The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-01-01
THE FAILURES OF THE YEAR
THEY AGGREGATE THE IMMENSE
SUM OF SIsO,690,0OO.

THEY AGGREGATE THE IMMENSE
SUM OF SIs0,68o, 900.
OF This Amount S25, 500, 900 Was in Bank
ing-Average Liabilities Per Failure
$11,5s8-New Year Opens with Con-
ditions Radically Different From Those
That Prevailed Last Year.
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
ties per failure smaller than in any
other year during the last twenty three,
except four. The aggregate of all fail
ures, commercial and banking, was
$1S0,00O,O0O of which $25,SOoO0O was in
banking. In 1880 commercial failures
the amount of liabilities was $154 $780, 900,
of which $69OOo,0OO was in manufactur-
ing and s73,700,00 in trading, with $12,-
100000 in brokerage and other CONNER
cial lines. The average of liabilities
per failure was only $115s9, and in
1892 only $11,025. but only three years
in the past twenty three were rivals,
1888, with $11,595, 1886 with $11, 651, and
1885 with $11,O7S.
A new year opens with conditions
radically different from those which
prevailed year ago. Great financial
distrust existed then, but has passed
away. After a whole year of entire
freedom from disturbance or alarm, in
which the country has paid heavy for
eign indebtedness, taken and paid many
millions for stocks sent from abroad
and accumulated credits against other
countries represented by merchandise
balances more than $320,000,000 in it's
favor for the past five months, with de-
ferred exchanges for more than $4,000
900 held by New York banks alone,
while the great Industries have been
pushing their way into foreign markets
with unprecedented success, the none
tary situation is no longer a matter of
anxiety. More than half a million men
in 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
to restore the rates prevailing before
the panic. The volume of business
through clearing houses, for the week
was 142 per cent. larger than in 1892,
has for the month been 3 larger than in
that year, and in many Industries and
branches of business the later months
of this year have surpassed all records.
The iron industry has been greatly en-
Outraged by increased demand during
the past few weeks and while the slight
improvement 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.
The shipments of boots and shoes in
December were 23.6 per cent. larger
than last year, and 1873 per cent. larger
than in 1892, and for the entire year
have much surpassed those of any other
year in history, Notwithstanding the
complaint that higher prices have pre-
vented purchases. Obviously the con-
Stunning demand is greater than any
body has supposed, and the prospect is
that dealers will be able to pay better
prices in the near future. A somewhat
better demand appears for leather, with
but slight change in prices, although
hides are trifie lower. The cotton in
dustry is halted by the question of
wages, although general reduction
now seems probable. The manufacture
ers have been buying largely of mater
ial for worsted goods, and their pur-
chases have stimulated buying by wool
manufacturers, SO that the wool mark.
cts are stronger, though without changes
in quotations.
After the great excitement at Chicago
wheat still goes out Of the country as
largely as before, from Atlantic ports
3,570,783 bushels, flour included, against
1,542,5 last year, and from the Pacific
ports t. 12, 625 bushels, and in four weeks
the Atlantic exports, flour included
have been 15,060,O47 bushels against s..
500,16 last year. The cotton movement
continues remarkably heavy, and YET
the slight advance last week is main.
tanned. The movement to date, although
more than seven million bales have
come into sight, scarcely supports the
largest current estimates.
Failures for the week have been 80:
in the United States against 439 last
year, and 81 in Canada against 80 last
year.