The age-herald., 1898-12-31
FINANCIAL POWER CENTER
Has Crossed the Ocean and New York
 NOW Dictates Rates.
EXPORTS NEVER BEFORE EQUALE1
The Output of Pig Iron the Greatest Ever Reached, But the Demand is Still Larger Than
 the Supply.

New York. December 30.-R. G. Dun & Cos weekly review of trade tomorrow Will say
 The year has not only been one of victory and one of inealculable advancement among the natios, but has surpassed all other years in financial and industrial results. The cen ter of the financial power has crossed the ocean. After paying debts of several hun dred millions 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 dic- tate the rate of exchange. Exports have been about sl,25O,OOOOOO and the excess over imports about s617 900 900 against $357 100000 in 1897, and in only two previous years has the balance risen to six hundred million. In no past calendar year net imports of gold reached s65 OO0OO but this year they have been about $14o,OOO,OOO.
 Power in the worlds markets comes with a demand for breadstuffs and other neces- saries never before equaled. Exports of cotton have been over 7,700000 bales, about 3,a36 OOO 900 pounds and in no previous year have they been as much as 100000 bales or $500 OO0, 900 pounds. Exports of breadstuffs have been, in value, $283, 41S,294 in eleven months, and have never before been as large in any other year. Exports of wheat for the year have been 21S ,595, ,6S6 bushels, flour included, slightly exceeded only by 225 5665 SIP in 1892 and of corn 200,979,O17 bush els, only approached by 1S9, ,57O in 1897.
 Triumph in Finance
 The triumph in finance has largely been due to industrial progress. The output of pig iron has been about n,645,OOO tons, the greatest yet reached in any year by two million tons and greater than Great Britain ever reached by 2,7OO,OOO tons. Yet the con sumption in manufacture has been still larger in spite of net exports of pig in ten months, amounting to 16S.OS9 tons. Exports of iron manufacturers in ten months were about sS7 ,644.5SS in value against imports of 97,S17 Prices shown for the year in the table of comparisons have been unusually steady, varying not per cent. for pig from the loves. to the highest and far inislsed products not per cent
 Textile industries have been retarded by high prices of wool and abnormally low prices of cotton, both deterring purchases. In the last three months the cotton trade reached the lowest pr.ce reported for five years. Exports have increased, but not as greatly as expected. Toward the close of the year recovery came with accounts of some destruction by storm and the price reached.
 Northern Centrals, receiving a strong i'm pulse to the manufacture. Tradings by northern spinners in the calendar year have been 3,25,200 bales, little larger than in any previous crop year. Goods were re- duced in price per cent to the middle of November, but have risen per cent, and closed at the highest point for the year. In spite of enormous stocks held wool was so lifted that buying both of wool and of goods checked early in the year. but slow decline began. Sales have been only 232 ,351 O00.131 pounds at three chief markets, so that the mills have probably used less than full years supply, and the stock of goods was also excessive a year ago.
 Failures during the past wek for the United States were 252 against 2S9 last week.
 FINANCIAL REVIEW
 New York, December 30.-Bradstreet's weekly review of the stock market tomor- row will say: Increased participation by the public has been the principal feature There are intimations of Ideals" and com ing dividends which will have a good effect on the position of various properties, while above all is the idea, although the course of the market in the last fortnight has evil dently been in the nature of a discounting of the January investment demand the latter Will stlll nave suf1clent force to car " securities to higher level irrespective of what the growth and widening of the speculative spirit may accomplish in the same direction The London market has been more or less of holiday market, but American stocks were strong there and the foreign participation was mainly on the bull side In fact the fortnightly settlement on the stock exchange there disclosed ex- ceptionally large hogs holdings of our se- curities. In our own market the activity of leading interests in supporting and ad- yancing their securities has not been want ing, though to give variety to the market some of the professionals showed a dispo- sition during the week to take the bear side for a turn Under existing conditions and in view of the revived interest of the pro-