The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-04
EXCESSIVE PRODUCTION.
MANUFACTURERS OgERSTOChED
WTTH THEIR GOODS.
The Usual Increase In Failures at the In"
OF the fear-1mportantC e-
reals Higher.

will say tomorrow in their Weekly Re
view OF Trade:
The commercial failures during the
complete year 1895 numbered 1877, against
IS. So in 1874 but the aggregate OF lablii-
ties is slightly greater. being Sl'5.l9os',
against N72.9s2 SIS. The bright promise
by large decrease in the first quarter
was followed by a small increase in the
second and third quarter. and larger
increase in the last quarter. In that
quarter the liabilities OF each firm in
creased, and also the proportion OF pre-
ferred payments through large clearing
houses The effects OF unreasonable
speculation in material. rapid advance
OF prices OF goods. heavy purchases ahead
OF distribution, and enormous increase
I'm production clearly appear in the re-
turns.
PRODUCE MARKETS.
Produce markets have been the theatre
OF surprising changes, which have IN
fiuenced all business. The acreage In
cotton was wisely restricted in order 10
give producers a better chance for fair
returns, and the crop was further re-
duced to some extent by injury. but grow
ers were injured still more 10y frantic
speculation. which checked exports, and
BY false information and advance. Wheat
producers suffered in like manner from
Wild speculation. which prevented the eX-
porting of many million bushels, and
false reports which encouraged farmers
10 keep back their grain until the cream
had been taken of the market by specu-
lators. The inevitable consequence has
been a very low range Of prices. the
yield being clearly I'm excess Of al de-
mands. The great crop OF corn has ma
teriaily affected the prices OF meats.
The course OF industries during 1853 has
been materially affected by speculation in
materials Midsummer Witnessed a tre-
mend0us advance. with rush 20 buy
far exceeding the ordinary demand for
consumption. Prices rose beyond all rea-
son, exciting still more the anxiety TO
buy beyond actual needs. Thousands OF
producers strangely mistook the eXtraor-
binary buying for vast increase IN con-
Stunning ability. and extended plants,
opened mills. increased force. and pushed
production In many lines far beyond &C
tual consumption.
OVERSTOCKED.
Inevitably both traders and manufac-
turers were LETT toward the close with
considerable stock unsold ard claims
against customers who were themselves
tied mp by purchases beyond their dis
trihuting power.
Hence the general shrinkage i'm prices
for the past three months. and though
In scarcely any department did prices rise
higher than in former years. they were
found out OF relation to existing de-
mand.
Rapid outnows OF gold. with high
rates Of interest. caused anxiety which
was checked by discussion 10 issue clear
ing-house certificates at New York. Bos-
ton, and Philadelphia. and by prompt at
tention 10 financial questions i'm Congress,
but at the close another issue of bonds is
expected
orders already exceed tho issue pro-
posed.
With the increase in exports Of mer-
chandise. we hope that the trade balance
may be more favorable here. but much
depends upon the course OF securities,
which foreign holders are selling to
some extent, 20 share I'm the profits on
the proposed bonds IL is the widely
prevalent impression that large sale
OF bonds will speedily revive confidence
and activity,
BRADSTREET's
Bradstreets tomorrow will say:
The week which ended 1898 and ushered
i'm 1895 has been very dull in mercantile
circles. as is usual al this period. The
| volume OF business has fallen away
sharply. owing 10 the New-Year's holi-
! day. and then quiet in trade circles, at A
time when stock-taking and preparing
/ samples for commercial travellers are
/ taking the attention Of jobbers and com
mission houses.
4 slackening Of activity I'm some OF
the important manufacturing lines D.
: likewise noticeable. and IL is significant
/ that kilograms from many sections re-
port mercantile collections slow or un-
satisfactory, the exception being at a
/ few points South. lobbers in leading
/ lines al many centres are confident as
/ TO the outlook for trade Ia the near fu-
ture. although I'm instances fears are
/ expressed Of an unfavorable effect. due
20 inability to secure near legislation on
/ the financial question.
Advices from ST. Louis are that the
| total business last year was the largest
since 1891. Chicago's jobbng trade last
/ year was 10 per cent. larger than the
year previous Another gratifying report
( is from Chattanooga, that country mer'
/ chants In the region tributary TO that
! CITY are on a hrmer financial basis than
/ I'm previous years.
December bank clearines are the largest
I for any month last year, or since Oc'
I tober. iS94 and furnish s2tisiactof,
! closing chapter Total clearings AT sixty
/ cities for December aggregate S1,oz5oJ is'
I a gain over December last year OF 49,
DER cent. The prices movement has takef
/ a start upward. and for the first time u
many weeks a large majority OF staples
quoted close higher than one week ago.
CEREALS RISE.
The more important cereals-nour
| wheat. corn. and oats-are all up. az
pork. as sugar. both raw and refined; as
/ petroleum. both crude and refined, cot
/ ton wool. and lastly hides. the latter
! having stinened the leather market.
! Ouotations for lumber and Tor Goa
remain firm. az the levels OF the pre-
codtne week. as domestic goods, notao.l
nrlnt cloths. the Increased price ol
| which has not enjoyed. relatively u'
/ advance shown by cotton. IN additloh %
decline in the price of coffee pig-iroi
AID steel are OF 250g0 cents per ton, VII.
quotations still In the buyers taF's
| ,The prospect does not favor a relief IRON
the existing weakness IN the IRON MAJ
/ ket as production is ahead OF al rec
! oras with an output OF about l'yVV"
IONS per month, and stocks are accumu
lstine. Some furnaces may nave ''
| shut down soon to relieve the pressure
IS is usual at this season, there Is
.ooslderable increase In the number o
| business failures in the United states
the total reported this week heine fo'
| against s1G last week. 5'f IN the week on
1