New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-02

FAILURES IN 1sOs--Returns of commercial IN
solvencies in 1903. received by R. G. Dunn & Co.
show that L. concerns suspended having abil-
ties OF 1855 $50. These figures compare with final
returns Of II 6l5 failures liabilities OF s17 49,
100 in 1902 and a still lower commercial mortality
in lsn. Throughout the early months of the year
there were fewer failures but always larger de-
fauted indebtedness than in 1902. each quarter eN
remained for the last quarter however. provide
the really striking losses Of the year. both as TO
| 10 these figures there was the collapse OF few
ciassincati6ns into which these failure statistics
are divided, notably the United States Shipbudins
| Company. which had outstanding stock TO the ex-
tent Of S500oopo bonds amounting to S2i5O0O0O and
noatng debt or $3,5SouN. IL would obviously be
business i2soiyencies OF the year, particularly as
| collapse.
| SECURITIES ON THE CURB-The so-called
outside securities. those dealt IN the curb sur-
| fered severe declines in the year. with the low
| prices recorded between August and October. The
only notable advance on the curb was in Standard
! $50. declining again about 80 points. Among tho
STOCKS GS which touched new low Eecords We're;
| can Writing Paper stocks. Bay State Gas. Do
| Tobacco issues Manhattan Transit. Montreal and
Boston Copper. 0tis Elevator. Seaboard Air Line
per- United States Steel per cent bonds a a ARD
named securities. which sold at 1914 for the com
mon and ass for the preferred In 1902. declined in
feature Of the outside market was the collapse in
| the SOaboard and Greene Copper issues. The
United States Steel IS declined from l1ils to sls
| INTRINSIC WORTH OF SECURITTES-Ths in
| trinsc worth Of railroad securities measured
by railway earnings s rapidly increasing and run
| ming far ahead OF current market quotations. I'M
proVcmant in traffic receipts Is striking, and from
| earnings throughout the rev year will compare
| well with the best earnings OF preceding years.
/ Tho growth OF the profits OF the American
railroads ought to attract an active investment
demand for railroad stocks and bonds, particularly
under par or slightly above that level Industrial
companies are not reporting at the moment such
railroads. hut interests identified with the indus
trial activities OF the country find in conditions un.
| growth IN earnings throughout the next twelve
months
| PRICE OF SII4vER.-In the latter part OF Janu-
airy OF the last year there q pronounced recov-
cry In the price OF silver from the low figures Of
| the last month OF the preceding year. and from
in the direction of higher quotations. the high rec
| ord in this city standing at 6l& cents ounce.
| while IN LoEdon the high price was esd an
| ounce, against the low price Tor me year OF
q l5-1Gd. ounce. Net exports Of silver IN the
| year, month lacking, amounted 20 a222S.S36
| Compared with S23.S7Gol9 in the preceding year.
| TREASURY HOLDINGS-At the end of the year
| tho United States Treasury held in available cash
s295 $40 90 against S211 So 791 at the time
wear ago With the gold reserve of $3.50 000Go the
Treasrrv's cash holdings amount TO S375S70220 The
trust fund held against notes and certificates issued
The Treasury's gold holdings are larger than ever
before on record. In addition to the $l50OO0coo Of
gold in the reserve fund. the Treasury holds ST..
6S gold coin and bullion and S2J5l6ISSo In gold
certificates
| of the worlds production of gold in the year is
| $50. 100000. against $50 Ss,ooD is w.