Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-30
REVIEW OF TRADE.
SUMMARY OF FAILURES DURING
THE YEAR.
(By Telegraph to YircinIan-Pile

IL.
(By Telegraph to -Pflot.)
New York, Dec. 29.-R- G.. Dun g.
Co.'S 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.
s a collapse Ls Of speculation in copper
STOCKS has swelled the aggregate at
Boston alone over $4,000, 900 within a
lew days, and might yet add to the
record, The failures thus far reported
are FEWER In number than in any year
since 1883, and smaller in amount of
commercial liabilities than in any year
since 1881. The aggregate Of defaulted
liabilities is 1920. $50 600, burt nearly two
thirds of the banking liabilities were
AIDED within q few days, the aggre-
| gate reaching about $50, 900,00o The
commercial liabilities have been about
Ss9,26O,0OO, though exact returns for q
rev recent failures are not yet OBJ
.ainapie. No other years. except 1881,
with defaulted liabilities Of ISL ,155 932,
and 1850, with s65.752.OOo, have failures
been so small since the agency COM
menced quarterly returns in 1875. The
average of liabilities, per failure. is
less than $4,000. the smallest in any
year OF the twenty-five, q gratifying
evidence that commercial liabilities are
| point of danger.
The week has been exciting only at
Boston. where failures growing out of
speculation and the efforts to re-
establish banks and firms suspended
have not given the week a holiday
character. Yet general business Is
thoroughly safe and prosperous and
no important firms have failed, save
some which were individually con-
nected with concerns involved in spec-
ulation.
The speculative troubles come be-
cause the value of legitimate business
and the unprecedented distribution of
profits, interest and dividends make. It
no longer possible to carry some stocks
on borrowed money. Prosperity itself
placed check on speculative ventures
Wheat and cotton speculation has
taken holiday, prices scarcely vary
| ing, and the movement of both is sur
prisingly small. Atlantic exports of
wheat. flour included, have in four
| against 1o,S74.5S1 last year, and Pacific
| exports 3,314,2I1. against 3,S56,SoS.
The corn exports continue about as
| large as last year. but cotton exports
| this month have been less than half
last year, with some decrease in talk
ings of spinners. Accumulated stocks
| in mills and markets, both here and
haste to pay the prices asked.
The industries ere closing the most
Extraordinary year of their history.
Long established branches have under
gone veritable reconstruction, vastly
increasing their capacity. while new In
dustries. which scarcely existed a year
or two ago. have enlisted n vast capt.
tai. altered modes of business and of
production in almost every direction
and improved conditions for the future
almost beyond calculation.
Electrical developments in light, heat
and power, in making cataracts work
performed wonders in production of
materials and providing transportation
IAN over the land, deserve especial at
ltention.
For such reconstruction, the increase
in demand for iron and steel products
is the great feature of the year. With
415.733 tons unsold and 2i3,516 produced
weekly january l, hindered by severe
weather SO that the output March
droppcd $4,000 tons. but expanding in
every month afterwards, the Industry
| is now producing about 100000 tons
weekly, and unsold stocks are reduced
to 122,92S tons, and yet orders unified
VIII require six to nine months work
from most OF the establishments. Prices
nave not changed the past week, al-
though demand for some products i'm
proven a. Ittlc. Inc average of prices
closed 1873 per cent. higher than Jan
uary for pig and 1928 per cent. higher
for products
Industries which depend on Individual
consumption have gained less, though
more than population. CONSUMPTION of
cotton has been larger than ever, with
an average advance OF 29.5 per cent. in
prices of goods, though cotton was for
time 32 per cent. and is now 20 per
cent higher than January 1.
Wool has been raised by speculation
S5 per cent, but has been very largely
consumed with great demand for goods.
which have advanced but II per cent
Stocks now held are said to be 157. S9s.-
70 pounds.
or boots and shoes the East has
shipped 100000 cases, or per cent.
more than last year and 271h per cent.
more than in 1892. but prices have adj
vanced only about II per cent. since
January l. In all these products trade
shows a continuing strong demand. al
though quiet in the holiday week.
Failures for the week have been 221
in the United States. against 252 last
year. and 20 in Canada, against 90 last
wear = N