The sun., 1900-12-29
! OF THE YEAR
D 0F IHE YEAR
Shown Over the Pre-
az WFwelye Months.
,ola estate OF TRADE.
vi Business In New York
Hnsbeen on an Unprece-
dented Scale.
estate OF TRADE.

Is ~ AiiS ~ is NOT YET pOSSlDle TO print ac-
curate figures of failures during the full
year 1900, preliminary statement may
be made that will approximate the final
result. Detailed returns for all but the
last few days of the year have been COM
piled, and, adding proportionate amount
for the time still to elapse, it appears
that commercial failures will number
about 10630, with liabilities of $137,-
100000. OF this number 2,300 were in
manufacturing for $40, 100000; 1880 in
trading, for S60,000,000, and $50 brokers,
transporters. etc, not properly belonging
i'll either Of the other classes, for $27, ,250,-
O0u. Besides these strictly commercial
defaults there We're 60 financial concerns,
with liabilities of S34,000,000, swelling
the total to 10,690 in number and S17O,-
100000 in amount
This shows large increase over the
preceding year, when all failures num-
bered 1898 and liabilities were $123,-
1860. 1t must not be forgotten, how
ever, that 1899 was year of exceptional
prosperity in business, and, while trade
was then stimulated by rising prices, the
succeeding year had to bear the bitter
fruit Of reaction. Despite these disasters,
made unavoidable by the very conditions
that brought such phenomenal record
for 1899, it will still be found that 1900
compares favorably with other recent
years.
SO general preparation had been made
by eastern business interests for a
squeeze in money near the end of the
year that the expected advance did not oc-
cur, and collections in the interior were
so good that banks made general COM
plants of the scarcity of mercantile paper
offered for discount. This outcome was
particularly encouraging, though business
will need more money after Jan. 1. Mean
while a good undertone has been continu-
ally in evidence, founded upon the active
distribution of merchandise south and
west, sellers assuming an indifferent atti-
tude, except in cotton goods and some
branches of silk, where the gen
eral improvement has been reflect
ed to comparatively small degree.
In New York the hesitation in
these lines is partly explained by the over.
shadowing influence of retail holiday
trade, which has been on an unprecedent
I'd scale, in measure accounting for the
increase of bank clearings here of 16.f
per cent over 1899 and 32,9 per cent
over 1898 for the week.
Cotton and Silk.
In both cotton and silk circles better
things are expected in January, and in ne
direction has reduction of working forces
in mills occurred. Some wage difference,
Lave been adjusted, and in this respect
the situation is unusually bright. Rail
road earnings for December thus faI
show an increase of 8.4 per cent over las
year and 1919 over 1898. Each week o.
the month makes better comparison
than the one preceding, and. all groups
now show gains.
More talk of a general reduction il
coke and cheaper ore after navigation
opens might be calculated to unsettl
quotations of the finished products, bu
iron and steel continue the even tenor o
their way. In every department of thi
industry more business is offered thai
can be accepted unless purchasers al
willing to give much time for delivery
One large foreign contract was lost ol
this account, and at many points do
mestic operations are delayed by inabili
ty to secure material. Instead of tn
agitation for cheaper steel rails that wa
so prevalent short time ago producer
are said to contemplate an advance. Do
nestle contracts in this line exceeds
10000 tons at Chicago, and among fol
eign orders is noticed one for 1900 ton
for Australia, with many smaller sales
Structural material is wanted for build
ings and bridges, with noticeable activit
in this department for export The dis
astrous results of last years imitation o
prices have borne fruit in the conserva
tism now prevailing, and this is the bes
feature of a most satisfactory market
1t is not bad sign that the local jot
bng trade in footwear is quiet nor tina
orders received by manufacturers fror
statesmen are small, as most travellers rt
turned home for the holidays. Henc
new contracts are not large, but factorie
are running at full capacity and in man
cases refuse to duplicate orders at pre-
vious prices. Shops are assured of bris
employment well into the new year, an
makers expect to buy leather at bette
terms. Aside from hemlock sole, o
which there is scarcity, prices III
barely maintained and export buying ha
been proportionately better than dome
tic
Hides average lower, making the fift
successive week of decline at Chicago
Wool lost the temporary increase in a.
tivity, sales aggregating only 4,516, ~
pounds, a decrease of 2,661 300 compa
ed with the preceding week. Stocks {
the close of the year are excessive, a
though dealers are encouraged by I'll
knowledge that manufacturers supple
are light. Contradictory estimates al
still heard regarding the cotton crol
Port receipts show large increase ov,
last year, but the effect is neutralized
reports that much larger proportion {
the yield has been marketed.
SAFE 0r nAMTcu TcTEp :.