The Worthington advance., 1900-01-05
| STATE OF TRADE.
Review of the situation by Dun's
Commercial Agency - ExtraOr-
lfnary Year for Industries.

New York, Dec 3O.-R. C. Dun & Co.
in their weekly review of trade say: mo
correct report of failures in 1899 can
be made until the year has closed.
A collapse of speculation in copper
stocks has swelled the aggregate at
Boston alone over 900 within few
days, and might yet add to the record.
The failures thus far reported are fewer
In number than in any year since 1883 and
smaller in amount of commercial liabilities
than in any year since 1881. The aggre-
gate Of defaulted liabilities is $120, ,16O, GOO,
but nearly two-thirds of the banking liza
bilities were added within a few days, the
aggregate reaching about $780, eco. The
commercial liabilities have been about
$ss,2eo,ooo, though exact returns for a
few recent failures are not yet OBJ
tainable. No other years except 1881,
with defaulted liabilities of $S1, ,155 932,
and 1880, with $65, ,752, 900, have failures been
as small since the agency commenced quar-
terly returns in 1875. The average of iabil-
tiles per failure is less than $1,000, the small
est in any year of the Is, gratifying evil
dence that commercial liabilities are fur
ther removed than usual from the point of
danger.
1.-THE week has been exciting only at Bos-
ton, where the failures growing out of
speculation and the efforts to reestab-
lish banks and firms suspended have not
general business is thoroughly safe and
prosperous, and no imcartant firms have
failed save some which pere individually
connected with concerns involved in specu-
lation. The speculative troubles come be-
cause the volume of legitimate business
and the unprecedented distribution of
profits interest and dividends made it no
longer possible to carry some stocks on
borrowed money. Prosperity itself placed
a check on speculative ventures.
1.-THE industries are closing the most ex-
traordinary year of their history. Long
established branches have undergone a
veritable reconstruction, vastly increa sing
their capacity, while new industries which
scarcely existed year or two ago have
enlisted vast capital, altered modes of
business and production in almost every
direction and improved conditions for the
future almost beyond calculation. Elec-
trical developments in light, heat and
power, in making cataract work, perform
ing 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 AS 1888
tons uhsOld and 243,516 produced weekly
January l, hindered by severe weather so
that the output March l dropped $4,000
tons, but expanding in every month aft
erWards the industry is now producing
about 100000 tons weekly, and unsold stocks
are reduced to 122,923 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 i'm
proved little.
Failures for the week have been 221 in
the United States, against 252 last year,
and Is in Canada, against % last year."