Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-01
THE STATE OF TRADE
REPORTS ny THE TWO LEADING
COMMERCIAL AGENCIES.
hUSPICUOUS OPENING OF NEW YEAR.
Improvement I'm Conditions Over
Those That Existed az the Begin
No Longer Matter of Anxiety.

NEW YORK, December 3l-Mossrs. X.
q. Dun & Co.'S Weekly Review Of trade
will say In it's issue tomorrow:
The failures for the year which closed
last night have been smaller In total lia-
biItics than in any other year since lS92.
in number smaller than IN any year ex-
cept in 1895, and In average liabilities
smaller than in any year during the last
twenty-three years. except four. The ag-
grcgatc Of all failures. commercial and
banking. was NSO600.0o0. Of which s5.S0.-
90 was in banking. In 1850 commercial
failures. the amount OF liabilities was
S5A&0.O0, OF which 100000 was in man
ufacturing. n S73.7o0.OoO in trading. with
S2.loO.oo in brokerage and other CONNER
cial lines. The average OF liabilities per
failure was only Su.5ss. and in 1892 only
Sl05. burt only three years in the past
twcnty-thrco were ri~vals-lSSS. with $l1,5g5.
1856. with Sl,65l, and 1885, with $l1,O18.
The new year opens with conditions
radically different from those which pre-
vailed a year ago. Great financial distrust
existed then. but 1t has passed away.
after q whole year Of entire freedom from
money disturbance or alarm. in which the
country has paid heavy foreign indebted
ness. taken and paid for many millions
OF stocks sent from abroad. and accumu-
lated credit against other countries. rep
resented 10y merchandise balances Of more
than &Doo0oo0 in its favor for the past
FIVE months. with deferred exchanges Tor
more than S20.0oOO0O held by New YORK
banks alone. while the great industries
have been pushing their waylintO foreign
markets with unprecedented success. The
monetary situation is no longer a matter
Of anxiety. More than half a million men
Ia "a few states. according to official re-
ports. are employed now, who were Idle
% year ago. and the general advance in
wages for those employed has gone far
10 restore the rates prevailing before the
panic.
The volume Of business through clear
lighthouses for the week. 1i2 per cent.
larger than I'm 1892. has for the month
been OS per cent. larger than in that year,
and in many industries and branches OF
business the latter months Of this year
have surpassed all records.
IRON INDUSTRY.
The iron industry has been greatly en-
couraged by increased demand during the
past few weeks. and while the improve
mcnt i'm pig-iron at Pittsburg has been
maintained. Notwithstanding the greatest
output ever known, the new contracts for
finished iron products have been good Tor
the season. Minor metals have been rather
weak. with tin at 1876 cents. and copper
a. lo.S cents, in spite OF large exports,
while lead is quoted at S.72 1-2 and spelter
no $50. The best Bossemer fuli-weight
~fin-plates are selling at 800. against $40
for foreign. No change I'm the prices OF
coke appears. though the shipments were
the largest for any week this year.
The cotton industry IS halted by the
question Of wages. although a general
reduction now seems probable. The
manufacturers have been buying largely |
Of material for worsted goods. and their
purchases have stimulated buying by
wool men. so hat the wool markets are
stronger. though without change I'm quo
t4tions.
After the great excitement at Chicago
wheat stu goes out of the country as
largely as before: from Atlantic ports.
357O78 bushels flour included, against
ld4z5i0 last year, and from Pacific coast
ports. 1.72.625 bushels. and I'm four weeks
the Atlantic exports flour included have
been 15.C6O.OH bushels. against S.JO16l last
year. Heavy western receipts are only
rejecting temporary conditions I'm the
Chicago market. But the extraordinary
exports Of corn-14, 4Oi905 bushels. against
9fAN2 bushels In the corresponding four
weeks last year-shOw how sOrely foreign
markets are pushed by the increasing de-
mand for breadstuffs. Wheat has de-
clineG 5-S Of a cent, with the Chicago mar
ket. and corn has mean while advanced
p of "a cent.
The cotton movement continues remark
ably heavy. and yet the slight advance
last week is maintained. The movement
90 date, although more than seven mil
lion bales have come into sight. scarcely |
supports the largest current estimates.
The failures for the week have been S5
IN the United States. against 49, last year.
and Il I'm Canada. against 80 last year.
BRADSTREET'S VIEW.
Bradstreet's tomorrow will say: Holt
day quiet and stock-taking close q year
which. while not fully realizing the most
sanguine expectations, certainly con-
tanned much that was gratifying. and
more than fun Of promise for the year
1S2S. Following "a series Of years Of al
fernate ~stdgnation and slow and even
painful revival, 1897 presented a large
volume Of business done as a whole at
prices which. while not altogether salts
factory. resulted I'm "a total of trade
larger than in any previous year since
1852. Tariff changes restricted demand, but
encouraged speculation. and brought
heavy imports I'm the first part OF 1897
While the enlarged foreign demand for
American breadstufis. and for some va
rieties Of manufactured articles, bettered
tho condition of the American farmer.
Hil. therefore UNrlltrr-utU quite mate I
rally. in the latter part TO the year. Price :
conditions "a not favored the southern
producer Of cotton or the northern manu-
facturer Of cotton goods. The best re-
ports come from the West, Northwest,
and Pacific coast.
Prices at the close are as a whole on
q higher range than at the opening, adj
vanccs being most numerous i'm food
products. raw silk. and wool, while de-
creases are 20 be reported in raw cotton
and cotton goods, nearly an the metals,
anthracite. coal, and petroleum. Rail
road interests share IN the revival OF
prosperity. with gross and net earnings
larger than i'm any year since 1893, and
the year 1895 opens with the business
community. with the few exceptions
notes. in a very cheerful frame Of mind.
A heavy falling of in the number and
The liabilities Of individuals, firms or
corporations falling was shown in 1891
from le6. and the four preceding years.
A partial return 10 more OF less normal
conditions Is further indicated boy a drop
IN the percentage Of assets 10 Liabilities,
and by a reduction in the commercial
death rate, as compared with every year
since and including 1898.
The total number Of failures reported
20 Bradstreets for the year just closed