The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-01-02

Failures for the Year small In Number
and Amount An Extraordinary Year
for Industries.

New York. December ss.-R. G. Dun
& Company's Weekly Review % Trade
VIII say in tonsorrowas issue:
No correct report OF failures in fSsa
can be made UNA he year has cNsed.
A collapse Of speculation IN Copper
stocks has swelled the aggresase At
Boston alone over SIS. 0c0.eo WI a
few days and might yet add - tie re-
cu-d- The failures thus far rep1Esed
are fewer in number thai IN ans y az
since 1855. and smaller in amount "
commercial liabilities h IN any ear
since ISL. The aggregate OF oefau sd
liabilities IS $40. oso. 90. but neary two
thirds OF the banking Liabilities wzre
adce within i few days. the aggregate
reaching about $5o.sco.eca. The com
mercia2 liabilities AVE been about
sSs,Zeo.0o0. though exact returns tx a
few recent failures are not yet ob<aln-
abse. In TO other years except 1851.
with dfaulted Liabilities ~ Ssl. l5s.s So.
and 1850. with $685. s2. 81. have failures
been as small since the agency COM
menced on she railway returns n 1875.
The average - liabilities per failure
IS hess han So. 500. the smallest in any
year Of the twenty-five. q gratifying
evidence hat commercial liabilities are
IL AA@AsE AS4aA " GafG
point Of danger.
The week has been exciting only At
Boston. where the failures growing out
of speculation and the efforts TO re-
establish banks and firms suspended
rave not given the week a holiday char
acter; yet general business - thorough
~ safe and prosperous. and no impor-
uant firms ave failed save some which
were individually connected with con-
Ssfn-~Afknpz fnR1NHNraZf IN zsNANFk1 eANn
The speculative troubles come be-
cause he aIu OF legitimate business
and the unprecedented distribution OF
profits, interest and dividends. make Il
no ionger possible to carry some stocks
on borrowed money. Prosperity itself
placed a check on speculative ventures.
Wheat and cotton speculation has
taken a holiday. prices scarcely vary
ing and the movement % both = sur
prisingay small. Atlantic exports OF
wheat. o u included, have in four
weeks been only S.2IS.sls bushels.
against 1S.1T4.5s7 last year and Pacific
exports S,314.27L against 3.S5e.s0s.
The corn exports continua about as
large as last year. but cotton exports
this NORTH have been less than half
last years. with some decrease in taxi
ings Of spinners. Accumulated stocks
in mills and market 9th here and
abroad are SO large that there n no
haste TO pay the prices asked.
The industries are closing the most
extraordinary year OF their history.
Long established branches have under
gone a veritable reconstruction, vastly
increasing their capacity, while new
industries which scarcely existed a year
or two ago hav enlisted a vas< capital,
altered modes of business and of pro-
duction in almost every direction and
improved conditions for the future al
most beyond calculation.
Electrical developments in light. heat
and power, in making cataraots work.
performed wonders in production Of
materials, and providing transportation
all over the land, deserve especial at
tention.
For UGH reconstruction the increase
In demand for iron and steel products
Is the great feature of the year. With
415, 1913 tons unsold and 4 3.5l6 produced
weekly January LIST, Kindred by severe
weather so that the output March LIST
dropped 1900 tons. but expanding in
every month afterwards. the industry
is now producing about 300. 600 tons
weekly and unsoid stocks are reduced
to 122, 923, tons, and yet orders unified
Will require six to nine months work
from most Of the establishments.
Prices have not changed the past week,
although demand for some products
y ~ "a
prices closes 1875 per cent. higher than
on January 1st. for pig and 1923 per
cent. higher for products.
Industries which depend on individu-
al consumption. nave gained less.
though more than population. Con-
sumption of cotton has been larger than
ever, with an average advance Of 29.5
per cent. in prices of goods. though cot
ton was for a time 80 per cent. and is
now 20 per cent higher than on JarH-
airy LIST.
Wool has been raised by speculation
30 per cent. but has been very largely
consumed with great demand for goods,
which have advanced but IL per cent.
Stocks now held are aid to be 157, 1893
S79 pounds.
OF boots and shoes the east has shipp-
ed 400, 600 cases, or 9 per cent. more than
last year and 27h per cent. more han
in 1892, but prices have advanced only
about IL per cent. since January LIST.
In all these products trade shows a
continuing strong demand. although
quiet in the holiday week.
Failures for the week have been 221
in the United States. against 252 last
year