The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-01-14
BUSINESS AS YET REMAINS DULL
LARGE LIST OF FAILURES
FOR THE WEEK.
THE NEW YEAR HIS A CLEAR TRACK
\ Great Number of Unsound Concerns
Are Out Of the Way-Failures for
1896 as Compared With
Previous Years.


dozen South Atlantic coast and Gulf
cities, jobbers at nearly all distributing
centers say business is dull and without
new feature Demand has improved at
Chicago and st. Louis for hats hardware,
shoes and dry goods, but the trade in
those lines is fair only. Colder weather
has stimulated purchases of clothing at
from holiday dullness is reported as yet,
and at most centers statesmen are just
starting out. Collections are reported
unsatisfactory, but in many instances
merchants express themselves as hopeful
Of good spring business. The price
movement has had little significance, ad-
vances having been made in hides, which
have become relatively scare; turpentine,
coffee, wheat, oats and tin.
Firm and practically unchanged quo
tations have been recorded for wheat,
flour, pork, sugar, cotton, print cloths and
petroleum and reactions are reported in
quotations for southern pig iron, lard and
corn. There is no change in the wool
market. manufacturers declining to buy
until they receive orders for goods.
Much strength has been shown by boots
and shoes since the first of the week.
Iron and steel have been disappointing,
as consumers evidently anticipate
further reduction in prices and refuse to
place orders. The week has been marked
by exceptionally heavy orders for south
crn pig iron for export. Cotton goods re-
main as depressed and the market is as
unsatisfactory as heretofore with lower
prices expected.
Exports of wheat -four included, from
both coasts of the United States this
week amount to 3,119,0O0 bushels as
compared with 100000 bushels last
week, 3,471 600 bushels in the first week
the corresponding week of 1885 and as
contrasted with 3,1SO,000 bushels with
the like period of 1894. Total exports
of Indian corn this week, amounting to
4,S19000 bushels, constitute the largest
weeks aggregate shipment reported.
Last week the total was 2.7S2,OOO bush
els, and in the week one year ago it was.
2,626,000 bushels. In the first week of
| January, 1895, the aggregate was Ito
600 bushels, and in 1894 it was 100000
bushels, while in 1893 it was $4,000
bushels.
The weeks total of business failures in
the United States is 1856. one of the
largest ever reported, against 329 i'll the
last week of 1906 446 in the first week
of 1896; 405 in the corresponding week
of 1895 and 416 in 1894. There were 80
business failures reported in Canada this
week against 81 last week, 53 in the first
week of January in 1896, and like total
| in the corresponding week OF 1879.
DUN & CO.'S REVIEW.
| New York, Jan. S.-R. G. Dun Il
| EOS weekly report of trade will say to-
| Al, row:
The year 1897 begins with one clear
advantage; the past year has swept out
of the way great number of unsound
| concerns, which, in any time of activity,
| would have been dangerous to business.
OF the 1926 commercial and banking
failures in 1896, with liabilities of $276,-
5,749. large share represented
crippled losses in previous years or the
violence of the speculative storms in 1898
or the first half of 1896, while thousands
more resulted frim the fury of the
political tornado last fall. Banking
failures amounted TO $50,71S,915 during
the year and averaged $3.50, 1856 each and
were 14J per cent larger than in 1898.
| Commercial failures amounted TO S226,-
| voc, 1874, a little over S1,O0O,000 having
Secn added by the last day of the year,
tut the average Of liabilities, S149,992,
Sas smaller than in some years of great
prosperity.
The failures of brokerage and "other"
| commercial concerns averaged $5S,41S
each, increasing 1S3 per cent over 1895,
while manufacturing failures averaged
1886, sos each and increased "a per cent
and trading failures increased Is per
cent and averaged only $1,000 each.
Over four-fifths of the increase in
manufacturing and trading failures was
in the lumber manufacturing; 10 per
cent in dry goods, 80 per cent in wooden
manufacturing, 161 in the clothing trade,
100 in shoe. So in leather and shoe manu-
featuring, 20 in milling and 81 in print
| ing. In ten other branches the increase
was moderate in amount, and in five of
the unclassifed manufacturing and trad
ing failures the liabilities We're smaller
than in 1895.
While banking failures have not ceased
at the west, apprehension about them
has almost wholly subsidized. and no seri
GUS influence upon general trade is now
| expected. Many sound concerns We're
doubtless caught by the epidemic. but
practically all the important failures are
traced to disregard of law and of bank
ing sense ut periods somewhat distant
1t is felt ut the west that all business
will be soundcr after purging. and the
| return of the money TO New York has
exceeded it in its history by SS,O00,O 600
FOR the week.
Wheat advanced three cents on Mon
day. but declined against to 50 % cents.
with western receipts at 100000
bushels smaller than last year. while At
hntic exports, flour included. were
2,3O,OOO bushels against $3.50. 600
bushels last year. Trade reports indi-
cate n great quantity in farmers hands.
enough to permit more than 100000, 900
bushels to be exported in the remaining
six months.
Cotton started up a shade but re-
teipts from planters are still too high
for low estimates, and the condition of
cotton mills foreshadows curtailment
rather than large consumption. The
market for goods is extremely slow, as
many fear the unprecedented stocks of
4 printed cloths show n similar increase in
other stocks. 1t is now proposed TO re-
lievc the market by selling quantities of
print cloths abroad or by locking up
100000 pieces until the market i'm
proves. The only changes in quota,
tons is / Ia cents reduction in some
bleached goods Prices of wool are q
shade lower. In wooden goods the only
change is n reduction of 1-2 cents in
clay worsted and ministers, and orders
are not frequent.
; Orders for boots and shoes have al
most ceased, except for few qualities