The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-01

New York, Dec. 31.-R. G.. Dun &
Co., in their weekly review of trade
Saturday, January 2, will say: There
/ have been more commercial failures in
1896 than in any previous year except
| 1898, about 1880 against 13 1877 last
year, an increase in number of about
! y per cent, and in liabilities of 20
per cent. The year closes with an epi-
demic of failures; mainly at the west,
and in banks, loan and trust COM
panies, or concerns dependent on them.
The action of clearing houses in var
| ious places indicates no want of con-
fdence, and several banks which have
failed will be enabled to pay in full,
| but disclosures of unsoundness in a
few widely known institutions in the
abnormal state of popular feeling after
an excited contest on monetary issues,
has caused distrust and suspicion,
where it is frequently undeserYed.
There has been no monetary pressure
to cause trouble, nor have important
western products declined on the
value. There have evidently been too
! liberal assistance given by some fidu-
ciary concerns to speculative opera
tions. 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 settle
mentS approach.
The year 1895 has been one of sin
gular and confusing fluctuations in
prices, of which very full details are
given. Wheat rose to 81 cents Feb
ruary s, fell to 6012 cents June 20, and
rose to 80 cents December 90 Cotton
started at S.31 cents with stories of
soanty supply, fell to 7.62 cents March
3, rose to S37 cents May I; dropped
to 7.05 cents July 10, when a heavy
surplus was pressing, rose to S.S1 cents
September 10 with stories that the new
crop was ruined; fell to $50 cents, but
closed at 7.12 cents. Wool rose to an
average of 14.74 cents for all domestic
grades February l. fell to 12.16 cents
September !, rose TO 1856 cents De-
cember /, and has since declined. Iron
and its products rose 3 per cent to
April l. and then declined every month
to December l, in all about 20 per
cent. since rising slightly. Boots and
shoes fell 13 per cent in the spring,
against leather is and hides 21 per
cent Then shoes rose gradually 20
per cent to December and leather II
per cent, but has since fallen 3 per
cent while hides rose % per cent to
June 8, dropped 30 per cent to July
and have since declined 13 per cent.
Cotton goods were at the highest point
January l, fell II per cent to August 8,
rose about per cent to November 9.
and have since declined about ? per
cent. The incongruity of these changes
show what obstacles business had to
face In none of the industries men
toned has there been activity the past
week Holiday dullness has been in
tensified by the failures and the eff
forts of great combinations to make
new arrangements. With iron, coke,
wool. cotton and hides, all somewhat
lower, there is almost universal con-
fidence that business will soon become
large and safer than for a long time.
The cotton mills have enormous stocks
Of unsold goods in some lines, the
surplus of print cloths being the larg-
est ever known, and about a quarter
of a years consumption. Wool sales
decreased "a per cent in the first four
months, and were smaller than for
five years; decreased SO 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 1S93 but enormous sales,
mainly speculative, made the aggre-
gate during the last four months nearly
equal to that of last year. The vol
ume of business during the year 1886
has varied remarkably. Payments
through the clearing houses 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
were every month smaller than last
year, - per cent in September. and in
that month and October about "A per
cent smaller than in 1892. In NoVem-
ber small improvement over 1895 ap-
peared, and the decrease from 1892 was
but u per cent, but in December pay
ments were 9.S per cent smaller than
last year and 2.S per cent smaller than
in 1893 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
a decrease as great as 12 per cent in
from 1895, and 1872 per cent
in August from 1892.
Wheat has risen TO the highest point
since June, 1892, because western re-
ceipts in five weeks have been but
l3, ,2S0000 bushels against 2,606, 357 last |
year. Atlantic exports, -four included, !
have been in five weeks. 100000 bush |
els and 10.413249 last year The ex-
ports from New York in December !
were per cent larger and imports u !
per cent smaller than last year.
Receivers Appointed.
Chicago, Dec. 31-After much litiga- /
fion in tho ctata and federal courts