The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-01-09
THE STATE OF TRADE.
Failures Were blessings im Diaguisc-
business Shows No Imnrovcuc,,

oN Ill luelF weekly re-
View OF trade:
inc year 1897 begins with one clear
lr,,,.ntuse--the or past year has swept out
] ". 'lc way great number OF unsound
uomecIhs. ,i which in any time of activity
would have been dangerous to busInesS
or the 152S6 commercial and hanlsinr
, nitliures IN 1896, with liabilities of s27G
oio''a', large share represented erin
p'ihg losses in previous years, or to yio
ithce e OF speculative storms In 1896, or
.lic Nirsl h;tlf or 1896, while thousands
more resulted from the fury of the
| poIlticnl tornado last fall The bank
| ing iaiIures amounted to $50. us. $50 dur
ing the year; averaged S255. l56 each. and
"ele 40 per cent larger than In 1895.
Commercial failures amounted to s22s
o'o,sJ4' little over sl.OOO.0OO having been
huued by the last day of the year. but
| 'he average OF liabilities, S11.g92. was
smaller than In some years OF great
prosperity. The failures of brokerage
ana other commercial concerns aver
| aged S5S,4lS each, increasing 1S3 nor
| cent. over 1895, while manufa cturint
ialiures averaged s2S,S0S each and in
| creased "a per cent. and trading fall
uIes Increased IL per cent and averaged
only $4,000 each.
| While banking failures have not
ceased Mt the West apprehension about
| them mas almost wholly subsidized and
no serious influence upon general trade
IS now expected. Many sound concerns
| '''phiSoS NituBnl DY tnG epidemic.
but practically all the important Failures
are traced to disregard OF law and of
Dahking sense Mt periods somewhat dis
tant. 1t is felt at the West that all
business VIII be the sounder after it's
! purging. and the return OF money to
| New York has exceeded shipments to the
| interior by S2,000,000 for the week.
| Heavy disbursements by the Treasury
1 ana by great corporations make money
npundnnt and banks and savings banks
ure seeking good paper, taking some for
| merry sold at Chicago. Foreign ,ex-
change has risen tri1e, rs large bills
are about to mature. Merchandise ex-
| ports were IL per cent over last wear
While Imports were 81 per cent less than
| Tor the same week.
Speculative markets have been dull
| Cotton started up shade, but receiDts
| IRON plantations are still too large for
low estimates, and the condition of the
cotton mills foreshadows curtaIlment
| rather than large consumption
III Is now proposed to relieve the cot
ton goods market by selling quantities
OF print cloth abroad, or by locking up
100000 pieces until the market i'm
proves The only change in quotations
| Is = cent reduction In some bleached
| goods.
In woolen goods the only change Is a
reduction of 7k cents in clay worsteds
| ana mixtures, and orders are not more
| frequent. The orders for boots and
| shoes have almost ceased, except for a
\ few qualities, which have been advanced
only 2la to cents in price, but jobbers
are buying little more as stocks run
| low. Leather is stiff and hides a. shade
| stronger.
Enormous purchases OF biIlets came
WIN rush, most OF the large concerns
| contracting for all they required for
| months and even q year to come, and
| some of the largest contracts are said
| 10 nave been placed at very low prices,
but there Is no better demand for steel
Tor structural works. Nails have de-
| clined 10 Sl.4O for wire and $1.30 for cut,
and little is doing In rails, as possible
buyers think sos is too high with billets
| Mt Sl5 per ton. Nevertheless a great
! trade Is expected when relative prices
! become settled.
Bradstreet's review tomorrow will
| say:
With the exception of reports from n
! dozen south Atlantic coast and Gulf
state cities jobbers at nearly all distri-
buting centres say business Is dull and
Wltho9t new features. Demand has i'm
proved at Chicago and st. Louis for
hats, hardware, shoes and dry goods,
but trade in those lines is fair only.
december bank clearings reflect the
quiet condition of trade in that month.
showing decrease Of per cent. from
| n year ago.
The price movement has had little
significance, advances having been
shown in hides. which have become re-
latively scarce; turpentine, coffee, wheat,
! oats and tin. Firm and practically un-
changed quotations have been shown
for wheat, flour. pork. sugar. cotton,
piece cloths and petroleum and reac-
tions are reported in quotations for
Southern pig iron. lard and corn.
There is no change in the wool mar
ket, manufacturers declining to- buy
| until they receive orders for goods
More strength has been shown by boots
| and shoes since the first of the week.
| Iron and steel have been disappoin ting,
as consumers evidently anticipate a
further reduction in prices and refuse to
place orders. The week has been mark
| ed by exceptionally heavy orders of
Southern pig iron for export. Cotton
goods remain as depressed and the mar
ket Is as unsatisfactory as heretofonS
| with lower prices expected.
The weeks total of business failures
| throughout the United States Is 4SS, one
of the largest ever reported. This Is
contrasted with 329 in the last week of
1896. with 446 in the first week OF 1896
405 in the corresponding week of 1895
and. with 4S4 in the like portion OF 1894.
And the Band PLAYED On.