The herald., 1898-01-01
DUN & Co.'S Review

NEW YORK, Dec. SIR. g. Dun q co
weekly review of trade will say:
Failures for the year which closed last
night have been smaller than In any othef
year since 1892, in number smaller than In
any year except 1895, and In average la
bilities per failure smaller than In any
other year during the last twenty-three'
except four.
The aggregate of all failures. CONNER
cial and banking, was $780, 900, of which
S25, 900 was in banking.
In 1880 commercial failures the liabili-
ties was $154, 800 600. of which s69 900. 900 was
Ia manufacturing and S7s. 500. .00e<H trading.
with s12, 100. 900 in brokerage and other COM
mercial lines.
The average of liabilities per failure was
only $11,5S9. and in 1892 only $11.025. but only
three years in the past twenty-three were
rivals-lSSS, with $11.595; 1856. with $1651,
and 1885, with s11,07S.
A new year opens with conditions radi-
cally different from those which prevailed
listed then, but has since passed away.
After whole year Of freedom from dis
turbance or alarm, in which the country
has paid heavy foreign indebtedness. taken
and paid many millions for stocks sent
from abroad and accumulated credits
against other credits represented by mer-
chandise balances, more than $500, 0,00O. 900
in its favor for the past five months. with
deferred exchanges for more than S20,-
100000 held by New York banks alone. while
the great industries have been pursuing
their way into foreign markets with un-
precedented success, the monetary situa-
tion Is no longer matter of anxiety. More
than half a million men in a few states,
according to official reports, are employed
now who were idle year ago. and the
general advance in wages for those en-
x%I@ e. .AA-
prevailing before the panic. The volume
of business through the clearing houses
for the week, 14.2 per cent larger than in
1892, has for the month been 0.9S per cent
larger than in that year, and many indus
trials and branches of business the latter
months of this year have surpassed all
records. The iron industry has been
greatly encouraged by increased demand
during the past few weeks, and while the
slight improvement in pig iron at Pitts
burg has been maintained notwithstand-
ing the greatest output ever known, the
new contracts for finished products have
been unusual for the season. They include
10000 tons steel rails to one eastern mill,
1900 tons structural work for improve
ments at New York alone, with large oper-
ations at Chicago and other cities and a
greatly increased demand for manufaotuy-
ing materials generally, and specially for
sheets. Minor metals have been rather
weak, with tin at 1906 cents and copper
at 1887, in spite of large exports while
lead IS quoted at 3721s and spelter at 3.S5.
The Bessemer full weight tin plates are
selling at sS.05 against s4.10 for foreign.
No change in the price of coke appears,
though the shipments were the largest
for any week this year. The cotton in
dustry is halted by the question of wages.
although a general reduction now seems
probable. The manufacturers have been
buying largely of material for worsted
goods, and their purchases have stimu-
lated buying by wool manufacturers, so
that the wool markets are stronger, though
there are no changes in quotations.
After the great excitement at Chicago
wheat still goes out of the country as
largely as before, exports from Atlantic
ports being $3.50, 780 bushels, flour includ-
ed, against 1,540.540 last year, and from
Pacific ports 1,712625 bushels
In four weeks the Atlantic exports, flour
included. have been 15,06O,047 bushels,
against S,5OO.16 last year. Heavy western
receipts are only rejecting temporary con-
ditions in the Chicago market. But ex-
traordinary exports of corn, IA, 404 905 BUSH
els. against 9,444. .S53 bushels In the four
weeks last year, show how sorely foreign
markets are pushed by the increasing de-
mand for breadstuffs. Wheat has de-
clined IS of a cent with the Chicago mar
ket, and corn has meanwhile advanced
q of a cent.
Failures for the week have been S95 in
the United States. against 400 last year,
and q in Canada, against 80 last year.