The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-30
FAILURES FOR THE
YEAR ARE FEW
And Liabilities are Smaller Than in
Any Year Since 1881.
DEMAND FOR IRON AND STEEL.
Prices Have Not Changed During the
Past Week Although Demand for
Some Products Improved a Lit
tie - Corn Exports Large.
DEMAND FOR IRON AND STEEL.

NEW YORK, Dec. PR. G.. Dunn and
Companys Weekly Review OF Trade will
say in to-morrow's issue:
No correct report Of failures in 1899 can
be made until the year has closed. \ coll
lapse OF speculation in copper stocks has
swelled the aggregate at Boston alone
over $l8.0o00O0 within few days, and
might yet add to the record. The failures
thus far reported are fewer in number
than in any year since lss3, and smaller
ia amount OF commercial liabilities than
ia any year since 1851. The aggregate or
delaulted liabilites Is SllO,0J001O. but
nearly two third OF the banking liabilities
were AIDED within a few days. the aggre-
gate reaching about S50s00000. The COM
merical liabilities have been about $3.50
90, though exact reaurns for few re-
cent failuIes are not yet obtainable. No
other years except 1851 with liabilities Of
$sl, l5J. 932. and 1850. with SIS, $4,000 have
failures been as small since the agency
commenced quarterly returns in 1919.
The average OF Liabilities per failure is
less than $500, the smallest in any year
OF the -. a gratifying evidence that COM
than usual from the points OF danger.
The week has been exciting only at
Boston where the failures growing out OF
speculation and the efforts 10 re-establlsh
banks and firms suspended have not given
the week holiday character. Yet gem
eral business is thoroughly sale and pros
porous, and 10 important firms have tailed
save some which were individually con-
necIed with the houses involved IA spec
ulation.
CHECKED SPECULATION.
The speculative troubles and the un-
precedented distribution Of profits, inter-
est and dividends, make IL no longer pos
slble to carry some stocks on borrowed
money. Prosperity itself placed check
on speculative ventures.
Wheat and cotton speculation has taken
a holiday, prices scarcely varying and the
movement Of both is surprisingly small
Atlantic exports Of wheat, -four included
as wheat. have I'm four weeks been only
S..7s6lS bushels against 19,Sii,5S7 last year
and Pacific exports 3,Sl4-ll against $780,
sos
The corn exports continue about as
large as last year. but cotton exports this
month have been less than half last years
with some decrease III taking OF spnners.
Accumulated stocks in mills and mark
els, both here and broad are so large
that there is no haste to pay the prices
asked.
The Industries are closing the most oX-
traordinary year OF their history. Long
established branches have undergone a
veritabe reeonstruction. vastly increas-
ing their character, while new indus
tries, which scarcely existed year on
two ago, have enlisted vast capital,
altered modes OF business and OF pro-
duction In almost every direction and
improved conditions for the future al
most beyond calculation.
Electrical developments IN Hight, heat
and power, In making cataracts work.
performed wonders in production OF ma
terials and providing transportation all
over the lard, deserve especial atten-
ton.
IRON AND STEEL.
For such reconstruction the increase
In demand for iron and steel products Is
the great feature OF the year, with as
733 tons unsold and 2is.5ls produced week
~ January LIST. liindered BY severe
weather that the output March list drop
ped 5000 tons. but expanding in every
month afterwards. the industry is now