The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-30

New York, Dec. PR G. Dun
& Co.'S weekly review of trade will
say in tomorrow's issue: No correct
report of failures in 1899 can be made
until the year has closed. A collapse
of speculation in copper stocks has
awelied the aggregate at Boston alone
over SIS, 000.0 00 within a few days, and
might yet add to the record. The fail
ures thus far reported are fewer in
number than in any year since 1888,
and smaller in amount of commercial
liabilities than in any year since 1881.
The aggregate of defaulted liabilities
Is s120, 10000 but nearly two-thirds of
the banking liabilities were added
within few days, the aggregate
reaching about sS0.s00.000. The COM
mercial liabilities have been about $780,
$780, 900, though exact returns for a few
recent failures are not yet obtainable.
In no either years except 1881. with
defaulted liabilities of sS1, 1882, and
1880 with SOS, 1852. GOO have failures been
as small since the agency commenced
quarterly returns in 1876. The aver
age Of liabilities per failure is less than
$500: the smallest in any year of the
twenty-five, a gratifying evidence that
commercial liabilities are further re-
moved than usual from the point of
danger.
The week has been exciting only at
Boston, where the failures growing out
Of speculation and the efforts to re-
establish banka and firms suspended
have not given the week a holiday
character. Yet general business is
thoroughly safe and prosperous and Mo
important firms have failed save some
which were individually connected with
concerns involved in speculation. The
speculative troubles come because the
volume of legitimate bustneEIs and the
unprecedented distribution of profits,
interest and dividends, made it no
longer possible to carry some stocks on
borrowed money. Prosperity, itself,
placed a check en- speculative ventures.
Wheat and cotton speculation has
taken holiday, prices scarcely vary
ing. and the movement of beth is sur
pr.Sfngly small. Atlantic exports of
wheat, flour included, have in four
weeks, been only S.27S61S bushels,
against 19.S74,5S7 bushels last year,
ard Pacific exports 3,314,271, against
!, S56, sos. The corn exports continued
about as large as lagit year, but cot
ton exports this month have been less
than half last years with some de-
crease on takings of spinners. Ac-
cumuha lated stocks in mills and markets
beth here and abroad are 90 large that
there is no haste to pay the prices
asked.
The industries are closing the most
extraordinary year Of their history.
Long established branches have under
gone a veritable reconstruction, vastly
their capacity, while new
industries which scarcely existed
year or two ago have enlisted vast
capital, altered mode of business and
production in almost every direction
and improved conditions for the future
at most beyond calculation Electrical
developments in light, heat and power,
in making cataract work, performing
wonders in production of materials
and providing transportation all over
the land, deserve especial attention
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 243,516
produced weekly, Jan. 1, hindered by
severe weather so that the output,
March l dropped 5000 tons, but ex-
in every month afterwards the
industry is now producing about $780,
900 tons weekly and une0ld stocks are
reduced to 122,,9 tons and yet orders
untitled will require six TO nine months
work from most of the estabI ishmenrs.
Prices have not changed the past week.
though demand for some products i'm
proved lattle. The average of
prices closes 1875 per cent higher than
Jam. l. for pig and 1928 per cent higher
for products.
Industries which depend. on individual
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 80 per cent and is 90 per
ceBt higher than Jan. 1.
Wool has been raised by speculation
IS per cert but has BEEN very largely
consumed with great demand for
goods, which have advanced but II per
,erit. Stocks now held are said to be
I57 ,3ss,979 pounds.
OF boots and shoes the east has
shipped 100000 cases or Q per cent more
than last year and 271s per cent more
han in 1892, but prices have advanced
only about IL per cent since Jan. 1.
IN all THESE products trade shows a
,orstinuing strong demand, although
lufet in the holiday week.
Failures for the week have been 221
n the United States, against 252 last
year, and % in Canada against % last
year.