The age-herald., 1899-12-30
Correct Report Cannot be Made
 Until January 1.
WEEK HAS BEEN EXCITING
Speculative Troubles Came Because the Volume of Legitimate Business Made it Impossible to Garry
 Stocks on Borrowed Money

 Co.'S Weekly Review of Trade will say to- morrow:
 No correct report of failures in 1899 can be made until the year is closed. A col lapse Of speculation in copper stocks has settled the aggregate in Boston alone over 1S,9oO,0OO within few days, and might yet add to the record. The failures <.lus far reported are fewer in number than tn any year since 1883 and smaller in amount of commercial liabilities than in any year since 1881. The aggregate of defaulted lia- bilit.es is $120,126 900, but nearly two thirds of the banking liabilities were added with in few days. the aggregate reaching about $S0,9O0,000. The commercial liabilities have been about $so,26O, 900, though exact returns for a few recent failures are not yet obtainable.
 No other years, except 1881 with defaulted liabilities of $S1 ,155 ,932 and 1880 with S65- IS2,O0c, have failures been as small since tue agency commenced quarterly returns in 1875. The average of liabilities per fail ure is less than s9500. the smallest in any year of the twenty-five, a gratifying ev- dence that commercial liabilities are fur ther removed than usual from the point of danger.
 The week has been exciting only at Bos- ton, waere the failures growing cut of speculation and the efforts to re-establlsl1 banks and firms suspended have not given the week a holiday character Yet, genera. business is thoroughly safe and prosperous and no important firms nave failed save some which are individually connected With concerns involved in specuati
 The speculative troubles came because the volume of legitimate business and the unprecedented distribution of profits, in- terest and dividends made it no longer pos sihle to carry some stocks on borrowed money. Prosperity itself placed check on speculative ventures.
 Wheat and cotton speculation has taken holiday prices scarcely varying. and the movement of both is surprisingly small Exports of wheat, flour included, have in four weeks been only S.27S,61S bushels, against 19S4,5@ bushels last year, and Pa- cific exports, 3,s14,21, against 3,s56, sos.
 The industrials are closing the most ex- traordinary year of their history. Long and established braches have undergone a yer itable reconstruction vastly increasing their capacity while new industrias which scarcely existed a year or two ago, have enlisted vast capital, altered modes of business and production in almost every direction, and improved conditions for the future almost beyond calculation. Elec- trical developments in light, heat and pow CT, in making cataract work, performing wonders in production of materials and providing transportation all over the land, deserve especial attention.
 pctr fba i,, demand for iron and steel products is the great feature of the year. With H5,7S3 tons unsold and 243,516 produced weekly Janu- ary 1, hindered by severe weather so that the output March dropped 15,OO0 tons, but expanding in every month afterwards, the industry is now producing about 90o.O0O tons weekly and unsold stocks are reduced to 1923 tons, and yet orders thrilled will require six to nine months work from most of the establishments Prices have not changed the past week though demand for some products improved little. The average of prices closes 119.5 per cent higher than January l for pig iron, and 10S1 per cent. higher for products. Indus tries which depend on individual consump- tion have gained less, though more than population. Consumption of cotton has been larger than ever with an average ad- vance of 29.5 per cent. in prices of goods, though cotton was for time 32 per cent and is now g per cent. higher than Janu- ary l. Wool has been raised by specula- tion 35 per cent, but has been very largely consumed with great demand for goods, which had advanced but IT per cent
 Of boots and shoes the east has shipped 100000 cases, or per cent. more than last year, and 27A per cent. more than in 1S92 but prices have advanced only about Il per cent. since January l. In all these pro- ducts the market has a steady upward movement.
 2 Failures for the week have been 221 in the United States, against PIT last year, and 25 in Canada, against 22 last year. BRADSTREET'S REVIEW Oo l.+r