Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-02-07
CAUSES OF FAILURE.
The Disasters for the Year Analyzed
by Bradstreets', and Re-
suits Published.
LACK OF CAPITAL is THE FIRST.
The State of Trade Still Shows Only a
Moderate Improvement, and Bank
Clearings Decrease.
TIE IRON TRADE is STILL NO BETTER
The Expected cOrnnsllsvills Strike Next Week Has q
Bad Effect on Prospects.
LACK OF CAPITAL is THE FIRST.
TIE IRON TRADE is STILL NO BETTER
The Expected cOnnnellsvills Strike Next Week Has a
Bad Effect on Prospects.
,srrcrAL TELEGRAM TO THE prsrArcu.,


provement in the state of general trade.
Recent ill-founded reports of a much larger
volume of trade last month than in January,
1890, are best answered with our report of
bank clearings for January, 1891, which
shows q decrease as compared with the like
month a year ago The decrease at New
York and other Eastern cities is due TO a
reduced railway share speculation,
interrupted telegraphic communication,
and only a moderate volume of
general trade. Reports from 55 cities fur
nish a total of S4959. .9l5, 421, or per cent
less than IN January, 1899, and only little
more than in January, 1889. New York
Citv's clearings were s., CSC, 999, 366, showing
a decline, compared with the like month
year ago, OF 81 per cent, and totals at "a re-
manning cities, which have been increasing
each month relatively much faster than at
New York, for last month amount to s., 0OS,-
916, ,O55, gain of less than s., 800, ,000-only
7-lOO of per cent.
The Stock Market Dull and Strong.
Share speculations, though very dull,
show strength and advancing tendencies,
due TO the ease of money, anticipated i'm
provement in railroad earnings and the
bullish position of leading operators. The
money market continues particularly easy,
and rates for funds both at New York and
generally elsewhere throughout the country
are practically unchanged. There is a better
demand at a lew points West, but the banks
appear to be supplied. Mercantile collec-
tons are only fairly prompt
The iron industry shows no improve
ment. beyond the fact that it is no worse.
Consumers are not anticipating wants, and
prices while unchanged, tend to weakness.
Anthracite coal is rather more unfavorabiy
situated. Leading producers exceeded the
allotted output in January, and are re-
stricted to producing 100000 tons in Feb
ruarY. Meanwhile cold weather appears
TO lack staying qualities, and the market is
'duli ami weak, except at the Northwest.
Copper is firm and unchanged, and lum-
Der and leather are in only steady demand
at former prices. Gains in the distribution
of general merchandise are noticeable at
Chicago, St. Paul, Duluth, Omaha and
Kansas City, drygoOds, clothing, boots and
shoes being first in request There are also
gains in hardware, drugs, paints and grocery
staples, st. LOUIS reporting them conspicu-
GUS
Causes of Business Failures AnaIyzed.
BrddstreetS analysis of the causes of
10. .173 business failures in the United States
ia 1890, shows that 40 per cent Of them. with
26 per cent OF the aggregate S175, 600, 600
liabilities, were due primarily to lack OF
capital or to trying to do too much business
with the capital available; and that 12s4 per
cent OF them, with "A per cent OF the liabili-
ties, were caused by disaster or the late
financial stringency; that 10 per cent OF
them, with 1913 per cent of the total liabili
ties, were due to incompetency, and that 4
per cent of them, with like proportion of
liabilities. were due in the first instance to
fraudulent disposition OF property.
Business failures In the United States this
week number go, against 211 last week,
and 2j9 this week last wear. The total
from January to date is 1,S01, against !, S87
last year.
Drygoods are in improved demand, but
the movement still lacks snap. Trade at
the East as a whole, is fair. Boston Job
ber's sales are ahead of those for the same
five weeks of last year. Ginghams and
wash fabrics and wooden dress goods are
generally most active. Brown and bleached
sheetings move freely. Prices are firm and
unchanged.
Business in Wool and Cotton.
Wool is in fair demand East and West
:
more active. Cotton continues weak and is
1-16 cent lower on improved prospects for a
large crop. With cotton receipts from this
time to September 1 equal to those for like
period in 1890, the crop would amount to
z, S33, 600 bales; but January receipts were 25
per cent. heavier than in 1890.
Wheat has been nervous and excited dur
ing the week, declining on a moderate official
visible supply decrease and increased sup
plies afoat, and advancing Oh a heavy in
crease in available domestic stocks after
which weakness again appeared. The ad-
vance is 13s cents on the week, corn ad-
vaneing ! \ cents also, while oats went off
half a cent. The stocks available fell away
over 1900, 900 bushels last week, less than
in the like week, 1890, but more than in the
preceding week this year. Exports of wheat
(and -four as wheat), both coasts, as reported
10 BradStreet'S, equal 1866 628 bushels,
against 2,2l4, 600 bushels in the like week
of 1890, and 2093, 900 bushels in the pre-
GedIng week o. 1891.
Grain Exported and on Hand.
Total exports both coasts (including
NontreaD from July to date, equal 90, ,O97,-
401 bushels, against 65, ,000 900 bushels in a
like portion of 1SS9-9O, 59, 1000, 900 bushels
the previous cereal year, and $4,000, 900
bushels in 1SS7-SS.
Beerbohm's total of stocks of wheat at
principal storage points in Europe and
"t1oat for Europe, with our totals or avail
able United States and Canada, on Febru-
airy l, 1891, equal los, 600, 900 by not quite
500, 900 bushels less than were SO held one
year ago, but 6, 400, 900 bushels less than on
January l, 1891. Our San Francisco cor
respondent wired February 5, after personal
investigation, that San Joaquin Valley was
still in great need OF rain.
AT the principal cities in the Province of
Quebec, general trade is OF moderate volume
and promises TO remain 50 until navigation
opens. There is fair volume OF business
in Ontario, in some instances IN excess Of the
totals tor Janury, 1890. Interest in the
Dominion elections tends to interrupt bus-
ness some. In Manitoba the wheat move
ment continuous slow, and the tendency is
to light purchases of spring goods.
Business Failures in Canada.
The Dominion of Canada reports 5s fail
ures this week, against SO last week, and 81
this week last year. The total number from
January l, to date, is 293, against 267 last
year. The most conspicuous cause o bust
ness failures in the Dominion in 1890 was
lack OF capital; incompetency ranking Sec
ond, disaster or financial stringencv third.
Il. q. Dun 81 Co.'s weekly review saws I
Though at a higher level of prices business
continues to exceed last years on the whole.
and is in character more healthy and con-
servative than usual. The disposition in
creases to count upon the future, for this
year at least, with confidence, but specula-
tive tendencies are in most directions held
in check by the conviction that consumers
demands may not prove quite equal to last
years on account OF short crops The aver
age prices o. commodities advance nearly
half OF per cert for the past week, but the