The star. (Reynoldsville, Pa.) 1892-1946, 1900-01-03
REVIEW OF TRADE.
Failures for the Year Run Up Inio ihe millions
Although Small Comparatively.

r. G. Dun & Co.'S weekly review OF
trade reports as follows for last week:
No correct report OF failures in 1900
can be made until the year has closed.
A collapse of speculation in copper
stocks has swollen the aggregate at
Boston alone over $I8,ooo,ooo within a
few days, and might yet add to the
record. The failures thus far reported
are fewer 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
$I2o, 100 ,ooo but nearly two-thirds OF
the banking liabilities were added with
in few days, the aggregate reaching
about $3o,ooo,ooo. The commercial liza
bilities have been about $50, zoo, 900,
though exact returns for a few recent
failures are not yet obtanable. No 9th
er year except 1881 with defaulted LA
bilities of $SI,Is5,o32, and 1880, with
$6s,752, 900, have failures been so small
since the agency commenced quarterly
returns in 1875. The average of liabili-
ties per failure is less than $1,000, the
smallest in any year of the twenty-five, a
gratifying evidence that commercial liza
bilities are further removed than usual
from the point of danger.
The speculative troubles come be-
cause the volume OF legitimate business
and the unprecedented distribution OF
profits, interest and dividends made il
no longer possible to carry some stocks
on borrowed money. Prosperity itself
placed a check on speculative ventures.
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 in
dustries, which scarcely existed year
or two ago, have enlisted a vast capital,
altered modes OF business and of pro-
duction in almost every direction and
improved conditions for the future al
most beyond calculation. Electrical de-
velopments in light, heat and power, in
making cataract work. performing Won
ders in production of materials and
providing transportation all over the
land, deserve special attention.
For such reconstruction, the increase
/ in demand for iron and steel products
is the great feature OF the year. When
4I5,733 tons unsold, and 243.sI6 pro-
duced weekly, January I, hindercd by
| severe weather so that the output March
| 1, uiOppcu lSOOO lOHS, Out tNpdIiulllp
in every month afterward, the industry
is now producing about 100000 tons
weekly and unsold stocks are reduced tc
I22,o33 tons, and yet orders unfulled
will require from 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 little. The average of price:
closes IIo.5 per cent higher than yanu
ary I for pig, and 1923 per cent higher
for products.
Industries which depend on individua
consumption, have gained less, though
more than population. Consumption o
cotton has been larger than ever, will
an average advance of 2o.5 per cent il
prices OF goods, though cotton was fo
a time 3e per cent. and is now 20 pc
cent, higher than January /. Wool ha
been raised by speculation IS per cent.
but has been very largely consumed
with great demand for goods, whicl
have advanced but II per cent. Stock
now held are said to be Is7, 7,3oS,87,
pounds. OF boots and shoes, the Eas
has shipped 100000 cases or 9 per cent
more than last year and 27H per cent
more than in 1892, but prices have ad
vanced only about II per cent. sine
January I. In all these products trad
shows a continuing strong demand, al
though quiet in the holiday week.