The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-30
DUN AND BRADSTRFE7'S
Failures Have Been Fewer Than 10 Many
Years.
COMMERCIAL LIABILITIES ARE Small
Industries Closing the Most Extraor-
binary Year In Their History.
Consumption Of Cotton.

New York. December 2s.-R. q. Dun 6
Co.'S weskly review Of tra1s will, say; No
correct rerort of failures In 1899 can be
ninde nrtii the year has closed. A collapse
OF speculation In copper stocks has settled
the aggregate At Boston alone over $4,000 COY
within a few days and might yet add to the
record. The failures thus far reported are
fewer In number than in any year since less
and smaller in amount OF commercial ia-
bilities than in any year since 1881. The ag-
gregate OF defaulted liabilities is sl2O 100000,
but nearly two-thirds of the banking liabil-
tiles were added within few days, the ag-
gregate reaching about s3oeoo,o0o The
commercial liabilities have been about $751;
$50, 900. though exact returns from few re-
cent failures are not yet obtainable. In no
other wears except 1881. with defaulted la
bities of ssh l55932 and 1850, with s65, I52 600,
have failures been MS small since the agency
commenced quarterly returns in 1870. the
average of liabilities per failure is less fnah
$500. the smallest in any year OF the twenty,
fiye. gratifying evidence that commercial
liabilities arc further removed than usual
from the point OF danger The week mas
been exceedingly quiet, except at Boston,
where the failures growing out of specula,,
ton and the efforts to re-establish banks and
firms suspended have not given the week
holiday character. Yet general business is
thoroughly safe and prosperous and no I'm
portant firms have failed save some which
were individually connected with concerns IN
volved in speculation. Tho speculative
troubles came because the volume OF legti-
mate business and unprecedented distribution
of profits interest and dividends made 1t no
longer possible to carry some stocks OF
borrowed money. Prosperity itself placed a
check on speculative ventures.
Wheat and cotton speculation has taken .
holiday. prices scarcely VARYING, and the
Of both IL surprisingly small EN-
rorts of wheat, -four incliied, have in four
weeks been only s,2is,GlS bushels, against ~
S5i,5S7 last year. and Pacific exports 3.3li27l.
against S.so6S0S. The corn exports continue
about as large as last year but cotton OK
ports this month havo been less than half
last years with some decreases on iakings
and markets both here and abroad are so
large. that there is no haste to pay the prices
asked.
The industries arr closing the most extra |
ordinary year of their history. Long estab |
lished branches have undergone veriteble |
reconstruction. vastly increasing their ca
pacity, while new industries which scarcely |
existed a year or two ago. have enlisted a |
4 vast capacity altered modes of business !
ana production IN almost every direction and |
conditions for the future almost be- |
'ond calculation. Electrical developments In |
light. heat and power, In making cataract |
work performing wonders in production of |
materials and providing transportation all |
'Vcr the land. deserve especial attention. For
such reconstruction, the increase in demand !
or iron and steel products is the great fea-
ure OF the year. With Ala, 733 tons unsoli
indered by severe weather so that the output
March l. dropped 5000 tons, but expanding
every month afterwards, the industry Is
ow producing about 100000 tons weekly,
md unsold stocks are reduced to 122, 92S tons.
ma yet orders unified will require six to
line months work from most OF the estab
Prices have not changed the past
,,f cln !