Birmingham state herald., 1896-01-04
MERCANTILE REPORTS There Were Fewer Failures in 1895 Than in 1894. LIABILITIES wEs. GREATER 7E Collections Are Bad l.s ywhere Except in the
 soog7 States. THE IRON 0U : ,0K IS UNAVOIDABLE Some of the t,csrnaoes May Rave to Shut
 Down The Prices of Cotton,
 Meats and Cereals Are Well Up.
LIABILITIES WEs. GREATER
THE IRON oul Fox IS UNAVOIDABLE

New York, Jan. 3.-R. G. Dun 6 Go. will say tomorrow:
 The commercial failures during the complete year of 1895 number 13197, against 13,SS5 in 1894. but the aggregate or liabilities is slightly greater-$173, ,196,- 06o, against $l72,992S56. The bright promise offered by a large decrease in the first quarter was followed by q small in- crease in the second and third quarters and large increase in the last quarter of the year. In that quarter also the de- ferred liabilities of each firm in business increased and also the proportion of de- ferred liabilities to payments through clearing houses. The effects of unrea- sonable speculation in materials, rapid advance in prices of goods. heavy pur- chases ahead of distribution and enor- nous increase in production clearly ap- pear in the returns.
 Produce markets have been the thea ter of surprising changes which have in- fiuenced all business. The acreage of cotton was wisely restricted in order to give producers better chance for fair returns. Wheat producers suffered ina like manner from wild speculation, whici- prevented the exporting of many million bushels, and false reports which encour- aged farmers to keep back their grain until the cream had been taken off the market by spectators. The inevitable consequence has been a very low range of prices, the yield being clearly in ex- cess of all demands. The great crop of corn has materially affected the prices of meats. The course of industries dur ing 1895 has been materially affected by speculation in materials. Midsummer a tra, lf.,,-
 rush to buy far exceeding the ordinary demand for consumption. Prices rose beyond all reason, exciting still more the anxiety to buy beyond actual needs. Thousands of producers strangely mis- took the extraordinary buying for a vast t Increase in consuming ability and ex- tended plants, opened mills, increased force and pushed production in many di- rections far beyond actual consumption. Inevitably both traders and manufac- turers were left toward the close with stocks unsold and claims against GUS toners, who were themselves tied up by purchases beyond their distributing power. Hence the general shrinkage in prices for the past three months, and though in scarcely any department did prices rice higher than in former years, they were found out of relation to exist ing demand. Rapid outfiows of gold with high rates of interest caused anx- iety, which was checked by decision to issue clearing house certificates at New York, Boston and Philadelphia and by prompt attention to financial ques- tions in congress, but at the close an- other issue of bonds is expected. The recent decrease in imports of merchant disc and some increase in exports war rant the hope that trade balances may be more favorable hereafter but much depends upon the course of securities, which foreign are selling to somS extent in order to share in the expected profits on bonds. Rarely has there been a sit- uation more complicated and the near future is difficult to forecast, but it is the widely prevalent impression that a large sale of bonds will speedily revive confidence and activity.