The record-union., 1899-12-30
and provisions, chemicals and miscel-

the country's clearing houses, making
comparison with previous years. of "a
per cent. over 1897 and of 81 per cent.
over 1892, while as compared with 1894
the volume Of clearings has practically
doubled. Active stock speculation and
immense industrial floatings, but, above
naturally swelled the volume of clear
ings in the Middle States, but the gains
in the New England group, including
Boston, where copper share speculation
was extensive, and where are the great
manufacture centers, were also consid-
cradle. The largest monthly clearings
up to December were reported in March,
while outside of the metropolis the
highest total was shown as late as Oc-
tober. The furry in money late in De-
cember swelled the weekly bank clear
ings to an unprecedented sum, making
possible exceptionally heavy December
aggregate. Decreases from 1898 at In
dividual cities were few, and due main
ly to changes in methods unconnected
with the generally large business done.
AS compared with 1894, every city in
the country naturally reports larger
clearing, but it is worth noting that
thirteen cities in all show decreases
from the year 1892, which still remains
at those cities a year of unequaled
trade. The railroads of the country
have done the heaviest business in their
history, proved by the gains in gross
and net receipts over all previous rec
ords.
That the transportation interests are
determined to share still further in the
unexampled volume of tonnage offer
ing is proved by the general advance
in rates scheduled for January /, 100.
Railroad building, though mostly
branches and feeders, was the heaviest
reported since 1890, was double the
average of the preceding four years
and so per cent. larger than in 1898.
The record of endorsements has
been of a steadily diminishing scale as
regards number. and even in liabilities
the years record is an exceptional one,
and were it not for few large failures
in the last two months of the year
that period as whole would have been
fairly entitled to the appellation OF
phenomenal.
The total number of failures, based
upon complete returns for eleven
months and partial returns for Decem-
Der, will be in the neighborhood OF
$3.50, total smaller than in the pre-.
ceding year by IL per cent, and 40 per
cent. less than in 1893, the year of the
panic AS compared with 1892, there
is even shown a decrease of 6 per cent,
and the number of failing traders, firms
;e. 70 OF hn orb
since 1882 AS regards liabilities, while
the showing is not SO good as expected,
there is a reasonable hope of the aggre-
gate not being much in excess of Sl2U,-
100000, which would be 10 per cent.
less than in $685. and 20 per cent.
smaller than in the panic year, 1893,
and only II per cent. more than in
1892, a year of exceptionally good trade.
The return of normal conditions is
indicated by the percentage of assets,
which may aggregate $62,0O00 600, being
only SIG, as against 81 per cent. last
year; 65 per cent. in 1893, and so per
cent in 1892. The percentage of those
falling in business too, will show a
marked sl1rinkage, and will be among
the lowest ever reported.
~-~-S
made itself felt at last in all parts of
the country is indicated by the South
ern and Pacific States groups, showing
the largest decrease in failures from a
year ago, fully one-third in each case
The business community looks forward
to 1900 with at least equally mixed
feelings of hope and confidence.
NEW YORK, Dec. 20. = R. G.. Dun &
Co.'S weekly Review of Trade will
say tomorrow:
No correct report of failures in 1899
can be made until the year has closed.
A collapse of speculation in copper
stocks has swelled the aggregate at
Boston alone over Sc 100000 within a
few days, and might yet add to the
record. The failures reported are fewer
in number than in any year since 1888.
and smaller in amount of commercial
liabilities than any year since 1881. The
aggregate of defaulted liabilities is
S120, 100, 600, but nearly two-thirds of
the banking liabilities were added with
in few days, the aggregate reaching
about $30,90O,000. The commercial La
bilities have been about 500, 26O, 900.
though exact returns for a few recent
failures are not yet obtainable. No
other years except in 1881, with de-
faulted liabilities of $S1, 1882, and
1880, with 500, 752, 900, have failures
been as small since the agency conf
menced quarterly returns in 1875.
The week has been exciting only at
Boston, where the failures growing out
of speculation and the efforts to re-
establish banks and firms suspended,
have not given the week holiday
character. Yet general business is
safe and prosperous, and no
important firms have failed, save some
which were individually connected with
concerns involved in speculation
The speculative troubles come be-
cause the volume of legitimate business
and the unprecedented distribution of
profits, interest and dividends, made 1t
no longer possible to carry some stocks
on borrowed money. Prosperity itself
placed a check on speculative features.
Wheat and cotton speculation has
taken holiday, prices scarcely vary
ing. and the movement of both is sur
small. Atlantic exports of
wheat (1our included) have in four
weeks been only S,27S,61S bushels,
against 1874, 5S7 last year, and Pa
cific exports 3,314271, against 1885,
sos last year. The corn exports con-
tinued about as large as last year, but
cotton exports this month have been
less than half last years, with some
decrease on takings of spinners Ac-
cumulated stocks in mills and markets
both here and abroad are so large that
there is no haste to pay the prices
asked.