The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-30
It PUTS A CHECK
ON SPECULATION
So Say Dun and Company
of Prosperity.
AND EXPLAIN THE MATTER
THEY ALSO SAY LEGITIMATE
BUSINESS Is SAFE.
THE WEEK AT BOSTON VERY EXCITING
Failures There Growing Out Of Speculation and
Efforts to Re-estabIish Suspended Banks
Have Not Given the Week a
Holiday Character.

New York, Dec. Or. .. Dan ana
Company's weekly review u trade will
say in tomorrow issue:
NO correct report of failures in 1899
can be made until the year has closed.
n collapse of speculation in copper
stocks has swelled the aggregate at
Boston alone over S1S,000,000 within II
few days. and might yet add to the
record. The failures 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 1891. The aggregate of defaulted
liabilities is S120,060.000. but nearly
two-thirds of the banking liabilities
We're added within a few days, the ae-
gregate reaching about 30,900.000. The
commercial liabilities have been about
$50. 260, 900, though exact returns for "a
few recent failures are not yet obtain
able. In no other years except 1881
with defaulted liabilities of SS1, 15o. 49,
and 1880, with $50, I52, 200, have fail
ures been as small since the agency
commenced quarterly returns in 1875.
The average of liabilities per failure is
less than $4,000 the smallest in an,
year of the %. a gratifying evidence
that commercial liabilities are fnrthel
removed than usual from the point CT
danger.
The week has been exciting only
at Boston. where the failures growing
out of speculation and the efforts to re-
establish banks and firms suspended
have not given the week holiday char
acter. Yet general business is thorough
ly safe and prosperous and no important,
firms have failed save some which were
individually connected with concerns in
volyed in speculation.
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 itst If
placed "a check ON speculative ventures
Wheat and cotton speculation has
taken holiday, prices scarcely vary
ing. and the movement of both is sur
prIslngly small Atlantic experts If
wheat, flour included. have in four weeks
been only S.21S,61S bushels. against 49,.
SI4.JS1 bushels last year and Pacific cx-
ports 3.314,2I1. against 3.S56,S0S.
lie corn exports continue about rs
large as last year. but cotton exports
this month have been less than hall
last years. with some decrease in TAX
lngs of spinners. Accumulated stocks
In mills and markets both here ard
abroad are so large that there is nc
haste to pay the prices asked
The industries are closing the most
extraordinary year of their i.1s.a,ry
Long established branches have under
gone veritable reconstruction, vastly
increasing their capacity, while new in
dustrles which scarcely existed IL year
or two ago, have enlisted vast capt.
tai, altered modes of business AMI of
production in almost every direction
and improved conditions for tie future
almost beyond calculation.
Electrical Developments IN light l.at
and power, in making catarlc:s wcrk.
performing wonders in production OF ma.
terials and providing Transportation IN
over the land, deserve especial atten-
ton.
For such reconstruction the increase
IN demand for iron and steel proiucte
~ the great feature of the year. With
10, f33 tons unsold and a43,5IG pro-
duced weekly January LIST, hinlarel I,y
severe weather SO that the output March
LIST dropped 10000 tons. but expanding
IN every month afterwards, the indus
try Is now producing about 100000 tons
weekly and unsold stocks are reduced
TO l22.923 tons, and yet orders untitled
viii require six to nine months WORK
from most of the establishments Prices
have not changed the past week, al.
though demand for some produces I'm.
proved little. The average OF prices
closes 119.5 per cent higher than Jan
nary LIST, for pig and 1923 per cent high
er for products.
industries which depend on ialivid.
ual consumption, have gained less
though more than population. 4 Con
sumption of cotton has been larger tha,
ever. with an average advance OF .95
per cent in prices of goods. though cot
ton was for time 81 per cent. ana is
low 20 per cent higher than January
1st
Wool has been raised by speculation
30 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 De lJ1. 3Js,
$40 pounds.
'sOf boots and shoes the East has ship
ped 100000 cases or per cent more
than last year and 27k, per cent more
than in 1892, but prices have advanced
only about IL per cent since January
LIST. In all these products trade shows
a continuing strong demand although
quiet in the holiday week.
f'Failures for the week have been
221 in the United States. against 2J2
last year and % in Canada, against -
last year"
COMPARATIVE COTTON STATE
MENfT.
New York. Dee 29.-(Special)- For
the week ending Friday, December %:
Net receipts at all United States ports
during week. III, AS: net receipts at all
United States ports during same week