The San Francisco call., 1899-12-30
Dmn'S ReVie7O of Trade.

NEW YORK. Dec. or. G. Dun & Co 5
Weekly Review Of Trade will say tomorrow:
No correct report OF failures in 1899 can be
made until the year has closed. collapse OF
speculation in copper stocks has swelled the ag-
gregate at Boston alone over SIS, 900 900 within
few days and might yet add TO the record.
Ihe failures reported are fewer in number than
any year since 1883 and smaller In amount OF
commercial Liabilities than In any year since
ISL. The aggregate OF defaulted liabilities is
Sl2O. l6O. Geo. but nearly two-thirds OF the bank
Ing Liabilities were added within few days.
the aggregate reacnlng about S4 100000. The
commercial Liabilities have been about SIS, 269-
OOO though exact returns for few recent fall
ures are not yet obtainable.
No other years. except 1851. with defaulted
Liabilities Of Ssl,l55,932 and 1850. with S65, 49,
Geo. have failures been as small since the
agency commenced quarterly returns in lS1l
The average OF liabilities per failure is less
than Ss5O0. the smallest in any year OF the
twenty y-hve-a gratifying evidence that COM
mercial Liabilities are further removed than
usual from the point OF danger.
The week has been exciting only at Boston.
Where the failures growing out OF speculation
ana the EFFORTS 10 re-establish banks and firms
suspended have not given the week a holiday
character. Yet general business is thoroughly
sate and prosperous. and important firms
have tailed, save some which We're individually
tion.
The speculative troubles come because the
volume OF legitimate business and the unprece-
dented distribution OF profits, interest and divi-
uehGs. made IL no longer possible to carry some
stocks on borrowed money. Prosperity, itself,
placed check on speculative features
Wheat and cotton speculation has taken a
holiday. prices scarcely varying and the move
ment Of both Is surprisingly small. Atlantic
exports OF wheat flour Included have in four
weeks been only S.21s, 6lS bushels. against 49,
SI45Sl bushels last year, and Pacific exports
S.Sl4.Zl, against 3,S56s0S. The corn exports con-
tinued about as large last year. but cotton
exports this month have been less than half Of
last years, with some decrease on takings OF
spinners. Accumulated stocks in mills and mar
kets, both here ana abroad are so large that
there is no haste TO pay the prices asked.
Ihe industries are closing the most eXtraor-
dinary year OF their history. Long bIis he'd
branches have undergone a veritable recon
struction, vastly increasing their capacity,
while new industries. which scarcely existed a
year or two ago, have enlisted vast capital
altered the mode OF business and production in
almost every direction and improved condi-
tions for the future almost beyond calculation.
Electrical developments in light, heat and
power. in making cataract work performing
wonders In the production OF materials and
providing transportation all over the land. de-
serve especial attention. For such recOnstruc-
ton the Increase in demand for iron and steel
products is the great feature OF the year With
4l5. 733 tons unsold and 2435i6 produced weekly
January l. hindered by severe weather so that
the output, March l. dropped Is. COO tons. but
expanding In every month afterward the in
dustry is now producing about 800 900 tons
weekly and unsold stocks reduced TO 1872
s75 s75 TONS and yet orders untitled will require
six 10 nine months work from most OF the es-
tablishn. ents. Prices have not changed the
past week. though the demand for products
improved a little. The average prices closed
lls.5 per cent higher than January ! for pig
and 1928 per cent higher for products.
Industries which depend on individual con-
sumption have gained lesr, rnough more than
population. Consumption OF cotton has been
larger than ever. with an average advance OF
2s.5 per cent in prices OF goods. though cotton
was for time % per cent and is % per cent
higher than January l. Wool has been raised
b speculation % per cent. buJ has been very
largely consumed. with great demand for goods.
which have advanced but II per cent. Stocks
now held are said to be l57. 39S SO pounds
or boots and shoes the East has shipped 400 -
600 cases or per cent more than last year and
2'l2 per cent more than in 1892 but prices have
advanced only about II per cent since January
!. In all these products trade shows a continu-
Ing strong demand, although quiet in the hol-
iday week
Failures for the week have been 22l in the
United States. against 2j2 last year. and 25 in
Canada, against p last year.