The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1900-01-03
Dunh'S Review of Year.
Will Stand Among Those Set
Down In Red Letters.

Down In HeQ Letters.
New York. Dec Or G Dunn
& Co's Weekly Review of Trade
will say tomorrow No correct re
port Of failures in 1899 can be made
until the year has closed. A collapse
Of speculation in copper stocks has
swellcd the aggregate at Boston alone
over $4,000 900 within a few days,
aud might yet 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 year since 1881.
The aggregate of defaulted liabilities
is $l20. .060 900, but nearly two
thirds of the banking liabilities we, e
added within few days. the aggre
gate reaching sbont $50, 5000
The commercial Liabilities have been
about $S9, ,260. 900. though exact re
turns for q few recent failures are not
yet obtainable No other years ex.
cept 1881, with defaulted liabilities
of $8l 1855 1882, aud 1880, with sos,
752. 900, have failures been ss small
since the agency commenced quar-.
terly returns in 1875 The average
of liabilities per failure is less than
$1,000. the smallest in any year of
the 25. gratifying evidence that
commercial liabilities are further re
moved than usual from the point of
danger
The week has been exciting only
at Boston, where the failures grow
ing out of speculation and the Efforts
to re establish banks and firms sue.
pended have not given the week q
holiday character Yet general busi
ness is thoroughly safe and prosper
ous, and no important 6rms have
failed save some which were indi
vidually connected with coucerns in
volved in speculation
The speculative troublesome be.
cause the value of Legitimate bust
ness and the unprecedented distribu.
tions of profits, interest aud dividends
make it no longer possible to carry
some stocks on borrowed money
Prosperity itself placed check on
speculative ventures
Wheat aud cotton speculation has
taken holiday, prices scarcely vary
ing and the movement of both 'is sur
prisingly email Atlantic exports of
wheat, flour included. have in four
weeks been only 8278.6lS bushels
against l9.874.587 last year and Pa
cific exports 3.Sl4,27l against 8,
$50 1898
The corn exports continue about as
large as last year, but cotton exports
this month have been less that half
last year with some decrease in tax
ings ofepinners. Accumulated stocks
in mills and markets, both here and
abroad. are 90 large that there is no
haste to pay the prices asked
The industries are closing tba most
extraordinary year Of their history
Long established branches have under
gone . verissble reconstruction. vastly
their Ospsoity. while new
Industries which sc.rceiy existed year
or two ago have enlisted vast capacity.
altered modes of business sod OF pro,
daction 10 slmost every direction aud
improved conditions for the future
almost beyond calculation.
Electrical developments 10 light. beat
and power. 10 making os,araots work.
perfor med wonders 10 production OF
and providing transportation
III over the land, deserve especial
attention.
For such reconstruction the iacrease
10 demand Tor iron aud steel products is
the great feature Of the year. With
415.733 tons unsold and 243. SIG pro
duoed weekly Jan l. hiudersd by
severe westber. 80 that the output
March l dropped $4,000 tons. but
expanding 10 every moosh sherwayds.
tbs industry is nov producing 800 900
tons weekly. aud uUsold stocks are
reduced to l22. .923 tons, snd yet orders
au6lled will require six to uioe moo,bs
work from most Of the establish meuts
Prices have not changed the past week,
although demand tor some products
improved little. The average of
prices closes ll9 5 per cent higher than
Jan l.. for pig and 1923 per cent