River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1897-01-07
BUSINESS REVIEW.
More Failures In 1896 Than ANY Year
Except 1898.
New York, Jan. i.--R @. Dun I Co.
In their weekly review of trade say:


New York, Jan. l.--R @. Dun Z Co.
in their weekly review of trade say:
There have been more commercial fsii-
ures In 1856 than H. any previous year except
1884, about 1880. against 10. l97 last year,
with liabilities of about So. c0o.0oo. against
ii7s. ls6.oao last year. an increase IN num-
Der of about ~ per cent and in liabilities or
20 per cent
'The year closes with an epidemic of
failures, mainly at the west. and In banks.
loan and trust companies. or concerns DC
pendent on them. The action or clearing
houses in various places Indicates no want
OF confidence. and several banks which
have failed VIII be enabled to pay IN fllh.
but disclosures OF unsoundness IN Few
widely-known Institutions. IN the abnormal
state Of popular feeling after an excited
contest on monetary issues as caused dis
trust and Suspicion where &c is frequently
undeserved- There has been 70 monetary
pressure to cause trouble, nor have I'M
portant western products declined In value.
There has evidently been too liberal as
sistance 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 settlements
approach.
THE year 1895 has been one Of singular
and confusing fluctuations in prices. of
which very fun details are given. Wheat
49, and rose to 20 cents December q. Cot
ton started at 1871. with stories OF scanty
supply, fell TO s762 March 5, rose 10 IS 81 May
Z. dropped to S05 July Is. when heavy
surplus was pressing. rose TO 81 Septeal-
Der 10. with stories that the new crop vas
ruined, fell to s7.06. but closed at S7.i2 Wool
rose to an average of sl4H for al domestic
grades February !. fell TO sl2 Is September
!. rose TO sl3.G6 December 1 and has since
declined. Iron and its products rose per
10 aaA eI
month to December l, In all about 20 per
cent, since rising slightly. Boots and
shoes fell 10 per cent. IN the spring, against
leather Is and hides q TER cent Then
shoes rose gradually 20 per cent. 70 De-
cember and leather " per cent, but has
since fallen per cent. while hides rose %
per cent to June g. dropped % per cent. to
July ), rose to 80 per cent-to November
and have since declined 10 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 .. and have
since declined about 2 per cent. The in
congruity of these changes shows what
obstacles business has had 10 face
I'm none of the Industries mentioned has
there been activity the past week. Holt
day dullness has been intensified by the
failures and the efforts OF great combina-
tions TO make new arrangements. With
iron, coke. WOOL cotton and hides all some
what lower. there Is almost universal con-
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 a quarter of a years consump-
ton Wool sales decreased q per cent In
the first four months. and were smaller
than for five years; decreased 56 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 specula-
tive. made the aggregate during the last
four months nearly equal TO that of last
year.
THE volume of business during the year
1896 has varied remarkably. Payments
through the clearing houses were slightly
larger In each of the first four months than
I'm 1895. but 20 per cent. smaller than in 1892.
In the six months. May and October inelu-
sive, payments were every month smaller
than last year. Is per cent. n September,
and I'm that month and October about "a
per cent. smaller than in 1892. In Noyem-
er a small Improvement over 1895 appeared.
and the decrease from 1892 was but u per
cent, but In December payments were 9.S
per cent smaller than last year. and eos
per cent. smaller than In 1898. Railroad
earnings were slightly larger than last year
in each of the first seven months. aid
smaller each month than in 1892. In August
eud the later months there has been a de-
crease as grea, as IL per cent. in November
from 1895 and 1872 per cent In August from
1892.
Wheat has risen TO the highest point
since June. 1892. because western receipts
in five weeks have been but 10, ESQ. 600 BUSH
els. against q. 6e6,357 last year. The ex-
ports from New York in December were
five per cent. larger and imports ~ per
cent. smaller than last year.