The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-06
DUN's REVIEW OF 1899.
Commercial Defaults Smaller Than
Any Year Since 1851

Commercial Defaults Smaller Than
Any Year Since 1881.
NEW YORK. Jan. 5.-Dun's review to-
morrow will say:
Failures in 1889 were 1893 in number,
with liabilities Of 1923 1858. The last
days of the year added a few to the num-
Der, and some millions to the known LA
bilities OF firms and banks which failed
close to the end. so that commercial de-
faults reached 800 S79, $3.50. of which $50, 1922
1914 were in manufacturing. S4S,924,11 in
trading and 81, TO- ,95i in brokerage, pro-
noting and other commercial liabilities.
Yet IL remains true that the failures OF
1899 were in amount smaller than in any
other year of the past twenty-five, except
ing 1850 and 1851. while the average of liza
bilities-$77.50 per frm-was smaller than
In any previous year, and the most impor-
tant test OF all, the ratio of defaults to SOL
vent payments through clearing houses, 81
cents per $1,000, Is not only the smallest
ever known in any year. but smaller than
any quarter save one the third of 1881.
Most people in business have been so
occupied with the accounts and the set
dement's of the past year that little new
business has yet been done. No new ten
dency in manufactures or in trading APP
pears, ana less cnanSe IMAM Was dn'l'i-
pated in money markets.
There IS nothing surprising in some re-
coil after rise averaging 1881 per share
for railroad stocks to Tuesdays close. and
1924 for industrials. The later yielding
left an advance of IS cents per share in
railroads for the week, and 81 per share in
the industrial stocks.
There is nothing unsound in the business
of the great industries. but an extensive
revision OF prices may disappoint extreme
expectations. Two ways OF stimulating
business are adopted. The Iron Age
notices transactions OF magnitude in foun-
dry iron. which indicate that some sellers
are willing to make concessions to secure
the trade OF good customers. But the
Steel and Wire Company has advanced
prices of wire nails, barbed and smooth
wire % cents. Some new business is re-
ported but not enough as yet to indicate
the tendency.
The disposition to ask sim higher prices
is seen in boots and shoes. 20 cents adj
vance being asked on some for which II IL
cents was asked and paid in November.
Cotton goods are at the highest quotations
OF last year with good demand though
cotton has declined little. But the goods
were at no time advanced quite In pro-
portion to the material, and are in that
sense cheaper now than year ago Noolen
goods are also much lower with respect
TO wool than a year ago, and some further
advance has been expected.
Cotton does not rise further, because
receipts from plantations have somewhat
increased, and accounts OF large stocks at
many small towns have attracted atteu-
ton.
Wheat still moves very sluggishly with
small change in prices. In six months of
the crop year about 99.000000 bushels.
-four included have been exported, against
1913 600 600 last year. The volume of trade
indicated by exchanges has been for the
year % per cent more than last year. and
2i.6 per cent more than in 1897. Failures
for the week have been 273 in the United
States against 2i3 last year, and - in
Canada against "a last year.