The San Francisco call., 1897-01-01
Receipts at Kansas CITY.
DUN,s REVIEW OF TRA2E.

NEW YORK N " Dec 31.-R G. Dun q Co.
in their weekly review of trade Saturday, Janu-
ary 2, will say: There have been more CONNER
ciaI failures in 1896 than in any previous year
except 1898 about IA $50 against 1877 last year,
an increase in number of about u per cent and in
liabilities of 29 per cent.
The year closes with an epidemic Of failures,
mainly at the West and in banks, loan and trust
companies, concerns 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 disclosures Of unsouDdness in a few widely
known Institutions in the abnormal state OF popu-
lar !eeiing after an extended contest on monetary
issues has caused dlstrust and suspicion where 1t
is frequently undeSerVed.
There has been no monetary pressure to cause
trouble, have importations OF products de-
clined in value. There has evidently been 100
liberal assistance given by some fduciary con-
Germs to speculative operations. No drain on
Eastern funds has resulted since the first alarm
at the large failures. Failures often grow more
frequent annual settlements approach.
The year 1896 has been one of singular and con-
fusing fluctuations in process, Of which very tull
details are given. Wheat rose to Sic February 3,
fell to 6O1sc June %. and to 92c December 8.
Cotton started at S3lc with stories OF scanty sup
9roIpped e to lose July Is when heavy surplus
was pressing; rose to S.S7c September 10; with
stories that the new crop was ruined fell to z, but
closed at 1912.
Wool rose at an average of sI4 70 for all domes-
tic grades February 1. fell to Sl2 16 september l,
rose to $13 66 December /, and has since de-
cined. Iron snd Its products rose per cent to
A pril l and then declined every month to Decem-
her l. in all about 20 per cent since rising slightly
Boots and shoes fell IL per cent in the spiins
against leather lS and hides 21 per cent. Then
shoes rose gradually 20 per cent 10 December and
leather II per but has since fallen per cent,
while hides % per cent to July g. dropped q
per cent TO July 8. rose so per cent to Novem-
Der A. and have since declined 3 per cent.
cotton goods we're at he highest point Janua ~
l. fell II per cent TO August 8. rose per cent TO
November and have since declined about z per
CEN.
The incongruty of these changes shows what OBJ
sracles business has had 10 face. In none OF the
industries mentioned has there been activity the
past week. Holiday dullness has been intensified
by the failures ana The Efforts of great comoina-
tions 10 make new arrangements. With iron, coke,
wool, and hides al somewhat lower, there
is almost universal confidence that business will
soon become large and safer than for a long time.
The cottou-mills have enormous stocks of unsoid
goods in sce lines, the surp us OF prn5 cloths be-
ing the largess ever known and about quarter OF
a years consumption.
Wool sales dropped "a per cent in the first four
month and were smaller than ior five years: de-
creased 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 S73, but enormous es, mainly specu-
latfve made the trade during the last four months
equal 10 that o. last yesr. The volume OF busi-
ness during 1896 has varied remar lably Pay
ments through the clearing-bouses we're slightly
lower 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, pay
ments were every month smaller than last year,
l5 percent in september aud IN that month and
october about "a per cent smal er than in 1892.
In november a small fmprovem ent over le9b
appeared aud The decrease from 1892 was but q
per cent, but in December payments were 9S per
cent smaller than last year. and 2.0S per cent
smaller than 1896
Railroad earnings slightly larger than asst
wear in each OF the first seven months md smaller
each month than in 1892 In August and the lat
ter months there has been a decrease as great as
l2 pei. cent in November from 1895 and So per
cent in August from 1892.
Wheat has risefto he highest point since June,
1892, because Westerh receipts in five weeks have
been but go 900 bushels against % sos 357 last
Aearo atlantic exports -four included, have be
in fiue weeks 9,900,00O bushels and 1O.4l3249
last year The exports from N ew y ork In Decem-
Der were per cent larger and imports II per cent
smaller than last year..