrease OF as
per cent compared with last ear
OF sections Of the country In which
representative roads have reported,
western roads, including the grangers.
make the most favorable showing.
Traffic on all roads has been far from
satisfactory for several months. and as
yet there is little indication OF improve
ment. but the heavy losses in gross
earnings reported by many roads is not
entirely due to loss OF traffic.