The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-01
FALLING OFF IN FAILURES.
NUMBER IN 1897 SMALLER THAN IN
ANY YEAR SINCE 1892.

The average Liabilities smaller in
1897 Than in Any Year in the Last
- Except FOur-The Agsresate pr
All Failures for the Year SiSof-
GO0.OOO-os the Total s25.soo."fO
Was in Bnnking-lAveraGe Liabiih-
ty Per Failure Sts ,5s0-onIy Fo'Ar
other Years in thu. Last - Equally
Favorable in This Respect.
New York, Dec 8l-R O. Dun * cos
weekly review Of trade viii sly n .is issue
tomorrow: Failures Tor tae year. "A'ch
closed last night, have been #...r IMAM
in any other year sine 1872 in number
smaller than in any year except -n lSIo'
ana in average iiabilities per f44}ee mali
er than in any ycr-e5ul .uE 'tae las. wen
ty-threc, except four. The agerea te of
al failures, commercial and bankiu- vas
$50 600,o00 OF which S25.So1OO was iu ! X
ing In 1880 commercial failures the
amount of liabilities was Sld, 10000, OF
which S690j0,000 was in manufacturing
and $73 100000 in trading, with Sl210OO0O
in brokerage and other commercial lines
The average of liabilities per failure was
only $115S9, and in 1892 only $11G25, but
only three other years in the past twenty
three were rivals. 1855 with 81 sos; 1886,
with S11 sol, and 1855, with S1f0OS.
"The year opens with conditions radical
ly from those that prevailed a year ago.
The great financial distrust which existed
then has passed away. There has been
whole year of entire freedom from dis
turbance or alarm. in which the country
has paid heavy foreign Indebtedness, TAX
en- and paid many millions for stocks sent
from abroad. and accumulated credits
against other countries represented by
merchandise balances of more than $780,
100000 in its favor for the past five months,
with deferred exchanges for more than
$50, zoo, coo held by New York banks alone
While the great industries have been push
ing their way into foreign markets with
unprecedented schemes, the money situa-
ton is no longer a matter of anxiety.
More than half a million men in a few
states, according to official reports are
employed new who were idle a 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 clear
ing houses, for the week 14.2 per cent.
larger than in 1892, has for the month been
3 per cent. larger than in that year. and
many industries and branches of business
the latter months of this year have sur
passed all records.
THE iron industry has been greatly en-
courag ed by Increased demand during the
past few week, and while the slight i'm
provement i'm zig iron at Pittsburg has
been maintained, Notwithstanding the
greatest output ever known. the new con-
tracts for finished products have been I'M
usual for the season. They include 30 900
tons steel rails TO one eastern mill, u 900
tons structural work for improvements at
New York alone, with large shipments az
Chicago and other cities, a greatly in
creased demand for manufacturing mate
rails generally, and especially for sheets.
Minor metals have been rather weak,
with copper at 1887, in spite of large ex-
ports. while lead is quoted at 3.721s and
spelter at S.S5 The best Bessemer full
weight tin plates are selling at S3.05,
against $40 for foreign. No change in
prices of coke appears, though the ship
ments were the largest for any week this
year.
The cotton industry is halted by the
question of wages. although a general re-
duction now seems probable. The manu-
facturers have been buying largely on
material for worsted goods and their pur-
chases have stimulated buying by wool
manufacturers so that the wool markets
are stronger though without changes in
quotations.
@A-tSi TIC great thNtleiilSHt at 0nlGdEO,
wheat still goes out of the country as
largely as before, from Atlantic ports this
week. S,57O7SS bushels. flour included
against l.542. $40 last year, and from Pacific
ports 1.712625 bushels.
I'm the four weeks the Atlantic exports.
flour included. have been 15,0600T bushels
against s,5Oe, 161 last year Heavy western
receipts are only rejecting temporary con
dltions in the Chicago market But extra
ordinary exports of corn, IA, i04 sos bushels
against 9H4953 bushels in the four weeks
last year, shows how sorey foreign mar
kets are pushed by the increasing demand
for breadstuffs.
Wheat has declined Is of a cent at the
Chicago market, and corn has meanwhile
advanced q of a cent.
''The cotton movement continues remark
ably 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 395 in
the United States, against 4S9 last year
and q in Canada against SO last year,