The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-01

New York, Dec. SIR. G. Dun &
Co.'S weekly review of trade will say:
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
1895, and in average liabilities per fail
ure smaller than in any other year
during the last %, except four. The
aggregate of all failures, commercial
and banking. was $3.50 900, of which
$25, 100000 was in banking.
In 1850 commercial failures the
amount of liabilities was S154. 800, 900. of
which 500, 600, 900 was in manufacturing
and $40, 900 in trading, with S12, 100000
in brokerage and other commercial
lines.
The average of liabilities per failure
was only S11, $50, and in 1892 only Sill OPS,
but only three years in the past %
were rivals, 1888, with 81. sos; 1886, with
S11,651, and 1885, with S11,O7S.
NEW YEAR.
A new year opens with conditions
radically different from those which
prevailed a 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
ei en- Indebtedness, 1t has taken and paid
many millions for stocks sent from
abroad and accumulated credits against
other credits represented by merchan-
disc balances, more than $500. COX, 600 in
its favor for the past five months, with
deferred exchanges for more than $780,,
600. 600, held by New York banks alone.
While the great industries have been
pushing their way into foreign mar
kets with unprecedented success. the
monetary situation is no longer a mat
ter of anxiety. More than half a mil
lion men in a few states, according to
official reports, are employed now, who
were idle a year ago, and the general
advance in wages for those employed
has gone far to restore the rates pre-
vailing before the panic. The volume
of business through clearing houses for
the week, 14.2 per cent larger than in
1892, has for the month been 0.3 per
cent larger than IN that year, and in
many industries and branches of bust
ness the latter months of this year have
surpassed all records.
IRON INDUSTRY.
The iron industry has been greatly
encouraged by increased demand dur
ing the past few weeks. and while the
slight Improvement in pig iron at
withstanding 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: II 300 tons
structural work for Improvements at
New York alone, with large operations
at Chicago and other cities, and a
greatly increased demand for manu-
featuring materials generally, and es-
pecially for sheets. Minor metals have
been rather weak, with tin at 1876
cents, and copper at S1OS7, in spite of
large exports, while lead is quoted at
S37215, and spelter at s3.S5. The best
Bessemer full weight tin plates are
selling at :3.05, against $40 for for
eign. No change in the price of coke
appears, though the shipments We're the
largest for any week this year.
COTTON.
The cotton industry is halted by the
question of wages, although a general
reduction now seems probable. The
manufacturers have been buying large
ly of material for worsted goods, and
their purchases have stimulated buy
ing by wool manufacturers, so that
the wool markets are stronger, though
without changes in quotations.
After the great excitement at Chi
cago, wheat still goes out of the coun-
try as largely as before; Atlantic ports,
:, $40, 1888 bushels, flour included, against
!, 542, $40 last year. and from Pacific
ports, 1,712625 bushels.
EXPORTS.
In four weeks the Atlantic exports,
-four included, have been 10. 060047 bush
els, against $500 161 last year. Heavy
western receipts are only rejecting
conditions in the Chicago
market. But extraordinary exports of
corn, 14,4O4,9 05 bushels. against 9.444, 1853
bushels in the four weeks last year,
show how sorely foreign markets are
pushed by the increasing demand for
breadstuffs. Wheat has declined Is of
a cent with the Chicago market, and
corn has meanwhile advanced q of a
cent.
Failures for the week have been 395
in the United States, against 439 last
year, and 81 in Canada, against SO last
year.