Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-12-30
BUSINESS RECORD OF 1893
Failures Fewer than since 1888
Advanee In All Lines but
Foodstuns.

NV York. Dec. pr. q. Dun & Co.'S
Weekly Review OF Trade viii say in to.
morrow's Issue: mo correct report OF
failures In 1899 can be made until the
year IL closed. a collapse OF specula-
ton In copper stocks has swolled the ag-
sresate at Boston alone over SIS. 900. 900
within few days. and might yet add to
the record. The failures thus FAR report
ed 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 de-
faultod liabilities Is Si2O. 200, but
nearly two-thlrds OF the banking liza.
bilitlos were added within few days.
the aggregate reaching abou, sS9. &C.,.
900. though exact returns for a fow re-
cent failures are not yet obtainablc.
In no other years except 1851. with
defaulted liabilities OF $50. .9s2. and
1850. with S65, ,52. 600. have failures been
az small since the agency commenced
quarterly returns, Ia 1876. The aver
age OF liabilities per failure IL less than
1880, the smallest In any year OF the
twenty-five. gratifying evidence that
commercial liabilities are further re-
moved than usual from the point OF
danger
the week has been exciting only at
Boston, whcro the failures growing out
OF speculation and the efforts to re-
establish banks and firms suspended
character. Yet general business Is
thoroughly safe and prosperous, ana
no important firms have failed, snye
some which were individually connect
ed with concerns Involved In sDecu-
latlon,
"'rhe speculative troubles come be-
cause the volume OF legitimate business
and the Unprecedented distribution of
profits, interest and dividends made
II no longer possible to carry some
stocks on borrowed money. Prosperity
Itself placed a check ON speculative
ventures"
Bradstreets review OF "tho year In
business" tomorrow will say. Rarely
have hunguinc commercial and financial
hopes or predictions found such ado-
quate realization as they did during
1893. Certainly nothing like the wide
spread and general upward movement
OF values. alike Of staples aud OF He-
curitles. such as occurred during the
year, could have been foreseen. Linked
with au immense business ana n record
breaking production In nearly all lines
Of business and Industry, except, per-
hans, In some products Of the agrl-
cultural interests, there was with Il an
advance OF staple values either OF
which alone would have made the year
notable and combined 10 have served
to establish the year as record
breaker and set mp now standards
Thr volume Of domestic and OF foreign
trade alike was the largest ever re.
corded. and tho bank cleurings. re.
lectlng immensc business expansion. nc.
tive speculation IN stocks and immense
new industrial iloatlngs, FAR surpassed
| ali previous records,
Prices, as a result primarily OF the
stimulation proceeding from supply
ana demand conditions scored probably
| ;hc greatest advance In any singl,
| year and brought the general level OF
| staple values TO the highest point
| reached for moro than eight years past
| Failures satisfies point TO the small
| est number reported for seventeen
! years past These results have com,
| 20 pass In the face OF considerable
loafened falling on In the yield Of cot,
ton.
THAT tho advance IN tho price OF
| staples has not been fictitious one OF
based upon arbitrary actions OF com
bnations ~ evidenced by tho fac
that similar price movement hnl
been witnessed abroad, the genera
| level OF prices In England. for In
stance. being higher on December lst
| this year. than for more than eigh
years mast. The course OF values, too
has boon In accordance with expecta
lions Of economists In that the great
est relative rise has been In manufac
tured goods or In products OF industr.
not exclusively agricultural
"Brcadstuifs alone OF all the classe
Of staples, are actually lower now than
they We're year ago, the decline be
ing about 9 per cent"