The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-05
FAILURES LAST YEAR.
DECREASE or OYER FIFTY PER
CENT. OYER TIE YEAR BEFORE.
r.rs. Withdrawals Of Foreign Capital,
Throug h the Sales Of Securities. Caus-
ing the Out.Go OF Gold.

weekly review of trade tomorrow VIII
say:
Failures FOR 1891 are fully reported
this resx. being 1855 in the United states
and f,756 in the Dominion OF Caii'iDd'
Liabilities In the United States were
stTG992.Sj6. and in Canad2s sl',oio,-io.
NcLher the decrease of over haii III 'is '
country, nor the increase or over ~ p
cent. in Canada is surprlsing' pue 'no
statement shows that most OF the de-
croase II, the United States is in manu-
featuring, While the entire hncreaoo
In Canada is in trading concerts
A few States. including New YORK
an1 Pennsvlvs MIA, show more laii-
mes than in l& g. and in a rev southein
states the an,a,nt of liabilities is larser,
hut I'm central and western states 'ney
are very much smaller. In eleven oi tne
last thirty-eight years reporter lidoii''.o9
have been larger than in 1871, thoush loi
this year and 1899 the statelheh'
fined to commercial failures as II was
not in former wears. The failures nave
beep - r I'm every thousand firms doihs
business: the liabilitaes have aVerdse"
st22 II TO each firm in trade ana III pr
rortion 70 the volume OF solvent business
renresented by ali cHaring mousse
cha nges. S2.63 for every N'"". ,,,.ror.
T,1e complete revtW OF NM ~.
t,an.,bes of business gwen to-day places
in Il clear light the Ii,t ina ,nue, ever
,o,ru,n dities are at the lowest ieVe' -
- ,rne fall since "A year ago ha'
49, 80 ner cent, but very unequal III
49,. branches. In iron ana s'oOi
nroducte, II per cent; III WOOL =. -
nant in woolens and cottohs' aoous
re,. conf These changes contrasl Sue, ., ~
,.i,b the d .cline of wages paiu PEI - 49,,
uror,, whic,r as was shown ias'
average only il per cent less '"'''
year ago.
TIE EXPORTS OF GOLD.
rho oxnorts OF $i55o,coo or Soio ,l''
u,oel, arc not because OF me 'ii''a,,,
movement. for IN" eAoes9 hos bean
l,io i,,n, rte of merchandise mas peen
~, t,,,ontv 10 t.Qrty millions pei
.I,r,,b T-nouestionably large whthdrdW
ais ~ foreign capital, through a'les ~
'.a,,,ri,ioe and otherwise have caus ga INC
o,,,go The duration and c%Shsi'e 20
fc depends upon other thar coiihAS' O'"'
elements. , Of r,onev
has resulted from the general uulI
of trade. and the movement "
centre has been unprecedented III 'oiui
The condition of industries nae o'
Io,.goIv Governed by the fall IN price >
and while DTOuuCtlOh -
than a wear ago, the aggregate iicle
being fairly measured by the increase
S9l ner cent. in hours of work oofse 10
November compared with the preN"Nh
wear II has been the controllils i1a
ure i'm almost every important H'u
that consumption has not kept Pd,
with the output. and has not suS
prices. In iron and steer the wv.
prices of the year are at the clooe'
demand
ing for less than half the usual qudhutS
of rails with large decrease I'm many ON
or branches. though probably the US
of structural forms was lager III io''
than ever before. The wooNi ~
try record production Tor uhe S"
about one-fourth less than norhNsL anu
for the last four months 2o.4I per cent
less than in 1892 in quantity OF WOOL con
sumed but in value of product the ue-
crease was, OF course, greater.
THE COTTON INDUSTRY.
The cotton industry, with material
close to the cheapest point yet known
keeps most of the mills at work, but
by selling goods at prices quite unprece-
denied The output OF boots ana shoes
has been the largest ever known In num-
Der of pairs, but besides fall III prices
below all records there has been "A gen
eraI preference for the low-prced goods,
and the attempted advance In price o"-
ing TO the rise i'm leather, causes marked
decrease in ordets.
The year has been especially notewor-
thy for the lowest prices Of
wheat and cotton on record
Both suffer from wholly unpre-
cedented accumulation of stocks, the
crops being large. Outside this country
wheat production has not Increased
enough to justify price OF 6oc. at New
York, and the action is largely due TO
false reports of yield intended to fright
en- buyers and raise prices. The same
influence has been felt in cotton. which
Is also affected by worldwide depression
in business and decrease IN consumption
of goods In other produce MARKETS
the year has been relatively less I'M
portant.
Condition OF SOuthcr1 trade.
NEW YORK. Jan. 4.-Bradstreets to-
morrow will say:
There has been no material improve |
ment in general trade. At large eastern |
cities only a moderate volume of business |
is reported Buffalo and Boston inclnlng f,
to regard the near outlook the more |
hopefully. Philadelphia and Pittsburg are |
naturally affected fomewhat by lower
quotations for iron and steel and Bal |
timore prefers awaiting orders from Com |
ions on the outlook. |
General trade is reported quiet at |
Charleston, Nashville and Memphis, with |
mercantile collections fair only. At Chat-
tanooga and Atlanta very little Is doing |
in wholesale lines. At Savannah trade Is
quiet. but the Improvement and indicd-
lions are only fair. Cotton manufacturers
are taking some new contracts, but mer-
chants will act with conservatism. Au-
gusta cotton factories report fairly good
demand and improved collections. city
and country trade is reported fairly sat
isfactory by Jacksonville. Damage from
extremely cold weather in FLORIDA 10
fruit and vegetables is quite heavy,
orange growers being affected seriously.
At Birmingham manufacturers report
orders scattered general trade quiet and
collections only fair. There is only "A
small volume Of business at New Orleans,
and collections arc slow. At Galveston
trade is very quiet ard orders for needs
only.