The times., 1900-12-22
DUN's REVIEW OF TRADE.
A Better Distribution of Staple Lines
of Merchandise.

NEW YORK, Dec. 21.-Dun's review to-
morrow will say:
Better weather conditions on the At
lantic seaboard and pronounced activity
in distribution Of all staple lines of mer-
chandise at Southern cities have impart-
ed slightly more aggressive tone to gen.
eral business. But for the hesitation
always seen in the larger cities in the
holiday season, the gain would have been
quite pronounced, but as it was, New
York bank elearings lost only l per cent,
compared with the same week of 1893,
while they show a gain of 41.26 per cent
over 1888. Outside of New York the gain
in clearngs for the week reached 1-2 per
cent compared with 1899, with 1I.2 per
cent gain over 1898.
Distinctive holiday business. which at
this period of the season means retail
distribution, has shown further improve
ment. and no complaint is heard from any
quarter, while the jewelry trade is much
moro active than for several years past
reflection of the increasing confidence
in business since election is found in the
larger calls upon the banks at most of
the leading cities for funds TO finance new
enterprises all over the country, but par
ticularly in the South. Railroad earnings
for the first half of December were 80
per cent larger than last year, and 1875
per cent over 1898.
Unchanged conditions in the leading
manufacturing industries during the last
week before the holidays mean much. At
this time in ordinary years furnaces close
down in large numbers, and duilness is
general at mills and shops where iron
and steel are handled. Instead of redue-
tion of working force or concessions in
price this year, however, reports from
the principal cities indicate the existence
of contracts that will take months to fill,
and new sales are made at the former
level, despite much talk Of cheaper ore
next year.
Instead of holiday quiet in the wool
market. the last weeks figures OF sales at
the three chief Eastern markets amount
to .23S, coo pounds, against 6, ,IS5 500 in the
preceding week and 5267 ,344 two weeks
ago, while a year ago the aggregate had
fallen to 1872 500 pounds from an average
OF over eleven million pounds in the two
previous weeks.
Cotton is firmly held. despite arrivals
at Southern ports far in excess of last
year. and little encouragement received
from spinners. Crop indications point 10
a yield about equal to Mr.. Ellison's esti-
mate of requirements. Wheat is quiet
Corn advanced again TO about cents
above last years level. without important
news.
THE ability of the banks to contract
their loans with little inconvenience to
regular clients has surprised Wall Street,
which finds much money offered by insti-
tutions in other cities. This week the
situation has improved somewhat through
Government payments of interest due
January l and greater pension disburse-
ments, while several large corporations
have completed their annual settlements.
There is confidence in abundance of
money for all legitimate purposes early
next year.
Record breaking activity in stocks
continues, but with a slight change in
the character of dealings. in that they are
more by professional operators and for
account of heavy financial interests which
have important deals in progress among
the railroads. Railroad stocks made new
records, but industrials were slow. pend
ing fulfllment of dividend promises.
Failures for the week were 293 in the
United States. against 220 last year. and
is in Canada. against 26 last year"