The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-01-01
BUSINESS CHANGES
OF THE YEAR 1896
A Period of Great Punctuation in Trade
Interests.
CAUSE OF FAILURES IN THE WEST
No Monetary Pressure to Cause
Trouble - Financial Disturbance
Caused by Too Liberal Assistance
Given to Speculative Operations.
Increase in the Price of Wheat.
Railroad Earnings, Etc.

New York, Dec. 31.-R. G, Dun & Co..
day, Jan. 2, will say:
There have been more commercial
failures in 1896 than in any previous
year since 1893, about 1880 against 49,
1871 last year, with liabilities of $780,
600, ,OOO against $4,000 900 last year, an
increase in number of about II per cent.
and in liabilities of 30 per cent.
The year closes with an epidemic of
failures, mainly at the West and in
banks, loan and trust companies, or
concerns dependent on them. The aC-
ton of clearing houses in various
places indicates no want of confidence,
and several banks which have failed
will be enabled to pay in full, but dis"
closures of unsOundnesS in few wide
ly known institutions, in the abnormal
state of popular feeling after an excit-
ed contest on monetary issues, mas
caused distrust and suspicion, where 1t
is frequently undeserved. There has
been no monetary pressure to cause
trouble, nor have important western
products declined in value. There has
evidently been too liberal assistance
given by some fiduciary concerns to
speculative operations. No drain on
eastern funds has resulted since the
FIRST alarm at two large failures, and
the money then sent has all returned
Failures often grow more frequent as
annual statements approach.
The year 1896 has been one of singu-
lar and confusing fluctuations in prices;
wheat rose to 81 cents Feb. s, fell to
6U1a June 20. and rose to 90 cents Dec.
3. Cotton closed the year at 1.l2 cents
Wool rose to an average of 14.I4 cents
for all domestic grades Feb. l, fell to
1916 Sept. /; rose to 1856 Dec. and has
since declined. Iron and it's products
rose per cent, to April l, and then de-
clned every month to Dec. l. in all
about 20 per cent. Boots and shoes fell
IS per cent. in the spring, then rose
gradually 30 per cent. to December
Cotton goods were at the highest point
Jan. l, fell II per cent. to Aug. &, rose
about per cent. to Nov. . and have
since declined 2 per cent. The incon-
gruity of these changes shows what
obstacles business has had to face.
HOLIDAY DULLNESS.
In none of the industries mentioned
has there been activity the past week
Holiday dulness has been intensified
by the failures and the efforts of great
combinations to make new arrange
mentS. With iron, coke, wool, cotton
and hides all lower, there is almost uni
versal confidence that business will
soon become larger and safer than for
a long time.
Cotton mills have enormous stocks of
unsold goods in some lines, the surplus
of print cloths being the largest ever
known and about a quarter of years
consumption. Wool sales decreased "a
per cent in the first four months, and
We're smaller than for five years, de-
creased 56 per cent in the second four
months when new wool was coming for
ward. and We're much the smallest ever
known, except in the panic of 1873 but
enormous sales, mainly speculative
made the aggregate during the last four
months nearly equal to that of last
year. The volume of business during
the year has varied remarkably. Pay
ments through the clearing house were
slightly larger in each of the first four
months than in 1895, but 20 per cent
smaller than in 1892 In the six months,
May and October inclusive payments
We're every month smaller than last
year, 10 per cent in September, and in
that month and October about "a per
cent. smaller than in 1892. In Novem-
ber a small Improvement over 1895 and
the decrease from 1892 was but II per
cent, but in December payments We're
9.6 per cent. smaller than last year, and
20S per cent. smaller than in 1898. Rail
road earnings We're slightly larger than
last year in each of the first seven
months, and smaller each month than
in 1892. Wheat has risen to the highest
point since June, 1892. Western re-
ceipts in five weeks have been but 49,
2500OO bushels, against 22,50000O last
year. The exports from New York in
December We're 5 per cent, larger, and
imports 12 per cent. smaller than last