The herald., 1898-12-31
Bradstreet,s Report

NEW YORK, Dec. 3).-Bradstreets to-
morrow viii say:
tanned activity. in industrial lines, partcu-
larly iron and steel, exceptionally large
shipments of goods on orders, liberal cereal
exports and specially heavy dealings in
speculative markets are features calling
for notable mention in the closing week of
the year. F.rmness in prices is likewise
an encouraging feature IN most staples.
Wheat, though showing a reaction, Is
higher on the week, on large export clear
ances, 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 for the
week, while the volume Of foreign demand
for even finished metal products apparent
ly increases as the year draws % its close.
Conc!ssly stated, the reports received as
to the years business In III sections of the
country point to an unprecedented volume
or domestic and expert trade. which is re-
lec,ed in bank clearances that break the
E-Sh record CT 1882. The general level Of
prices of staple securities at the close of
the year Is almost at The highest point
reached for five years past Railroad earn
inSs exceed all previous years, and finally
there was a smaller nunfba r of failures and
lower Liabilities than in any year for a
least five years past.
These general results in the country at
large have been achieved, too, notWi h.
standing the outbreak and close of for
conditions in some industries notably tex
tile manufacturing, which, combined with
unfavorabie weather early in the year and
,he lowest prices for cotton on record
ercsed an unfaVorable influence. But the
close of the year finds an Improvement In
those directions, and returns as TO retail
trade, and particularly holiday business,
are strik!ngly good in all sections Best
reports from distributive trade naturally
come from the grain growing sections of
The country, which were the first 10 meet
an Improvement resulting from free for
eign demand for our cereals, but indica-
tons are not wanting that, this improve
ment Is gradually percoating throughout
ihe entire business community, and, cou
pied with unprecedented export trade in
manufactured goods and the fact that we
are selling two dollars worth abroad for
every dollars worth we buy, renders possi-
bic the gains reported In distr. butive trade
over 1891 ranging from 10 to 40 per cent,
with Likewise good reports from the manu-
facturing centers, excepting the textile in
dustries already mentioned. The export
trade of the country for the year. as above
irtimated. is the heaviest ever known, and
Will probably exceed 81, $50 00V, 0O0 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 coun-
;ry's history, exceeded the imports of simi-
lar goods.
There were 11.6S3 failures, in the United
States in 1898, involving liabilities of $14l-
1871, III, decrease from 1897 in number of
11.2 per cent and IN liabilities of 9.5 psr
cent Compared with 1896 and 1895 the pro-
portion of decrease is even larger. AS com
pared with 1896 failures were fewer by %
per cent and liabilities smaller by GA per
cent. Decreases are also shown when COM
pared with 1891, year of large trade, but
of numerous and costly failures; but, COM
pared with 1892, there is an increas g shown
of 13 per cent in number and 50 per cent
In liabilities. The tendency of failures
toward the normal is illustrated by the
fact that the percentage of assets to liabil-
the annual death rate-that s. the percent
age. of traders failing to those in business
is likewise the smallest reported since the
latter year, being only 1.6 per cent, against
1.2O in 1897, 1.50 in 1893, and LOO in 1892. Tn
satisfactory conditions in textile lines and
some large failures of banks and other
financial concerns account for the eXpan-
sion 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 the dullness growing out of the war
and bad weather.
Wheat, including flour, shipments for the
week aggregate 6,292 go bushels, against
5l53l last week. S4s5 0eo in the CORES
57S in 1895, and 3,196 4O5 bushels in 1894
Since July 1st this year the exports of
wheat aggregate 12l51S, ,709 bushels, against
12S, ,96l,7 7OS bushels last year.
FINANCIAL REVIEW
Bradstreet's weekly financial review will
say:
Increased participation by the. public has
houses have been active in the market and
while a great deal of profittaking has un-
doubtedly occurred, the accession of new
purchasers of securities for speculative
purposes has been continuous. Fears that
the market was eliminating for the time
being have found expression, while the
bullish temper Of the street and public is
undiminished. The favorable factors of
the situation, such as the volume of money
in the country and the continuance of In
creased railroad earnings, were supple
mented this week by rise in grain prices,
ll1lp largely to inPrpa Sp0 fOrapp 1e m nd for
demands, the latter will still have sufficient
force to carry securities to a higher level
irrespective of what the growth and WIDEN
ing of the speculative spirit may accom-
plish in the same direction.
The London market has been more or less
of a holiday character, but American
stocks We're strong there and the foreign
participation was mainly on the bull side
In fact, the fortnightly settlement on the
stock exchange there disclosed exception
ally large long holdings of our securities.
In our own market the activity of lead
ing interests in supporting and advancing
their securities has not been wanting.
though, to give variety to the market, some
of the professionals showed a disposition
during the week to take the bear side for
a turn. Under existing conditions and in
view of the revived interest of the public.
estimates of the outlook generally point
TO a continuance of the rise in prices for
both stocks and bonds, tempered, perhaps,
by setbacks, as realizing temporarily gains
the ,ascendency or the over-bought state
of the market invites reactions.
Dun & Co.'s Review
NEW YORK, Dec. SO.-R. G. Dun & Co. s.
weekly review of trade will say tomorrow !:
The year has not only been one of great
victory, of important increase In territory
and of incalculable expansion of the infiu-
ence of the United States among other ma
tions, but has surpassed all other wears
In financial and Industrial results. The
center or financial power has crossed the