The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-01
Figures That Show a Great Revivai
Followed the Wave of Di$trust That
Was Swept Away in November, 1SSO'
MANY IDLE MEN GIVEN WORK
AND WAGES IN MOST OF THE LEAD
ING INDUSTRIES ADVANCED.
Failures Fewer, Bank CIenrinSs
Greater than Ever, and Balance of
Foreign Trade in Our Favor.

NEW YORK. Dec 31-R. G. Dun & Co.. S
Weekly Review of Trade will say IN It's
issue tomorrow: Failures for the year
which closed last night have been smaller
than in any other year since 1892, in number
smaller than in any year except in 1892
and in average liabilities per failure snailer
than in any other year during the last TWEEN
ty-three, except four. The aggregate OF an
failures, commercial and banking, was $lSO'-
COO 900, of which $25, 900 was in banking.
In 1S 800 commercial failures the amount OF
liabilities was $154, S0O, OO0 of which $69OOOOOo
was in manufacturing and $l3, 7OO,VOO IN TRAD
ing, with $12 100, 900 in brokerage and other
commercial lines. The average of liabilities
per failure was only S11,5S9, and in 1897 only
S11 .O25. but only three years in the past
twenty-three were rivals, 1888, with $ll $50;
1885, with $11 ,C51, and 1885, with $1l,O1S
A new year opens with conditions radical
ly different from those which prevailed
year ago. Great financial distrust existed
then but has passed away. After whole
year of entire freedom from disturbance or
alarm. in which the country has paid heavy
foreign Indebtedness, taken and paid many
millions for stocks sent from abroad, and
accumulated credits against other countries
represented by merchandise balances more
months with deferred exchanges for more
than $20,OO0OOO held by New York banks
alone, while the great industries have been
pushing their ways into foreign markets
with unprecedented success, the monetary
situation is no longer a matter of anxiety.
More than a half million men in a few
States according to official reports, are en-
ployed now who were idle year ago, and
the general advance in wages for those en-
ployed has gone far to restore the rates
prevailing before the panic.
The volume of business through clearing
houses for the week. 1872 per cent larger
than in 1892, has for the month been O.3 per
cent. larger than in that year and in many
industries and branches of business the later
months of this year have surpassed all rec
ords.
The iron industry has been greatly en-
couraged by increased demand during the
past few weeks and while the slight i'm
provement in pig iron at Pittsburg has been
maintained, Notwithstanding the greatest
output ever known, the new contracts for
finished products have been unusual for the
season. They include 10000 tons steel rails
to one Eastern mill, 1000 tons structural
work for improvements at New York alone,
with large operations at Chicago and other
cities and greatly increased demand Tor
manufacturing materials generally, and es-
pecially for sheets. Minor metals have been
rather weak, with tin at 1876 cents, and cop
per at 1887, in spite of large exports, while
lead is quoted at 37214 cents and spelter at
1886 cents. The best Bessemer full-Weight
tin plates are selling at $3.05, against $40
for foreign. No change in prices of coke
appears, though the shipments were the
largest for any week this year.
The cotton industry is halted by the ques-
ton of wages, although general reduc-
oErlA1 10 MAJ fa 0f
ers have been buying largely of material
for worsted goods and their purchases have
stimulated buying by wool manufacturers
SO that the wool markets are stronger,
though without changes in quotations
After the great excitement at Chicago
ly as before-from Atlantic ports, $50 7S3
bushels, flour included, against 1.542.540 last
year, and from Pacific ports 1,7126 25
bushels. In four weeks the Atlantic
ports, flour included, have been il, 900 047
bushels, against S5OO161 last year Heavy
porary conditions in the Chicago market
But extraordinary exports of corn-14 ,404 905
bushels, against 9444 ,S53 bushels in the four
weeks last year-showS how sorely foreign
markets pushed by the increasing de-
mand for breadstuffs. Wheat has declined
ssc with the Chicago market, and corn has
meanwhile advanced &c.
The cotton movement continues remarka-
bly, heavy and yet the slight advance last
week is maintained. The movement to date
although more than 100000 bales have come
into sight. scarcely supports the largest
current estimates.
Failures for the week have been 1896 in the
United States, against 439 last year, and
twenty-one in Canada, against thirty-nine
last year.