Iron County register., 1896-01-09
oun.s COMMERCIAL REVIEW,

i UON.S GUM W Etf6tAke ueWsHvs
Number and Extent OF Failures for TIN
Year just Closed, ~ Compared Will
/ Those OF 1804-FrAntic Speculation
the Produce Markets, Which Checket
/ Exports, Resulted In . Low Range .
Prices-More Favorable Outlook.
New York, Jan. 4.-R. G. Dun s. Co
say in their weekly review OF trade, Is
sued to-day:
The commercial failures during tba
tsomplete year 1895 number 13, 49,
against 1885 in 1894; but the aggre
| gate of liabilities is slightly greater
SI73. 196, 900, against Sta, 99o 600. Th'
bright promise offered by large ds
crease in the first quarter was fos
lowed by small increase in the sec
o-nd and third quarters and large In
crease in the last quarter OF the year
In that quarter, also, the deferred liza
/ b,lisies of each firm il business
| increased, and also the proper.
lion of deferred liabilities to pay.
ments through the clearing ghouses.
The effects of unreasonable spec.
nIat1on in materials creating an
advance in prices of goods, heavy pur-
cbases ahead of distribution and enor-
NOUS increase in production clearly
appear in the returns.
Produce markets have been the thea.
ter of surprising changes which have
influenced all business. The acreage
in cotton was wisely restricted in or
der to give producers better chance
for fair returns, and the crop was fu:-
ther reduced to some extent by injury,
but growers were injured still mc>e
by frantic speculation, which checked
exports, and by false information aud
advice.
Wheat producers suffered in like
manner from wild speculation which
prevented the exporting of many mill
lion bushels and false reports which
encouraged farmers to keep back their
grain until the cereal had been taken
off 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 hal. materially
affected the price of meats.
The course of industries during 1895
has been materially affected by specu-
lation in materials. Midsummer wit
messed tremendous advance with
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 mistook the extraordinary
buying for vast increase in con-
suming ability and extended plants,
opened mills, increased forces, and
rushed production in many lines
far beyond actual consumption.
Inevitably both traders and manufac-
turers We're left, toward the close, with
considera BILE stocks unsold and claims
against customers who were themselves
tied up by purchases beyond their dis
tributing power. Hence the general
shrinlSage in prices for the past three
months, and though jim scarcely any
did prices rise higher than
in former years, they were found out
of relation to existing demand.
Railroad earnings show decided
improvement over last year, SO per
cent. for the year and go per cent. for
December, though 4.6 per cent. smaller
than in 1892.
rates of interest, caused anxiety,
which was checked by the decision to
issue clearinghouse 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. Of
fers already exceed the amount of the
issue proposed.
The recent decrease in imports of
and some increase in ex-
ports warrant hope that trade balances
may be more favorable heres fter, but
much depends upon the course of Sc
curities which foreign holders are
selling to some extent in order to
share in the expected profits ON bonds
Rarely has there been situation sc
and the near future is
difficult to forecast, but it is the widely
prevalent impression that large sale
of bonds will speedily revive conf
dence and activity.