The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-01-04
DUN's REVIEW OF TRADE.

NEW YORK, N. Y. Jan. 3.-R. g. Dun & Co.
Will say tomorrow in their weekly review OF trade:
The CONNIE rcial failures during the complete year
1895 number 1897 against 1883 in 1894, but
the aggregate OF liabilities is slightly greater,
$173 $4,000 against $172,992, 900. The bright
promise offered by a large decrease in the first
quarter followed by a small increase in the
second and third quarters, and large increase in
the last quarter of the year In that quarter also
the deferred liability to each firm in business in
creased and also the proportion OF deferred abili-
ties payments through clearinghouse. The eff
fects of unreasonable speculation in materials
creating advance in prices OF goods heavy pur-
chases ahead of distribution, ana enormous in
in production clearly appear in the returns
Produce markets have been me theater of sur
prsing changes which have influenced all business.
The acreage in cotton was wisely restricted in or
der TO give producers q better cnance for fair
turns, ana the crop was further reduced TO some
extent by injury. but growers were injured still
by frantic speculation which checked exports,
and by 1alSe information ana advice " neat Pre-
ducers suffered in like manner from wild specula-
! ton. which prevented the exporting OF many mil
| non bushels, ana falSe reports WulCh encouraged
farmers TO keep back their grain until the cereal
| had been taken of the market by spectators.
| The inevitable consequence has been very low
range OF prices the Yield being clearly in excess of
| all demands The great crop OF corn has materi-
! ally affected the prices OF meats The coul OF
industries during 1895 has been materially affected
| by S equation in materials. Midsummer wit
| messed a tremendous advance, with rush 10 buy
| far exceeding the ordinary demand for consump-
ton. Prices beyond all reason, exciting still
| more the anxiety TO buy beyond actual needs.
Thousands Of producers strangely mis-. ook the
extraordinary buying for a vast increase in CON
| suming ablitv and extended plants. opened mills
! increased force and rushed production in many
! lines far beyond actual consumption. Inevitably
| both traders and manufacturers were left toward
the close with considerable stock unSold and claims
| against customers who were themselves tied up
! by purchases beyond their distributing power.
Hence the general shrnkage in prices for the past
three months, and though in scarcely any depart
ment did prices rise higher than in former years
they were found out OF relation to existing de-
mand.
Railroad earnings show decided Improvement
last year, 90 per for the year and go per
cent Tor December, though 40 per cent smaller
than in 1892.
The rapid outflow OF gold with high rates of in
terest caused anxiety, which checked by a
decision to issue clearinghouse certificates at New
y ork, Boston and Philadelphia, and by prompt
tention financial questions in Congress: but
the another issue OF bonds is expected Offers
already exceed the amount OF the issue proposed
The recent decrease in imports OF merchandise
and some Increase in exports warrant hope that
trade balances may be mole favorable hereafter,
but much depends upon the course of securities
which foreign holders selling TO some extent
in order share the expected profits
bonds. Rarely has thera been situation com
plicated and the future is difficult TO forecast,
but il is the widely prevalent impression that a
large sale of bonds VIII speedily revive confidence
and aCIiVitN.