Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1897-01-07
CLOSE OF THE YEAR MARKED BY
FINANCIAL CRASHES.
ALMOST AS BAD AS 1899
Too Liberal Assistance by Some
Fiduciary Concerns 10 Speculative
Operations-C that Busl-
ness VIII Soon Become Safer and
Larger-Trade Reviews.

New York, Jan. l.-R. q. Dun $
weekly report says There have been
more commercial failures i'll 1896 tAdn
IN any previous year except 1856
about IA ,oJU, against 1870 last year.
me liabilities were about $22o, O0U,UOO,
against $l73, 900 last year, an IN
crease in number OF about IL per cent
and in liabilities 20 per cent. The holl-
days make 1t impossible 10 give the
eXacL ngureS unCll next week, Dul,
monthly returns heretofore prepared
snow S36, 900 900 excess over last year
in two months, August and September,
in which the manufacturing Liabilities
were SIG, 600, 900 larger than Last year.
The ratio of defaulted liabilities to the
clearing house exchanges was $40
per ST. 900 against 50 rs Last year ana
Sc. 3y in 1893. The average detaulleu
liabilities per firm in business was
$l90.57 against $l45 last year ana
$500 .G5 in 1893. For the first time
the detailed monthly statesments are
also published for the Last quarter OF
the panic year, 1893. The commercial
liabilities amount to $l64 100000. Inc
year closes with an epidemic OF iali-
ures, mainly in the west and IN banks,
loan and trust companies or concerns
dependent on them. The action OF the
clearing houses in various places lndl-
Gates no want of confidence. An ap-
normal state of popular feeling,
after the exciting contest ON the
monetary issue, has caused dlstruSL
and suspicion where it is frequently
undo served. There has been no mon"
etary pressure to cause the trouble
nor have important western products
declined in value There has evil
IDENTIFY been too llyerNl assistance
given by some tiduciary concerns to
speculative operations. No drain ON
eastern funds has resulted since the
first alarms at the two large failures,
and the money then sent has all been
returned. Failures often grow more
frequent as annual settlements APP
proach. The holiday dizziness was
intensified by the failures and the Ell
lOIlb vi bItttI 'ohlbllltIloho w ih'hS
new arrangements With iron, coke,
wool, cotton and hides all somewhat
lower there is almost universal conll-
dence that business will soon become
! larger and safer than for a long
! time, and several large establishments
| among them the Yonkers carpet
works, which employs 1000 hands, and
tho Maryland Steel company, will
start operations. The cotton mills
have enormous stocks Of unsoId goods
in some lines, the surplus Of print
cloths being the largest ever known.
! Wheat has risen to the highest point
since january, 1892, because the
western receipts III five weeks have
been but Is, $780, zoe bushels, against
22,606, 361 last year. Atlantic OK
ports. -four included, have been, in five
weeks, 9,9O0,0 600 bushels, against 49,
ll3,34S last year. Exports from New
FORK In December were 5 per cent.
larger, and imports II per cent.
smaller than last year.
Bradstreets report says tho gen.
eral trade has been rather more quiet
and this week proves one Of the dull
est of the duh season. The uneasiness
last week caused by northwestern
| bank failures is continued by similar
emharrusSmcnts at Chicago aid Min
ncapols.