The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-12-31
MEwYoRK oIcTATs S EXCHANGE.
Past Has Been Great Year for United
states.


New York. December 30 TX. y. Dun q
Co. s weekly review of trade will say TO-
morrow:
Failures in the United States for the
week are 1852, and in Canada 81 Failures
in the year 1898 have been II, l92 IN num-
Der with liabilities amounting to Sl4S,
6S4 ,25. The commercial failures were IL,
1l2 in number and Sl29, 1854 POI in amount
The year 1898 has not only been one OF
victory, of important increase In territory
and of incalculable expansion OF the IN
| fuence of the United States among other
nations, but has surpassed all other years
in financial and industrial results. The
centre of financial power has crossed the
ocean. After paying debts of several hun
dred millions abroad and conducting a
war to an honorable end, the country is
lending 50 many millions in Europe that
! for the first time. banks abroad look to
4 New York to dictate the rate OF exchange.
Exports have been about l. 20 200, 600 and
i the excess over imports about 6l7 ,000 ONO
against 357, 600 00D in 1887 and in only two
previous years has the balance risen TO
300, 900 900.
Power In the worlds markets comes
with demand for breadstutfs and other
necessaries never before equailed Xxx
ports Of cotton have been over 1900, 900
| bales, about 8 &35. 00G 600 pounds ana IN
4 no previous year as much as 4,OOO,o00
4 balls OF 8, 500, 600, 900 pounds. Exports OF
| breadstuffs have been in value s3,ylS,
294 in eleven months, and have never
been as large in any other year exports
of wheat, for the year lacking day or
two. have beenE2le. 594 1856 bushels; Hour
| included and Of corn 200, 97s,U77 bushels.
| The heaviest exports OF both grains and
flour in any prey Gus year were BY, o00 ,O0U
smaller The triumph in finance has
been largely que to Industrial progress.
The output Of pig iron has been about
ii ,645, 900 tons, the greatest yet reacheo I'D
any year by two million ions ana gIeat e
than Great Britain ever reached by 2oUO
tons. Yet the consumption in manu-,
factu1e has been still larger in spite Of
net exports and Fig
Exports of iron manufactures in ten
months were about sS7, ga, % in value,
against imports OF $3, 497.817. Prices
shown for the year in the table Of COM
PARSONS have been unusually steady
varying not five per cent for pig from tbs
lowest to the highest, and for finished
products not six per cent. The leather
industry has also gained 10 per cent in
exports in spite Of higl prices OF hides
having besn reduced in price about 3 II
DSr cent, 1nOu2n HlubS dIo Slightly
higher, boots and shoes have been reduce
over two per cent and the output has bier
the largest ever known with shipments
from Boston of 32l, 27S cases, l33, GOO o.
three per cent larger than in 1897 and 49,
Der cent larger than in 1852. Textile in
dustries have retarded by high prices Of
wool and abnormally low prices of cotton
both deterripg purchases In thre'
months cotton reached 81 cents the low
est for fifty years thu greatest yield evel
known being followed by receipts since
September 357. 600 bales larger than last
year. Exports have increased but not al
acti vely. Toward the close recovery camt
with accounts of SINE destruction BY
store, and the price reached 6.S5 cents
faoture SO that takings Sby Northern anf
Southern spinners in the calendar veal
have been 3, 425, 206, q little greater thai
in any previous crop year.
Goods were reduced in price 5 per cent
TO the middle of November, but have
risen per cent and closed at the highes
point for the year. In spite OF enormous
stocks held, wool was SO lifted that buy-
ing both of wool and of goods WAS checkee
early In the year. but slow decline began
in February. Sales have been only a52,
45I ,l3l pounds at the three chief markets
SO that the mills have probably used less
than full years supply and the stock Of
goods was also exces slye year ago.
Nobody can dispute the record of pay
ments through clearing houses which ex
ceeds 1000, Coz, 600 for the month and 6S.
500, 900, GOO for the year. 10 per cent more
than in any previous year. The December
report is by i've per cent larger than any
other month, November being nearest
AGAINST all European influence thu
country is just now demanding gold
having taken 40, 900, 600 already this year
1t is in position TO demand more than al
other markets together are prepared tt
pay.