The morning news., 1899-12-30
FALLING OFF IN FAILURES.
YEAR MAKES A BETTER SHOWING
THAN ANY SINCE 1851.

In spite of Big Failures in BOstop
Recently, the Aggregate Has Been
Comparatively smaII-Prosperity
Put e Check on Speculative Ven
tures-GeneraI business Has Been
GOOd-RemarkabIe Record With
Iron and steel-Other Markets.
New York Dec. Or. G. Dun &. Co.'S
Weekly Review of Trade viii say in to-
morrow's issue:
No correct report of failures in 1899 can
be made until the year has closed A col
lapse of speculation in copper stocks has
swelled the aggregate at Boston alone over
$4,000 900 within a few days, and might yct
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 wear
since 1881. The aggregate of defaulted
liabilities is S12OOCO,OOO but near.y two
thirds of the banking liabilities were add
ed within few days, the aggregate reach
ing about $9O9OG,0OO. The commercial LA
btlities have been about $3.50, ,26o 900, though
exact returns from few recent failures
are not yet obtainable.
In no other years except 1881, with de-
faulted liabilities of SS1, ,155 9S2, and 1880,
with S65, ,752 900 have failures been as
small since the agency commenced quar-
terly returns in 1875. The average of la
bilities per failure is less than 50, 500, the
smallest in any year of the twenty-five,
gratifying evidence that commercial liabil-
tiles are further removed than usual from
the point of danger.
The week has been exciting only at Bos-
ton where the failures growing out of
speculation and the efforts to re-estab-
Ish banks and firms suspended have not
given the week a holiday character. Yet
general business is thoroughly safe and
prosperous, and no important firms have
failed save some which were individually
connected with concerns involved in spec
uat.on.
Speculative Troubles.
The speculative troubles come because
the value of legitimate business, and the
unprecedented distribution of profits, in
terest and dividends, make IL no longer
possible to carry some stocks on borrowed
money. Prosperity itself placed a check
on speculative ventures.
Wheat and cotton speculation has taken
holiday, prices scarcely varying, and
she movement of both is surprisingly
small. Atlantic exports Of wheat, flour
included, have in four weeks been only
S.27S. .61S bushels, against 19,S74,5S7 last year,
and Pacific exports S314,2Tl, against 1885,
sos
The corn exports continue about as large
as last year. but cotton exports this
month have been less than half last years,
with some decrease in takings of spin
uers Accumulated stocks in mills and
markets both here and abroad are so
large that there is no haste to pay the
prices asked.
The industries are closing the most ex-
traordinary year of their history. Long
established branches have undergone
veritable reconstruction, vastly Increasing
their capacity while new industries which
scarcely existed a year or two ago, have
enlisted a vast capital altered modes of
business, and of production in almost eV-
cry direction, and improved conditions for
the future almost beyond calculation.
Electrical developments in light, heat
and power in making cataracts, work
performed, wonders in production of ma
terials and providing transportation all
over the land. deserve especial attention.
Feature of the Year.
For such reconstruction, the increase in
demand for iron and steel products is the
great feature of the year. With 415,lS3
tons unsold, and 24S,516 produced weekly
Jan. l. hindered by severe weather so
lhat the output March l dropped 1900
tons. but expanding in every month AFTER
wards the industry is now producing about
100000 tons weekly and unsold stocks are
reduced to 212,219 tons and yet orders un-
filled win require six to nine months
work from most of the establishments.
Prices have not changed the past week,
although demand for some products inn
proved a little. The average of prices
closes 1875 per cent. higher than Jan. 1
for pig and 1928 per cent. higher for
products.
F. 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 time
S2 per cent, and is now 20 per cent higher
then Jan. l.
Wool has been raised by speculation 80
per cent, but has been very largely con-
sumed with great demand for goods,
which have advanced but II per cent.
Stocks now held are said TO be 157, 1893, ,S9
pounds.
Of boots and shoes the East has shipped
600 cases, or 8 per cent. more than last
year and 27la per cent. more than in 1892.
6ut prices have advanced only about IL
per cent. since Jan. l. In all these prod
ucts trade shows a continuing strong de-
mand. although quiet in the holiday week
Failures for the week have been 22l in
me United States, against 252 last year,
and 20 in Canada, against 22 last year