Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-01
LAST YEARS TRADE.
ITS STORY is WELL TOLD BY THE
FIGURES ON FAILURES.
Bradstreet's Significant Reviewing In
crease Over 1s9o's Disasters Not Fair
Criterion-A Normal Growth for q

crease Over IS91's Disasters Not Fail
Criterion-A Normal Growth for
Longer Time
NEW YORK. Dec 3l.-[Specidl Especial tel
egr1lms to B1udsfreet's from prominent trade
centers report g pronounced dullness II
general jobbng lines, as is usual ut this
SEASON. South as well as in some othter sec
tions mercantile collections are not prompt
There is less discounting by banks, ant
more extensions are asked.
Coal and other seasonable lines are un
favorably affected by mild weather. Lum
Der is quiet but firm at the Northwest; al
the East dull; at some points depressed.
There is no Improvement in the demand
for raw or finished iron as yet. Prices OF
wire and nails a the West are lower.
In some lines, notably dry goods at Phila'
delphia, the volume of trade for 1891, with
some exceptions, is reported smaller than
in 1891 At most of the larger Western cities
satisfaction is expressed with the character
and volume OF general trade in 1881. AT
Chicago the increase, as compared with the
preceding year, is placed at per cent The
Louisiana sugar crop is expected to be p
per cent smaller than in 1890
Planters Holding Back Their Cotton.
Reports come from various sections of the
South of a late decrease in the receipts oil
| suoS
manufacturers are beginning to work on
spring orders. There is apparently wide
spread feeling of confidence in the favorable
| course of trade for 1892.
The South Australian wheat crop is par
| tial failure, being eftimated at not over flve
| bushels per acre, and the probable surplus
! for export less than 100000 bushels, which
will be required i'll the other colonies and in
South Africa The estimate is ventured
! that Victoria may have 100000 bushels Tor
! eNnOrt DayOn0 Australia,
Wheat prices in the United States have
not been strong, and exports have been
checked by the holidays Graln-carrylng
vessels bound for san Francisco for cargoes,
are being ordered elsewhere to load, owing
| to low freights from that point. Grain Is
| expected to 90 forward to tidewater In Cali
| fornia more freely within the next lew
| months.
Exports of wheat this week from both
| coasts of the United States. as reported to
| BrdoLsfrears aggregate about l01,0 ,00J bushels
against 3675, ,OG0 bushels the week before
! Exports OF oats last week aggregated s4S,OOo
| bushels against over ], ,175 600 bushels the
as compared with 1l400O bushels. Flour eN-
| ports have declined somewhat; those OF In
di2n corn have increased.
The wooIen and Drygoods Situation.
Manufacturers of wooden goods are not
buying raw materials heavily except at con-
cessions, and wool prices are lower than at
the close of 1890. The outlook is for more
activity in the early months of 1892. The
AUST allan colonies, as our Australian cor
reSpondence shows. will have the largest
wool clip on record, probably 100000 bales
more than last year.
General drygoods move slowly. Sales OF
brown and bleached cottons are at low
prices Print cloths are moro active and
1irrn. Fall River produced 99S5. 600 p 'eces IN
1891, - 90 pieces more than in 1890. Stocks
on hand are Gniy $1,000 pieces, against 5S3,O0O
pieces year ago, and the price has averaged
295c, AGAINST 3ic in 1890. Woolen goods are
quiet, III s0me instances dull.
The close af the year resulted in some dis
play OF reactionary tendencies In the New
York share market, which were for Il time
aggravated BY the declaration of a smaller
dividend on New York Central than had
been locked for, while rumors were current
OF further complications in Richmond Ter
minal afftirs. Nevertheless, speculation in
tie final proceedings recovered its strength
and activity, and shows every tendency to
respond to the easy condition Of money and
the favorable state of railroad traffic and
earnings.
The Failures OF the Old Year.
The total number of failures in the United
States iii the year which closed tonight
WAS i, S94 The total liabilities aggregated
SI93 LIS 600, while the total actual assests
rerchct; SOP GOO. There were 1G,673 fail
ures in lS2Os with liabilities ag%regating
STA c99 900 and actual assets $92 75l, 900. Next
SATURDAYS issue OF BrddStTeeG's in an article
When it is learned that the total number
of business failures in the United States in
1891 is fully Is per cent larger than in 1899 it
must be recalled that in the year last named
the aggregate Of mercantile failures actual
lv decreased per cent compared with
the total in 1889. In the two preceding years
failures had been increased at the rate of
about 10 per cent. Ono year ago they de-
clined as compared with 1859, about 9 per
cent, and last year the apparent extraordi-
nary gain merely represented about the pre-
vious rate of increase in the commercial
death rate considered over q more extended
period of time.
1t would almost seem as If the exception
ally favorable ten months business in 1880,
from January l to October 81, of that year
tended TO furnish results which enabled
many traders to tide over the shoals of COM
mercial disaster for the time being only to
be wrecked eventually-in IS9l-when the
ebbtide exposed the rocks of their own un-
soundneSs.
The Financial Upheava,s of 1890.
Doubtless this result was intensified by
the monetary disturbances of November and
December, 1890, which continued well into
last year These, the outcome of what has
been described as the Earrings panic" were
followed by the prolonged period of eXpor-
tation OF gold AND the natural consequence
restricted loans and discount.
In the light of all of these influences, the
16 per cent increased total number of bust
ness failures, as compared with the total for
tile total for 1889, is neither strange nor
startling.
The total number of failures in the
United States in 1891. in which the aggregate |
OF liabilities was equal to or in excess of |
Sl000o0 WIS 2S4 compared with lSa4 in |
$50. Prominent again within the past y !
months have been failures of banks, !
bankers, and of those known as bankers /
and brokers. In 1890 there were 30 failures
of private banks, State, National and |
savings banks, with about $l9.G00000 liza |
bilitcs.
Last year the total number of bank fail
ures reported to Us WAS So, with an approxi- |
mate total of S35 00O, 900 liabilities. The un-
favorable conditions affecting the money |
market at the close of 1890 evidently exerted |
an influence well into the year 1884, and this, |
added to what would appear to be too great |
Il degree of cultivation of irresponsible
private banks, appears TO explain a long.
mortality among class of insti-
tuuons which shoald be, by reason OF their
unable to fail.
1S92-1S92.