The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-01-11

RESUMPTION OF WORK BY MANY
THOUSAND EMPLOYEES.
WAS A REDUCED lumber OF FAILURES
The General Outlook lot Inferior to Any Pie
vious Year at This Tine Presumption
Of Work After Holidays Has Been
Generally EnCouragiag'

morrow Will say:
The year opens with a tone Of quiet
confluence pervading nearly all branches
of business, with encouraging activity
IN the iron trade, a resumption OF work
hv many thousands Of industrial EN-
,nlovns in the western glass industry, a
Largalv reduced volume Of business fail
ures as compared with corresponding
uerfads in preceding years and a general
a-[+I,nk certainly not inferior to any
previous year at this time. DlstrlbutlFe
trade has naturally been rather SLOW
nendinc stock taking and the return
of saIesmen to the fields. While the
Volume of distributive business IS no
Iarcer. industrial activity is a special
feature u~ncOnined to any one secUol
hut sneciaIly notable in the west. Re-
sumntion of work after the holidays mas
been generally encOurag ing IN that sec
ton. Autumn weather in the north-
west checks distribution, but COLLECTIONS
are reported good. Sales of Southern
iron are large. Louisiana sugar crop
returns have been very satisfactory.
Nine tenths of FlOrida's orange crop was
Gathered before the late freeze, and
cotton IS steady in good export demand.
Wool has opened up actively at some
eastern markets and lower prices Tor
cotton goods have stimulated some de-
mand.
Naturally enough there is a slight gain
in the number Of failures reported this
week over last, the total a~ggregatlng
3333, against 297 last week, but a heavy
falling off from 1897, when the total
was 4SS. The total in this week of
1896 was 446; in 1895, 400, and IN
1894. 4S4. thus showing a failing Oft
from this week in recent preceding years
Of from one quarter to ne-thlrd.
Bank failures in 1897 followed the gen.
eraI tendency of business mortality IN
all other lines of business. The reputa-
tion of the banking community for con-
servatiSm. However, is borne out by the
relatively heavier falling oft IN the
number of failures and he reduced
volume of liabilities Of banks and trust
companies. as compared with preceding
years, than in ordinary commercial cir
cleS. The total number Of fail
ures of National, State, Savings
and private banks and loan and
trust companies in 1897 was 100, a lit
tie more than half of those of 1896 and
less than one fifth of those Of the pane
year 1eJ3. Liabilities also showed a
heavy falling off, being sixty per cent
smaller han 1886 and 80 per cent small
er than 1898. The number of liabilities,
however. were slightly larger than 1881
The r9~centage of assets to liabilities IN
1891 vas only 76, the smallest reported
since Bradstreet's record of bank suS-
pensions was begun.
There were IS business failures in the
Dominion Of Canada this weeK( against
last week and Go in this week a year
ago.
Tie holidays have exercised their ex-
Dect.I effect on export trade in lead
ing cereals. Wheat exports from the
United States and Canada for the first
week in January amount to 3,4S1.3I6
bushels. against 5,495,00O bushels last
week. 3.1OS,O0O bushels in this week a
Year ago, and 3,471, 600 bushels in the
corresponding week in 1886. Corn ex-
ports also show a sensible diminution,
amounting to 4,O86,0O0 bushels last
week. 4.S19,O0O bushels in this week a
yc.r ago and 100000 bushels in the
co9responding week Of 1896.
DUN'S REVIEW.
New York, Jan. 7.-R. G. Dun and
C9mpany's weekly review of trade will
say in it's issue tomorrow;
In failures 1897 was not only the
lest year since 1892, but on the whole
tle best ever definitely known. With
1922 failures, in number 11.5 per cent
less than 1896, and $1S2,'S1,II1 default
ed liabilities, $40 per cent less than in
1896, the years banking failures cunt
cd for $2S,249, 100, and the commercial
failures were but 1881, with liabilities
# $154 ,332,O71, the average per failure
being only S11, 559, the lowest ever knoWn
except in 1892. But even in that year
The failures during the last half aver
aged liabilities of S1O,477 per failure
while in the last half of 1897 the aver
age was only $9,593. The returns by
branches Of business show that IN 10
out of % classes the failures were lower
than in any previous year of which
there is record, with especially large de-
creases in the great number of unclassl-
fed manufacturing ard trading failures.
Moreover the year showed remarkable
decreases, as some other prosperous
years have shown increases, comparing
the second with the first half. The new
year begun with disappointment for spec
ulators IN stocks and grain, which IS not
a bad sign. Prices of stocks have gain
ed a little, after yielding at first and
close u cents per share higher for rail
roads and $1.O5 per share higher for
trusts.
Wheat declined ~ cents owing to the
termination of the corner at Chicago
anu NcSUSIh IcCtlplS "cIt dpouI uoupIC
last years, with Atlantic exports 3
S4O,31S. lour included, against 2,150,9O9
last year. A speculative estimate makes
the quantity still in farmers hands 40
per cent of the crop, which is quite pos
sible, but the consumption and exports
in half the year ought to take more
than 40 per cent of the years supply.
y fleet of vessels is reported at Balti-
more or on the way thither for wheat.
Exports of corn for the week fell below
last years, although western receipts
are unusually large and the price fell
but g OF a cent. Cotton was a disap-
pointment to many because it did not
change at all in spot price, although the
accounts Of reduction in wages by New