The record-union., 1898-12-31

Concisely stated the reports received
as TO the years business in all sections
in the country point to an unprecedent-
ed volume Of domestic and export trade,
which is reflected in bank cIearances,
that break the high record of 1892. The
general level of prices of staple securi-
ties at the close Of the year is at the
highest point reached for five years
past. Railroad earnings exceed all pre-
vious years, and finally there was a
small number of failures and lower
liabilities than reported in any year for
at least five years past.
These general results in the country
at large have been achieved, too not
withstanding the outbreak and close of
a foreign war, and in spite of unfavor-
able conditions in some industries,
notably textile manufacturing, which,
combined with unfavorable weather
early in the year, and the lowest price
for cotton on record, exercised an un-
favorable influence. But the close of
the year finds an Improvement even
in those directions and returns as to
the retail trade, and particularly holi-
day business are strikingly good in all
sections.
Best reports as to distributive trade
naturally come from the grain growing
sections of the country which were
the first to meet an improvement result
ing from free foreign demand for our
cereals, but indications are not want
ing that this Improvement Is gradually
percolating throughout the entire busi-
ness community, and, coupled with
unprecedented export trade in manu-
factured goods, and the fact that we
are selling two dollars worth abroad
for every dollars worth We buy, rem
ders possible the gains reported in
distributive trade over 1897, ranging
from ten to forty per cent, with like
wise good exports from the manufac-
turing. centers, excepting the textile
industries already mentioned.
The export trade for the country for
the year, as above intimated, is the
heaviest ever known, and will probably
exceed $1,25O,OO0,00O in value, thus
being nearly double the imports. Our
export trade in manufactured goods,
it must be observed, is the heaviest
ever known and for the first time in
our country's history, exceeded the inn
ports of similar goods.
There were 11,6S3 failures in the
United States in 1898, involving liabili-
ties of $141, ,137 III, a decrease from
1897 in number of 11.2 per cent, and in
liabilities of 9.5 per cent. Compared
with 1896 and 1895, the proportion Of
decrease above shown is even larger.
AS compared with 1896, failures were
fewer by % per cent, and liabilities
smaller by GA per cent. Decreases are
also shown when compared with 1891,
year of large trade, but Of numerous
and costly failures; but, compared with
1892, there is an increase shown of 13
per cent in number and 30 per cent
in liabilities. The tendency of failures
toward the normal is illustrated by the
fact that the per centage of assets to
liabilities are the smallest reported
since 1892 and the annual death rate
that is, the per centage of traders fail
ing to those in business, is likewise the
smallest reported since the latter year
being only 1.6 per cent, against 1.20
in 1897, 150 in 1893 and Loo in 1892.
Unsatisfactory conditions in textile
lines and some large failures of banks
and other financial concerns account
for the expansion in liabilities shown
in those sections, while a larger number
of small failures In Pennsylvania and
in some of the Eastern States, reflect
poor trade early in the year and dull
ness growing out of the war and bad
wea her