The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1898-12-31
REMARKABLE SHOWING.
Our Nations Progress in tho Year
Now Nearly Ended. ........

!
Now Nearly Ended. -........
THECENTER OF FINANCIAL POWER
Has Now Crossed the Ocean, and For.
eign Banks Look to New York to
| Dictate the Rate of Exchange--The
Growth OF Our Exports.
! New York, Dec. 31.-R. G. Dun & CO..
| weekly review of trade says: The year
1893 has not only been one of victory,
| of important increase in territory and
| of incalculable expansion of the infiu-
ence of the United States among other
| nations. but has surpassed all other
years in.H1ancial ana industrial re-
suits. The center of financial power
/ has crossed the ocean. After paying
debts Of several hundred millions
abroad, and conducting war to an
honorable end. the country is lending
so many millions in Europe that for the
first time banks abroad look to New
York to dictate the rate of exchange.
Exports have been about $1,25O, ,000,0 900,
and the excess over imports about $617,-
100000. against 1851, 900 600 in 1897, and in
only two previous years has the bal
ance risen to s30O000,000 In no past
calendar year have net imports of
gold reached $4,000. 900, but this year
they have been about s140.0OOOOO Mo-
vember passed. all previous months in
value Of produce exports over imports.
but December has gone much beyond
November.
Power in the worlds markets comes
with demand for breadstuffs and
other necessaries never before equaled.
Exports of cotton have been over T.
700. 900 bales, about 1896. 200, 900 pounds.
and In no previous year as much as
100000 bales, or 3.5OO.O00,00O pounds.
Exports of breadstuffs have been In
value $3.50 .91s 294 in II months, and have
never been as large in any other year.
Exports -ef.wheat for the year, lack
ing day or two, have been 218,594.-
6s6 bushels. flour included, slightly ex-
ceeded only by 25665,S12 in 1892, and of
corn 200,9T9,077 bushels. only approach
ed by s9.127570 in 1897. The heaviest
exports of both grains and flour in any
previous year We're 59,O0O,000 bushels
smaller, only S6o,220,513, in 1897.
The triumph in finance has been
largely due to industrial progress. The
output OF pig iron has been about H.
$4,000 tons, the greatest yet reached
in any year by 100000 tons, and great
er than Great Britain ever reached by
2,S00,000 tons Yet the consumption in
manufacture has been still larger in
spite of net exports Of pig, in ten
months 163. .Gs9 tons, for unsold stocks
We're reduced in II months 3S00oO tons.
Exports of iron manufactures in ten
months were about $S7, ,644,53 in value,
against imports of $13,497,S17 Prices
shown for the year in the table of COM
parisons have been unusually steady.
varying not per cent for pig from the
lowest to the highest. and for finished
products not 6 per cent.
Textile industries have been retarded
by high prices of wool and abnormally
low prices of cotton, both deterring pur-
chases. In three months cotton reach
ed 531 cents, the lowest price for SO
years. the greatest yield ever known
being followed by receipts since Sep
tember of $4,000 bales larger than last
year. Exports have increased, but not
as greatly. Toward the close recovery
came with accounts of some destruction
by storm, and the price reached 5S7
cents. giving q strong impulse to the
manufacture. SO that the takings by
northern and southern spinners in the
calendar year have been 3,425, POS bales.
a little greater than in any previous
crop year. -'-s '-0,At'a
Bradstreet's review says Holiday |
quiet I'm general demand. sustained
actively in industrial lines particularly |
iron and steel, exceptionally large |
shipments of goods on orders. liberal |
cereal exports and especially heavy |
dealings in speculative markets are
features calling for notable mention in |
the closing week of the year. Firm
ness in priee-is likewise an encouraging
feature in most staples. Wheat, though
showing reaction. ia higher on the
week on large export clearances and
other cereals are in sympathy. Pig
iron demand grows and prices for this
product and for steel rails, steel billets, |
plates and wire rods are all higher on
the week. while the volume of foreign
demand for our finished metal products
apparently increases as the year draws
to It's conclusion.
Concisely stated. the reports received
as to the years business in all Sec
tions of the country point to an un-
volume Of domestic and
export trade, which Is reflected In bank
,learings that break the high record
Of 1899. The general level Of prices of
staples and securities at the close of
he year Is at the highest point reached
'or five years past. Railroad earnings
exceed all previous years. and finally
here was smaller number of failures
md lower liabilities than reported in
my year for at least five years past.
These general results in the country at
arge have been achieved. too, not
the outbreak and conclu-
iion of foreign war and in spite also
II upfavorable conditions in some in
lustries.
There were 1858 failures In the Uni
ed States in 1898. involving liabilities
II s1t1.137,117, a decrease from 1897 in
lumber of 11.2 per cent and in liabilities
# 80 per cent. Compared with 1896
md 1895 the proportion Of decrease
hown is even larger, and compared
With 1898 failures were fewer by % per
ent and liabilities smaller by Ci per
ent. Decreases are also shown when
ompared with 1891. year of large
rade, but Of numerous and costly fail
res, but compared with 1892 there Is
n increase shown of l3 per cent in
lumber and so per cent In liabilities.
he tendency of failures toward the
ormal is illustrated by the fact that
he percentage of assets to liabilities IL
he smallest reported since 1892.
To Raise the ReIna Mercedes