The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1897-01-07
: BUSINESS REVIEW. /.
More Failures In 1895 Than Any Year
-s - Except 1898.

liners HaV0 Deen more commercial II IL
ures In 1885 than In any previous year except
1898, about 1880, against 1887 last year,
with liabilities of about $225, COO, 100. against
b17s. $3.50 last year, an increase in num-
Der Of about II per cent. and ia liabilities of
% per cent. "
The year closes with an epidemic Of
failures. mainly at the west, and in banks,
loan and trust companies, or concerns de-
pendent on them. The action Of clearing
houses In various places indicates no want
or confidence, and several banks which
have failed will be enabled to pay in full.
but disclosures Of unsoundness in a few
w1dely-known institutions, in the abnormal
state OF popular feeling after an excited
contest on monetary issues. has caused dis
trust and suspicion where 1t is frequently
undeserved. There has been no monetary
pressure to cause trouble, nor have i'm
portant western products declined in value.
There has evidently been too liberal as
s'stance given by some fduciary 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 settlements
approach.
1.-THE year 1896 has been one of singular
and confusing fluctuations in prices, of
which very full details are given. Whcat
rose to 81 cents February 8, fell to COZ June
q. and rose to 80 cents December q. Cot
ton started at 1871, with stories Of scantv
supply. fell to N.62 March s. rose to $S.37 May
z. dropped to sos July Is. when a heavy
surplus was pressing, rose to $S.S7 Septem-
Der 10, with stories that the new crop was
ruined. fell to sos, but closed at $712. Wool
rose to an average Of $14.74 for all domestic
grades. February l, fell to $1216 September
!, rose to 1885 December /. and has since
declined. Iron and its products rose per
cent. to April l and then declined every
month to December 1, in all about 20 per
cent, since rising slightly. Boots and
shoes fell 13 per cent. tn the spring, against
leather Is and hides q per cent. Then
shoes rose gradually 20 per cent. to De-
cember and leather II per cent. but has
since fallen per cent. while hides rose Is
July 8, rose to so per cent. to November 4
and have since declined Is per cent. Cot
ton goods were at the highest point jan
uary l. fell II per cent. to August 6, rose
about per cent. to November 9, and have
since declined about per cent. The in
congruity of these changes shows what
obstacles business has had to face.
I'm none Of the industries mentioned has
there been activity the past week. Holi-
day dullness has been intensified by the
failures and the efforts Of great combina-
tons to make new arrangements. With
iron. coke, wool. cotton and hides all some.
what lower, there is almost universal con-
hdence that business will soon become
large and safer than before for a long time
Cotton mills have enormous stocks of un-
sold goods in some lines, the surplus OF
print cloths being the largest ever known
and about quarter Of a years consump-
ton. Wool sales decreased "a per cent. in
the first four months, and were smaller
than for five years; decreased Sc per cent.
In the second four months when new wool
was coming forward, and were much the
smallest ever known. except in the panic
OF 1873; but enormous sales, mainly spec,lla-
tive, made the aggregate during the last
four months nearly equal to that Of last
year.
1.-The volume Of business during the wear
1896 has varied remarkably. Payments
through the clearing houses were slightly
larger in each Of the first four months thar
in 1895, but 20 per cent. smaller than in 1892.
In the six months. May and October inclu-
sfve, payments were every month smaller
than last year, Is per cent. in September,
and in that month and October about ri
per cent smaller than in 1892. In Novem-
'er small Improvement over 1895 appeared,
and the decrease from 1892 was but u Der
cent, but In December payments were 9.S
per cent. smaller than last year, and POS
per cent. smaller than in 1S93 Railroad
earnings were slightly larger than last year
in each Of the first seven months, and
smaller each month than In 1892. In August
and the later months there has been de-
crease as great as IL per cent. in November
1892.
wheat has risen to the highest point
since June, 1892, because western receipts
In five weeks have been but 13, 28c. 900 BUSH
els, against 22,606,3 57 last year. The ex-
ports from New York in December were
five per cent. larger and imports u per
cent. smaller than Last year."