The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-01
General Business During
Year Just Closed.
An Increase of II Per Cent.
in Number of Failures.
Epidemic of Bank Failures Abn0r-
mal-Popular Distrust.

New York, Jan. 1.-R. q. Dun & CO.,
In their weekly review Of trade. say:
There have been more commercial fall
ures in 1896 than in any previous year
xcept 1893. about 1880, against l3.197
last year, with liabilities OF about s225,-
10000 against siT3, 1876 06O last year; an
increase I'm number OF about II per cent
and In liabilities Of 20 per cent The holi-
day makes ii impossible To give exact
figures until next week but the monthly
returns show that $685. 900, COO Of the ex-
cess over last year was In two months,
August and September, In which manu-
featuring liabilities were SIS 800, 900
larger than last year, trading $40 100. 900.
and brokers and other commercial sl0,-
10000 larger. OF the latter class $l0-
04i.416 out of about s1S,GO0,0O0 were in
those two months; of the manufacturing
class S24, $40 1856 out OF about sos $50, 900
In the whole year were in those two
months. and of the trading class s21. .s3l,-
$50 out OF about SOS, 500, 900 in the whole
year.
The year closes win an epidemic OF
failures, mainly at the west and In
banks loan and trust companies, or con-
Germs dependent on them. The action of
clearing houses in various places indi-
Gates no want OF confidence, and several
banks which have failed will be enabled
to pay in full, but disclosure OF unsound-
ness in a few widely known institutions.
In the abnormal state of popular feeling
after an exciting contest on monetary
issues. has caused distrust and suspicion
where II 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 fiducfary concerns TO
specU~tive operations. No drain on
eastern funds las resulted since the first
alarm at two large failures. and the
money then sent has all returned. Fall
ures often grow more frequent as annual
settlements approach.
In none of the industries has there been
activity the past week. Holiday dull
ness has been intensified by the failures
and the efforts of great combinations to
make new arrangements. With iron.
coke. cotton and hides all somewhat
lower, there is almost universal conf
dence that business Will soon become
large and safer than before for long
time. and several large Establishments,
which employ 1000 hands when full, and
the Maryland Steel company viii now
start operations. Cotton mills have
enormous stocks of unsold goods i'm some
lines, the surplus of print cloths being
the largest ever known, and about
quarter OF a years consumption. Ship
ments OF boots and shoes by months for
five years show a degree of steadiness
which scarcely any other industry has
attained, though In December and the
year the movement was smaller than last
year. Wool sales decreased "a per cent
In the first four months, and were small
or than for FIVE years; decreased SO per
cent I'm the second four months, when
new wool was coming forward, and were
r'uch the smallest ever known, except IN
the panic OF 1S73 but enormous sales,
mainly speculative. made the aggregate
during the last four mon shs nearly equal
to that of last year.
Wheat has risen 10 the highest point
since June, 1892, because western re-
cCipts I'm five weeks have been but 49, $780,
600 bushels, against 22,606,267 last year.
Atlantic exports. -four included, have
been In five weeks 100000 bushels,
against 10,fl3249 last year. The exports
from New York in December were per
cent larger. and imports II per cent
smaller than last year.
y review of the annual railroad tom
mage shows a larger movement than
last year. except at Indianapolis. East
bound from Chicago this years tonnage
IL below 1892. In comparison with last
year the gain was largely In the first half
OF the year In the last quarter there
has been n decrease at each center ex-
cept st. Louis.