The Topeka state journal., 1899-12-30
If American Industries Draws
to a Close.
THEOUTLOOK FOR 1900
Indicates No Dfminution of the
Volume of Business.
Failures Have Not Been So
Small In Many Years.

New York, Dee. 3O.-R. G. Dun &
Co.'S Weekly Review of Trade says in
tOday'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 swelIed the aggregate at
Boston alone over S18,000,000 within a
few days, and might yet add to the rec
OrQS. The failures thus far reported are
fewer in number than in any year since
1888, and smaller in amount of CONNER
claI liabilities than in any year since
1881. The aggregate of defauIted habil-
tiles is $120,l60,000 but nearly two-thirds
of the banking liabilities were added
within a few days, the aggregate reach
ing about $50, 500 900. the commercial
liabilities have been about SIS, ,26O 600,
though exact returns for a few recent
failures are not yet obtainable-
No other years except 1881, with de-
faulted liabilities of $S1, 1875 932, and 1880
with $65,752, coo have failures been as
small since the agency commenced
quarterly returns in 1875. The average
of liabilities per failure is less than
$500, the smallest in any year of the
25, a gratifying evidence that COM
merc1aI- 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 and the emOrts to re-
establish banks and firms suspended
have not given the week a. holiday char
acter. Yet general business is thor
Oughly safe and prosperous, and no i'm
pOrtant firms have failed save some
which were individually connected with
concerns involved in speculation.
Wheat and cotton speculation has
taken a holiday, prices scarcely varying
and the movement of both is surprising
ly small. Atlantic exports of wheat
flour included, have in four weeks been
only S,278,618 bushels against 1884, ,587
last year and Pacific exports 3,314 ,271
against 3, $50 sos. The corn exports con-
r., L. Loot -
cotton exports this month have been
less than half last years, with some de-
crease on takingS of Spinners. Accunu-
lated stocks in mills and markets both
here and abroad are 50 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
increasing their capacity while new in
duStrieS which scarcely existed a year
or two ago have enlisted a vast cap
ital, altered modes of business and pro-
ductiOn in almost every direction and
improved conditions for the future al
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
4l0,Go3 tons unSOlQ ana Z43,olb produced
weekly January I, hindered by severe
weather so that the output March /,
dropped 5000 tons, but expanding in
every month afterwards, the industry
is now producing about 300, 600 tons
weekly and unsOld stocks are reduced
to 1872, 1928 tons. and yet orders untitled
will require six to nine months work
from most of the establishments. Prices
have not changed the past week, though
demand for some products improved
little. The average of prices closes 119. 5
per cent higher than January l for pig
and 1922 per cent higher for products
Industries which depend on individual
consumption 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
a. time 80 per cent and is now % per
cent higher than January 1. Wool has
been raised by speculation 35 per cent,
but has been very largely consumed
with great demand TOR goods, which
have advanced but II per cent. Stocks
now held are said to be 157 39S, 1897
pounds. Of boots and shoes the east
has shipped 400,0 900 cases or 8 per cent
more than last year and 2712 per cent
more than in 1892, but prices have ad-
vanced only about IL per cent since
January 1. In all these products trade
shows a continuing strong demand, al
though quiet in the holiday week.
Failures for the week have been 221
in the United States, against 252 last
year and 25 in Canada, against % last