The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-01-02
DUN's COMMERCIAL REVIEW.

Msuth-Heavy Failures ami Enormous
Losses Mark the Closing of the Year
Thousands of Business Men and Bank
DeposItors Seriously Embarrassed-De-
preston and Lower Prices
NEW YORK, Dec. 25.-R- G. Dun s.
Co. say to-day in their weekly review
OF trade:
The failure of two important banks.
the second in size of business in Chi
cago, and the oldest at st. Paul, with
some others dependent on them, closes
not fayorably a month which prom
ised to end with only moderate COM
mercial disasters. 1t does not lessen
the effect of these failures hat one
was caused by enormous loans in aid
of an electric railway and other con-
Germs in unstable real estate. Since
several thousand business men and
depositors are for the time embar-
raised as much as the spectators that.
caused the trouble, the breakdown is
the reverse of hopeful at present, al
though it comes when money markets
are well supplied and when no serious
effect on business is to be apprehended-
Other important rents of the week
are the failures of the billet and rail
pools to find a basis for agreement,
and the somewhat general discharge
of hands or reduction of wages in shoe
manu- facture.
The holiday trade has been fair, but.
49, H. - -,.ls,,1 .rYn1A
The reports of earnings are not cheer
ing, and the aggregate for December,
thus far, has been As per cent. less
han last year, the granger and other
western roads showing most decrease.
But no agreement vas reached, and
meanwhile contracts have been made
covering the wants of most producers
for three months and some for the
whole of the year 1897, and it is said
that such large contracts have been
made at SIS at Pittsburgh and $3.50
at the east.
Bessemer pig has declined to Sl1.15
and gray forge to S9.65 at Pittsburgh,
while bar and other finished products
remain unchanged, though 100000
bundles of cotton ties have been con-
tracted for at 60 cents per bundle.
The production of coke increased rap
idly, 5000 ovens being in blast, with
az output of 81, us tons for the week.
Scarcely any business has been lone
In the minor metals.
In the cotton manufacture there is
further decline in some staple goods
and takings by northern spinners are
disappointingly light. Print cloths
accumulate and do not advance. Raw
cotton comes forward just as it did i'll
other years when official and other
stories of injury ended in great crops.
Sales of wool are restricted by the,
general conviction that the prices.
asked by interior holders cannot be
realized, and there is considerable dis
position to unload speculative pur-
chases at seaboard markets. Most
manufacturers have more wool than
they have orders, and others meet as
yet no satisfactory demand for goods
Sales of wool were only 2,263, GOO
pounds at the three chief markets.,
against 1924, 800 for the same week
last year.
Wheat has grown a little stronger
owing to the disturbance of the Chi
cago market. Exports have been
I,471, 443 bushels, -four included, for
five days, and s,392, 5s7 for four weeks,
against s,527, $50 for the same weeks
last year. While from the Pacific
ports the increase has been
large, western receipts are still
small, amounting to s,455,631 BUSH
els in three weeks of the
month, against 14,344,s $50 last year..
The volume of business, all branches
considered, is not large. Payments.
through clearinghouse have been for
the week 25. per cent. less than last
year and for the month thus far the
daily average is 9.s per cent. less than
last year.
Failures for the week have been 297
in the United States. against 322 last
and A in Canada against 40 last