The times. [volume] (Richmond, Va.) 1890-1903, 1898-12-31
CLOSING OF THE
BUSINESS YEAR.
Reports Received Indicate That the
Record Has Been Broken.
FOREIGN DEMAND INCREASES
For Our Finished PrOducts-Thc Cen
cral Level Of Prices IL she Highest
Reached for Ycars-faiiurcs
and Liabilities Very Small

NOW YORK. December So.-Brad-
streets tomorrow will says
Holiday quiet In general demand, sus-
tained activity In Industrial lines, par
sicuaarly iron and steel, exceptionally
large shipments Of goods on orders. lib
eral cereal exports and specially heavy
dealings in speculative markets are fea-
lures calling for notable mention in the
closing week Of the year. Firmncss In
price is likewise an encouraging feature
In most staples. Wheat. though showing
n reaction, is higher on the week on
irare export cloarings, and other cereals
sre in sympathy. Pig iron demand
grows. The price for this product ana
Tor steel rails steel billets, plates ana
wire rods are all higher on the week.
while the volume Of foreign demand Tor
our finished product apparently IN
creascs AS the year draws TO IT'S con
THE RECORD BROKEN.
-onciscly stated. the reports received
. 10 the years bushes in All sec'''h9
OF the country point TO an uhprt'e
denied volume of domestic and export
trade which IS reflected in bank clear
inTs that break the high record ot ~.
Tho general level Of prices OF staples ana
securities at the close Of the year Is lhe
highest point reached for five years past
Railroad earnings exceed an previous
wears. and finally lthcrc was sma4eI
,,,,yy,her Of failures and lower habllltles
than reported IN any year Tor at lease
five years past.
IN SPITE OF WAR
lf. M
large have been achieved, too, nolWlth-
.,a,di,,, the outbreak and conclusion OF
a foreiqn war. and in spite also OF uniaV-
orable conditions in some Industries no
,abjv textile manufacturing WHICH, COM
bined with unfavOrable weather carry
in the year and the lowest price Tor COZ
ION on record, experienced an uniaNoraoie
influence. But the close Of the year mas
an Improvement even I'm those directions
and returns as to retail trade ana par
ticularly holiday business are s'ilhihsly
good In all sections.
Best reports as 10 distributVe uaue
naturally come from the grain growing
IONS of the country, which were tho-
first 10 feel an Improvement resulting
from free foreign demand for our cereals,
but indications are not wanting that TINS
situation is gradually percolauhS
throughout the entire business community
and coupled with unprecedented export
trade in manufactured goods, and the
fact that we are selling Two dollars
worth abroad for every dollars worth We
h,,v renders possible the gains reporte1
in distributive trade over 1891 ranging
from 10 10 40 per cent with likewise good
reports from the manufacturing centres
exceDting the textile industries already
mentioned.
HEAVY EXPORT TRADE.
The export trade of the country for the
year above intimatod is the heaviest ever
known. and will probably exceed SIz31.-
900 in value thus being nearly double
the imports.
our export trade In manufactured
goods. # might be observed. is the heaV-
fest ever known. and for the first time
in our countrys history exceeded the
value of imports of similar goods.
DECREASE IN FAILURES.
There were II 63S failures I'm the United
States in 1898. involving liabilities OF
sl41 l37. III. a decrease from 1897 I'm number
OF 1l2 per cent. and in liabilities Of 30
per cent compared with 1896 and 1882 the
proportion of decrease shown is even
larger. and compared with 1898 failures
were fewer by q per cent. and liabilities
smaller by q per cent Decreases are
also shown when compared with 1881, a
year Of large trade but Of numerous ana
costly failures. but compared with 1892
there Is an increase shown of Is per cont.
in number and 20 per cent. in liabilities.
The tendency of failures toward the nor
NAL is illustrated by the fact that the
percentage of assets to liabilities is the
smallest reported since 1892 and the an
nual death rate-that Is the percentage
Of trades failing TO those in busin is
likewise the smallest reported since the
latter year. being only loo per cent.
against 40 in 1897, is in 1898 and l in
1885,.
Unsatisfactory conditions in textile
lines and some large failures Of banks
and other financial concerns account COR
the expansion I'm liabilities shown I'm
those sections. while a larger number
of small failures In Pennsylvania and
in some of the Eastern States reflect
poor trade early I'm the year and dullness
growing out Of the war and bad weather.
GRAIN EXPORTS.
Cereal exports fttingly close the year
with an exceptionally large weekly total.
Wheat including -four, shipn ents for the
week. aggregated 600 s25 bushels. against
5.5l5.2S1 last week. 5.39J,0i1 bushels in the
corresponding week of 1897: 27O7 793
bushels IN 1896. BLESS bushels in 1895.
and 1886. 405 bushels I'm 1894 Since July
1st this year che exports Of wheat ag-
gregated i2152S 700 bushels, against 49,
96i. EOS bushels last year.
Corn exports for the week aggregated
$3.50 145 bushels. against 4103 G7S bushels
last week. 40SG.S66 bushels in this week
a year ago, 2.7i2.99l bushels in 1896. $40. AL
bushels in 1895. and 1.657.30O bushels In
1894 Since July 1st. this year. corn ex-
ports aggregated S.9i2 500 bushels. against
S.Si1S2O during tho same period year
sgo.