River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1900-01-04
STATE OF TRADE
Review OF the situation ~ Dnn's
Commercial Agency = Extrnor-
binary Year for Industries.

r G. Dun q co in their weekly review
| OF trade say: Ne correct report Of fall
| ures in 1898 can be made until the year has
closed, A collapse Of speculation ~ cop
per stocks has sweIled the aggregate at
Boston alone over 1900 600 within a few
days. and might yet add TO the record
The failures thus far reported are fewer
In number than in any year since 1879 ana
smaller In amount OF commercial liabilities
than in any year since 1851. The aggee-
gate OF defaulted liabilities IS Sl20,lc0,an0.
but nearly two-thirds of the banking La
bilities were added within a few days. the
aggregate reaching about $50, 500 Geo. The
commercial liabilities have been about
$50, 1000. though exact returns for a
few recent failures are not yet OBJ
tainabie. No other years except 1881,
with defaulted liabilities of sSl. l55. $50.
and 1880. with SIS. T52 coo, have failures been
as small since the agency commenced quar-
terly returns In 1879 The average OF iiabil-
tiles per failure is less than $500, the small
est In any year OF the 20, d gratifying evil
denee that commercial liabilities are fur
Their removed than usual from the point of
danger.
The week has been exciting only at Eos
| ton, where the failures growing out of
speculation and the efforts 10 reestab-
lish banks and firms suspended have not
| given The week a holiday character. Yet
| general business Is thoroughly safe and
prosperous, and no important firms ave
failed save some which we're Individually
| connected with concerns involved ia specu-
lation. The speculative trouble come be-
| cause the volume of legitimate business
and the unprecedented distribution of
profits, interest and dividends made it no
longer possible 10 carry some stocks on
borrowed money. Prosperity itself placed
a check on speculative ventures.
.'The industries are closing the most exc
traordinary year of their history. Long
established branches have undergone a
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 production in almost every
direction and improved conditions for the
future almost baEQnd calculation. Elec-
trical developments In light, heat and
power. in making cataract work, perform
ing wonder in production of materials
and providing transportation all over the
land, deserve especial attention.
'For such reconstruction the increase in
demand for iron ana steel products is the
great feature of the year. With 415,T 33
tons unsold and 24s.5l6 produced weekly
January /, htndered by severe weather 50
that the output March / dropped 1900
tons. but expanding in every month aft
erwards, the industry is now producing
about 100000 tons weekly, and unsold stocks
are reduced 10 122. 92a 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 a little.
Failures for the week have been 81 in
the United States, against 252 last year,
and 20 in Canada, against % last year"