The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1888-01-11
YEARS TRADE REVIEW.
The Business Done EnOrmOus-Larg-
est Production Of Coal on
Record.
The Railroads, the Stock Market, Wool
and Iron Industries, and =
Money!.
From Dun & Co. g Review of Business

From Dun q GO. g koview OF business
The dying year has seen 12,724 miles of
railway finished, making the mileage for
the United States $50. no; but changes Of
freight rates at the West tend steadily
downward, lessening the prospect for
Company reports decrease of Sl79, 200 in
net earnings for November, and the Erie q
decrease of $24,2 1888. The iron industry,
after the largest years output OH record, is
rapidly cutting down production, rrices,
and, at many points, wages. Since March
the average Of all grades ut Philadelphia
has declined SLAP, and of rails So. Sales
of 20, 00G tons Alabama and Tennessee iron
are reported, but no sales OF rails, for which
next years orders cover only 2Z0. 600 tons.
The Western Nail Association lowers card
rates from 1926 to 81. The cotton indus
try records for the year larger productions,
sales, and profits than for 1886, and the
year closes with an excellent demand,
stocks we'll cleaned up. and many makes
sold we'll ahead. But the wooden manu-
facture is described as having the
most unsatisfactory year 1t has ever ex-
perienced, with business smaller and profits
smaller than last year. Enormous impor-
tations have left large stock of dress goods
on hand. Overcoatings are moving fairly,
but fine goods st to 10 per cent decline.
Coal production has been the largest on
record, but the market closes with some
excitement, the Lehieh strike continuing,
while dispatches affirm that Reading min
ers will strike Jan. /. The grocery trade
has been very large for the year, and
closes with fair activity, Notwithstanding
the speculation in coffee aud the rise in
sugar following reports OF a decrease Of
362, 900 tons in beet product. Provisions
hold the recent advance. Beef is again a
shade dearer. and IL ere has been n rise Of
six cents in oil. Cotton, in spite of small
receipts, is a shade lower, but breadstufis
have risen, wheat and corn about one cent
each. The Treasury has added S714,00
to its deposits with banks and - 10000
to the circulation during the week.
1t has now increased the circulation
of coin and paper about $64, 100000
since July and $3.50, 000, 600 since July l.,
1886. The incomplete returns of clear
ing-house exchanges indicate an aggre-
gate for the year not exceeding Sol, 0JO,-
OOO, 600, with gain of about per cent
over last year, but November showed
small decrease, and in December the de-
crease in payments has been considerable.
The years failures show decrease of 200
in number, but the large increase Of $751;
600, 600 in liabilities, as follows:
1SS7-Number, 9,634; liabilities, &c.,
SEQ, 944; average, $17,392.
1SS6-Number, 1884; liabilities, $114,-
GA, 119; average, ST. ,65l.
The returns for the Dominion of Cam
ada show 1892 failures, with SlG,311745
liabilities; average, S1l 1903. The failures
in the Dominion were one in every fifty
four persons in business; in the United
States they averaged one in every Ill per-
sons.
The failures throughout the United
States within the year, as reported by the
Bradstreet Company, aggregate $40, or
7.8 per cent. fewer than in the year ending
with Dec. &c. 1856, when the total was
1O,56S. The total number of business
failures this year is just 1t times as large
as in 1880, period of some imitation and
exceptional prosperity. The increase Of
nearly ST., 100000 in liabilities this year
over last may be nearly accounted for by
liabilities of Central, Western, and Middle
States speculative traders amounting to al
most that sum. Meanwhile assets increased
over So, 500, 900, more than 5 per cent. of
the total increased liabilities, thus more
than maintaining the previous years aver
age of solvency. The per cent. Of assets
to liabilities in 1886 was 40 per cent, while
in 1887 it is 499, the annual average for
three years being 4S.1 per cent. On the
whole, the exhibit must be regarded as ia
vorable. The commercial death rate has
declined, as compared with 1885, as we'll
as may be judged, TO nearly the normal,
considering the recent business conditions
and the tendency to speculate to excess and
consequent disaster.