The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-01
$50, 100000 OVER LAST
The Greatest Strain Came In
August and September.
AN EPIDEMIC OF FAILURES
Total Business Failures in the United
nm States for 1896 Number 1912, an
Increase of 10 Per Cent.
Over 1895.

say;
There have been more commercial fail
ures in 1896 than in any previous year,
except 1898, about Il, 800, against 1919
last year, with liabilities of about SD
000O00, against S173, 100000 last year.
an increase in number of about Il per
cent. and in liabilities of 20 per cent
The holiday makes it Impossible TO give
exact figures until next week. but the
monthly returns heretofore prepared
show that $36,000,000 of the excess over
last wear was in two months, August and
September. in which manufacturing Ia
bilities were SO. 100000 larger than last
wear. trading $10,100000 and brokers'
and other commercial S10,300,000 larger.
OF the latter class $11,041,416 out of
about S1S.600.0O0 We're in those two
months: Of the manufacturing class
S24910,3 1916 out OF about sos, 100000 in
the whole year were in those two months,
and Of the trading class $21, 1871 $50, out
Of about sos, 100000 in the whole year
The ratio of defaulted liabilities to clear
ing house exchanges was $4.37 per ST.
900, against 1925 last year, and $685.
in 1898. The average of defauted liza
bilities per firm In business was s190.57,
against S145.00 last year, and $290.65 in
1898. The exact statement by States
and bS branches of business will be given
next week. For the first time detailed
monthly statements are also published
for the last quarter of the panic year
1898, showing liabilities amounting to
$64, 100000.
The year closes with 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 ndd-
Gates no want of confidence and several
banks which have failed win be enabled
to pay in full, but disclosure Of unsound-
ness in a few widely known institutions
i'm the abnormal state of popular feeling
after an exciting contest on monetary is
sue has caused distrust and suspicion
where IT is frequently undeserved. There
has been no monetary pressure to cause
trouble nor have important western pro-
ducts declined in value. There has EVIL
IDENTIFY been too liberal assistance given
by some fduciary concerns to specula-
tive 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 settle
ments approach.
Holiday dizziness has been intensified
by the failures and the efforts of great
combinations to make new arrangements
with iron, coke, WOOL cotton and hides,
all somewhat lower, there is almost uni
versal confidence that business will soon
become large and safer than before for
a long time, and several large establish
merits among them, the Yonkers carpet
works, which employ 1000 hands when
fun and the Maryland Steel Company,
will now start operation. Cotton mills
have enormous stocks of unS0ld goods in
some lines, the surplus of print cloths
being the largest ever known and about
a quarter Of 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 1873; but enormous sales, mainly
speculative made the aggregate during
the last four months nearly equal to that
of last year.
since June 1892, because western receipts
uYE WEEKS uttNE Dteu UuL IJy%oJsO0O
bushels against 22,606,367 last year.
Atlantic exports, -four included have
been in FIVE weeks 100000 bushels a
gainst 10,413, 249 last year. The exports
from New York in December were five
per cent larger and imports IL per cent
smaller than last year.
BRADSTREET0S REVIEW.
New York, Dee. 31.-Bradstreet's on
Saturday will say:
General trade has been rather quiet
and this week proves one of the dullest
OF the dull season which has followed the
fortnight of revived demand early in
November. The uneasiness last week
caused by northwestern bank failures is
continued by similar embarrassments at
Chicago and Minneapolis. These bank
failures seem to be the outcome of con-
ditions originating in the banks and not
due to the situation ofgeneral trade.
Unreasonable weather, the marking of
inventories and the customary absence
Of demand in wholesale Tines have conn
bined to produce more than the usual hol-
iday dullness. More favorable reports
include heavy exports Of flour and gem
eral merchandise from Tacoma to China
ana Japan, the receipts at Chicago of
satisfactory amount of orders for dry
goods for spring delivery and an increas-
ed total volume ,qf business in 1896 "a
mong st. Louis shoe manufacturers and
iobbers of dry goods as compared with
1895.
Exports Of wheat flour included as
wheat from both coasts of the United
States amount to 2,707, 1893 bushels as
compared with 2,111, 900 bushels last
week, 3,457 900 bushels In the week a
year ago, 1,S14,0O0 bushels two years
ago and with 2,O26, 900 bushels in the
corresponding week OF 1893. Exports
Of Indian corn this week amount to D.
656,994 basheIs against 2,468,000 bush
els last week, 1,839,O00 bushels in the
week year ago, 649,0O0 bushels two
years ago, $4,000 bushels three years
ago and as COMPARED WIN "a, 900 bush
els in the like week of 1892.
Total business failures in the United
States in 1896 Tin which liabilities ex-
a9 area4e1 ,,.,nober TX 10 an inoq-aa So