New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-03
MONEY AND BUSINESS.


The year 1897 was a little too large to be
footed up at once. Some time Is needed to deter
mine how large 1t was In many branches OF in
dustry and trade That its production of iron
was about 10000 tons greater than that OF
any previous year, and its shipments or boots
and shoes from the East about 63 per cent
greater and Its crop OF cotton at least l2o.OOO
bales greater and its manufacture OF silk about
10 per cent greater than in any other year. while
in the later months OF the year earnings or rail-
roads and payments through clearing houses
have been greater than ever, has already ap-
peared. But there is yet room for highly inter
esting returns from counties not heard froh'
and their record is likely to make 1871 some
what remarkable in history. For instance IL ~
quite probable that the manufacture or electrical
plants and machinery far surpassed all records
in the year Just closed. and the manufacture OF
india rubber, II a little surpassed In 1875, WAS
probably equalled in no other year. IL looks
now as II the production of agricultural lihpie-
ments had surpassed all records ana IN all
probability the number OF railway cars anu
tons of rails ordered, though large part OF the
work in supplying these orders mad 10 go over
into this year. In many ways 1898 begins with
a big capital Of debts TO pay created by the
orders which 1897 was not able to execute for
itself.
Size is not necessarily success, and the year
has done business on remarkably smaii margins
of profit. as a rule. with none in some branches
Yet 1t is Of record that the dividends paid by
corporations at New-York have been larger
January 1 than In any previous year, anu
"Dun's Review" reports the railway earnings
Of 156.22l miles of road In the United States
only as 1868 442 095 being Al per cent larger
than last year. and only Al per cent less than
in 1892 with some Of the best roads yet to
come in. Every month since August has shown
larger earnings than in any previous year. The
stock market was largely engaged in foolishness
last week but prices for railway shares declined
On the average only AZ cents per share, with an
advance Of SO cents in Trust stocks. More than
the whole decline In railways Ia explained by
the lower quotations which followed payment OF
dividends. The railway receiverships In 1871
covered only 40 miles OF road against 4.oo3
In 1896, and S162, 7O7. 900 stocks and bonds.
against S226. 651, 524 in 1896. and much larger
sum In either of the three previous years The
failures during the year. according to "Duns
Review" were in banking S25,SDOOO, In manu-
facture $50 100000 in trading S13.1OO,OO0, and
in other commercial lines Sl2.1000OO. but the
report necessarily includes an estimate for the
last day Nevertheless, the failures fall far
below any other year since 1892. and In average
liabilities Of firms failing lower than in
any other year OF the last twenty-three except
1899 and 1855
No doubt it Is gratifying to the merchant Mr.
Letter. that wheat continues to go abroad in I'M
diminished quantity. although his operations
might have checked the movement Exports In
four weeks were u. 123.17S bushels. against H.
5G7 .O35 last year and for the half-year have
less than in 1891. flour included in each state
ment But in 1891 corn exports during the last
half we're only 1885,. jOi bushels. and in the
last six months have been 80 s25jO7 bushels.
about 100000 bushels more than were ex-
ported during the entire year 1S91-'92 when
foreign needs for American breadstuffs were the
greatest then ever known. The Western re-
ceipts continue large q 19S 994 bushels for the
last four weeks, against 10,3IS.OS for the same
weeks last year, and there Is no indication or
decrease in the supply. Cotton has not changed
in price during the week. but the quantity which
has come into sight in December, 1,949.339
bales against 2,125, 254 In the same month OF
1894. leaves It somewhat questionable whether
the crop will prove much more than 100000
bales At present 1927 800 bales have come
into sight. against 71O2 754 70 January l. 1888
with 3,76S, 800 exported. against 3.642262 In that
year Northern spinners taking 1,2323lS. against
1412S94 and Southern $4,000 bales against
100000 in that year.
The holidays offer the Industries a chance for
rest, which many establishments are unable
to improve owing to heavy and urgent orders.
and of the largest establishments quite a num-
Der stopped work for Christmas Day only. The
iron output appears to have increased in De-
cenber. and the demand for products has been
IIxy "A
disposition 10 anticipate. by orders given be-
fore the new year, an expected rush Of orders
after the holidays. The shipments Of boots and
shoes have been 3174S4 cases In December,
against 3O7 1872 in 1896 and 272 ia in 1892, ac
cordlng to the record OF The Shoe and Leather
Reporter" but no change in quotations appears,
while leather is a shade higher. with hides at
Chicago a shade weaker. The small takings Of
cotton by mills this year indicate their heavy
surplus Of goods on hand, but the wages question
now seems to have been settled by the decision
OF the workers not to strike, 80 that the mills still
have to solve the problem of excessive produc-
ton and accumulated stocks just as before
The sales of wool at the three chief markets,
80. 36.574 pounds in 1891 against 345, 100000
IN the largest previous year. do not Indicate a cor
responding increase in manufacture. since they
were largely due TO trading between dealers,
but nevertheless the output or goods during the
last Ave months has doubtless been the largest
on record. No change appears in prices of
woollen cotton goods, but the belief Is gem
eral that woolens will have to go somewhat
higher unless the price of wool yields Recent
purchases by the mills first by worsted and
then by woollen mills, have been so large as to
indicate heavy orders received for the next sea-
son. and while the formal opening has not come.
II Is known that large contracts have been
booked With such activity in industries there
is entire absence OF excitement in the money
markets which have met the unusually heavy
transfers incident TO the end OF year without
disturbance and are now In position TO draw