The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1900-02-15

In spite of the casualties among
financial concerns in the closing days
or the old year. produced by purely
speculative causes, the fact remains,
according to Dun's Review, that the
failures of 1899, the great year OF Ding
ley tariff prosperity, were in amount |
smaller than in any other year of the
past twenty-five, excepting 1880 and
1881, while the average of liabilities
$77.50 per firm-was smaller than in
any previous year; and, most impor-
tant test of all, the ratio of defaults to
solvent payments through clearing
houses, 81 cents per $1,000, is not only |
the smallest ever known in any year,
but smaller than in any quarter save |
one, the third of 1881 The failures |
for 800, 900 more in the past six |
years have ranged between $31,522, 186 |
in 1899 and $9s,5O3. 932 in 1896. the de-
crease being more than two-thirds, but |
the small failures ranged between |
SIS. 356.7O3 in 1899 and 1927, 592, 9O2 in
1896, the decrease being more than one
half
But from the nest of failures result
ing from the speculative collapse in
Boston in the latter part of December,
the aggregate for the year would have
been about $21, 900 600 less than it was
AS the record stands. however, and in
Guiding the failures incident to over
speculation in New England and the
brief but severe panic in Wall street,
the failures in 1899 are the smallest
ever reported since 1881, with the low
est average of commercial liabilities
ever reported, and with greater evil
dence of commercial soundness and in
dustriaI prosperity than has ever be-
fore appeared in annual statement
Not only have failures been smaller in
the aggregate than in 1898 or previous
years, but they have been smaller in
every section of the country. Such uni
~ IF
the country is extremely rare, and
would scarcely be possible unless bust
ness of all sections was exceptionally
sound and prosperous.
The Massachusetts manufacturing
defaults, in spite of the influence of
the late December banking col1apses.
were the smallest in any year, as were
those of the other New England states,
New York and the middle and central
states. The New England disaster
sweIled trading defaults by So. $50 900
in five provision failures, besides two
banks. with liabilities of about 3d.
100000, and two brokerage firms for
$3.50, 900. In New York the manufac-
turing failures were only about a quar-
ter of those in two years of the pre-
viOus five and not half those of two
other years. while the trading failures
were also much less than half those
of four previous years, but in broker
age the liabilities were nearly as larg'
as in two other years, and in banking
larger than in any previous year
But in other middle states manufac
turing and trading liabilities presente
the same bright contrast, while in bot
other lines the failures would hav
been almost nothing but for that Of
single large stock concern at PhlIa
delphfa wrecked by crime, and in n
way caused by business conditions tn
central states also showed trading de
faults from $3,O0O,o0o to 10000
smaller than in any previous yea
though some brokerage and promotin
failures at Chicago swelled the ''othe
commercial defaults above the return
of previous years except one
The average of defaulted Iabilitit
per firm is a test which serves bettt
than most to show how the defaul
compare with the extension of bus
ness. but this year that average is f
the first time less than $50, the lowest
any previous year. having been SS3-
in 1880. A much better test IS the T
ito of defaults to actual payments
solvent business through the clearI
houses Here the ratio for 1899 is lie
than 81 per 1000, namely, only
cents, the lowest by more than a fit
ever reported in any year, and the 10
est ever reported until this year in a
quarter save the third quarter of IS
The failures for 800 900 or me
were only 34.7 per cent of the aggregs
last year, $50 per cent in 1898, a
IS per cent in 1897, but 43-6 per CO
in the bad year, 1896. and 1872 per c.
in 1895. and 3S.3 per cent in 1894 I
amount of such failures, and of the
mainder for less than $1,000 ca
are here shown for six years, and
serve especial attention:
Large Small
Total Failures FailuI
1889 ...--..-s 9o.S79- $50 81. % dS6 50 $50
1SoS .-. $50. 662. S99 so. 1912 70. 1856
1897 ...-...- 1888 2.o71 54.005.9 SI 1oo3 2s
.SS4 SS. 503. 9S2 121. 592
1885 -..-... 17s.1e6.06o 7s.1661o9 oe.02e
H., 992,So6 66-24S.34o 1o6,44i
1t will be seen that for -four we
there was comparatively little cha
in the small failures. but the decline
about a fifth in 1898. and the furt
decline of about a quarter in 1899,
highly significant