Marietta daily leader. (Marietta, Ohio) 1895-1906, 1896-01-06
DUNN'S REVIEW.
Failures During the Past Veal
Number 1897.
Aggregated Liabilities Over One Hun
dred and Sevanty-Three Millions.
The Cotton Acreage Was Wisely Restricted
Wheat Producers Suffered From Wild
Speculation Earnings of Railroads
show Decided Improvement

New YORK, Jan. Ar. G.. Dun e. Co.
says Saturday in their weekly review
of trade:
The commercial failures during the
complete year, 1895, number 10, 1877,
against 13, Ss5 in 1894 but the aggre-
gate of liabilities is slightly greater,
STA, 1876 900 against Sl72, 2,092, 000 The
bright promise offered 10y a large de.
crease in the first quarter was fol-
lowed by a small increase in the
second and third quarters and a large
increase in the last quarter of the
year In that quarter, also, the de.
ferred liabilities to each firm in bust.
ness, increase, and also the proportion
OF deferred liabilities to payments
through clearing houses The effects
of uureasona BILE speculation in mater
ais created an advance in prices OF
goods, heavy purchases ahead of dis
tribution and enormous increase in
production clearly appear in the re-
turns
Produce markets have been the thea
ter of surprising changes, which have
influenced all business. The acreage
der to give producers better chance
for fair returns, and the crop was
further reduced by injury, but growers
were injured still more by frantic
speculation, which checked exports,
and by false information and
advice. Wheat producers suffered
in like manner from wild speculation
which prevented the exporting of
many million bushels and false reports
which encouraged farmers to keep
back their grain until the cereal had
been taken off the market by speculat.
ors. The inevita BILE consequence mas
been a very low range of prices, the
yield being clearing in excess of all
demands. The great crop OF corn has
materially affected the prices of
meats. The course of industr IS
during 1895 has been materially
affected by speculation in materials.
; Midsummer witnessed u tremendous
rush to buy far exceeding the ord .uary
demand for consumption. Prices rose
beyond all reason, exciting still more
the anxiety TO bug actual needs. The
needs of producers strangely mistook
the extraordinary buying for Il
vast increase in consuming abil.
ity and extend ed plants, opened mills,
increased force, and rushed proiuc-
tion in many lines far beyond
actual consumption. Incvita bly, both
traders and manufacturers were left
toward the close with considerabl
stocks unsold, and claims against GUS
toners who were themselves tied up
by purchase beyond their distributing
power. Hence the general shrinkage
, in prices for the past three months,
and though in scarcely any depart
meut did prices rise higher than in
former years, they were found out of
relation to existing demand.
| Railroad earnings show decided i'm
provement over last year, sc per cent.
for the year. and 60 per cent for De-
cember, though 46 per cent. smaller
than in 1892.
/ The rapid outflow of gold, with high
rates of interest. caused anxiety. which
was checked by the decision to
issue clearing house certificates
at New York, Boston and
Philadelphia and by prompt attention
to financial questions in congress, but
at the close another issue of bonds is
expected. Offers already exceed the
amount OF the issue proposed The re.
cent decrease in imports of merchan-
disc and some increase in exports
warrant hope that trade balances
may be more favorable here
after, but much depends upon the
course OF securities which foreign hold
| ers are selling to some extent in order
to share in the expected profits on
/ bonds. Rarely has there been situa-
ton 50 complicated and the near fu-
! ture is difficult to forecast. but it is
the widely prevalent impression that a
large sale Of bonds will speedily revive
confidence and activity.