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

New York. Dec Or G Dunn
& Go g Weekly Review of Trade
will say tomorro.: No correct re
Dor. of failures IN 1899 can be made
until the year has closed. A collapse
of speculation in copper stocks has
swelcd the aggregate at Boston alone
over $4,000 600 within few days,
aud might yet add to the record The
failures thus far reported a:e fewer in
pumber than in any year since 1888,
and smaller in amount Of commercial
liabilities than in any year since 1881.
The aggregate of defarlted liabilities
is Sl20. o6o, 900, but nearly two
thirds of the banking liabilities were
added within few days, the aggre
gate reaching about $50, 100000
The commercial Liabilities have been
about Ss9, ,26o 600, thong h exact re
turns for a few recent failures are not
vet obtainabIe No other years e1-
c cept 1881, with defaulted liabilities
of sSl 1858 and 1880, with S65,
752, 900, have failures been as 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 oct of speculation and the Efforts
to re establish banks and firms GUS
pended have not given the week q
holiday character Yet general bust
ness is thoroughly safe and prosper
Gus, and no important firms have
failed save some which were lndi
vidually connected with coucerps in
volved in speculation
The speculative troublesome be-
cause the value of Legitimate bust
ness and the unprecedented distribu
tions of profits, interest and dividends
make it no longer possible TO carry
some stocks on borrowed money
Prosperity itself placed check on
speculative ventures
Wheat and cotton speculation has
taken holiday, prices scarcely vary
ing and the movement OF both IS sur
prisingly snail Atlantic exports OF
wheat, -four included. have in four
weeks been only 827S.el8 bushels
against 19,S74.587 last year and Pa
cifc exports a.3l4,27l against 3,
s56,89S
The corn exports continue about as
large as last year, out cotton exports
this month have been less that bait
last year with some decrease III tax
ings ofspipners Accumulated stocks
in mills and markets, both here and
abroad, are so large that there is no
haste to pay the prices asked
The Industries are closlng The most
extraordinary year Of their history
Loog established branches have uadef
gone verissbie reconstruction. vastly
Increasing their capacity. while ne"
Industries which scarcely existed year
or two ago have enlisted vast capacity.
altered modes of business sod OF pro
dootion in almost every direction anc
improved conditions for the future
almost beyond calculation
Electrical developments 10 light. heat
ead power. 10 nakios ca.aracts wors.
pe.for ned wonders in production Of
materials, and providing transportation
all over the laad. deserve especial
attention.
For sucb recoostsnc:ioo toe Increase
10 demand for iron and steel products is
the great feature Of the year. With
1878 tons unsold and 243,5l6 pro
daoed weekly Jan L, hiudered BY
severe weather. SO that the output
March l dropped $4,000 tons, but
expanding 10 every mooth afterwards;
the Industry is nov producing 100000
tons weekly. and uosold stocks are
reduced to l22. .923 tons, aud yet orders
untitled will require six TO uioe moo'os
work from mos, OF the establishments
Prices bave not changed the past week,
although demand for some products
;mproged little. The average of
prices closes 1l9 5 per cent higher than
Jan J.. for pig and 1923 per cent
hioher for products