The record-union., 1898-01-01
The Financial Distress Existing Twelve
Months Ago Has Passed Away.
More Than Half a Million Men Are
Now Employed Who a Year Ago
Were Idle-Great Industries
Pushing Their Way Into For
eign Markets With Unprece-
dented Success.

NEW YORK, Dec. 31.-R- G. Dun &
Co.'S Weekly Review of Trade VIII
say:
Failures for the year which closed
last night have been smaller than IN
any other since 1892; in number smaller
than in any year ecept 1899, and in
average liabilities per failure smaller
than in any other year during the last
twenty-three, except four. The aggre-
gate of all failures, commercial and
banking, was $1S0,00000O, Of which
$25,0O0,0Oo was in banking. In 1850
commercial failures the amount of Ii
abilities was S154, 100000, of which
500. 600, 900 was in manufacturing and
S73, 100000 in trading, with S12,1OO,-
600 in brokerage and other commercial
lines. The average of liabilities per
failure was only $11, $50. and in 1892
only S11, ,025, but only three years in
the past twenty-three were rivals
1888. with S11 ,595; 1886, with S11,65l,
and 1885, with S11.O1S.
TIL new year opens with conditions
radically different from those which
prevailed a year ago. Great financial
distrust existed then, but has passed
away. After whole year of freedom
the country has paid heavy foreign in
debtedness, taken and paid many mill
ion for stocks sent from abroad, and
accumulated credits against other cred
it's represented by merchandise bal
ances, more than $500 20000,OOO in its
favor for the past five months, with
deferred exchanges for more than S2O,-
10000 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 million men in a
few States, according to official re-
ports, are employed now who We're idle
a year ago, and the general advance
in wages for those employed has gone
far to restore the rates prevailing be-
fore the panic.
The volume of business through the
clearinghouse for the week We're AZ
per cent. larger than in 1892, and has
for the month been 0.3 per cent. larger
than in that year, and in many indus
tries and branches of business the lat
ter months Of this year have surpassed
all records.
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 Pitts
burg has been maintained notwith-
standing the greatest output ever
known, the new contracts for finished
products have been unusual for the sea-
son. They include 10000 tons steel
rails to one Eastern mill, 12,000 tons
structural work for improvement at
New York alone, with large operations
at Chicago and other cities, and a
greatly increased demand for manu-
featuring materials generally, and espe-
cially for sheets. Minor metals have
been rather weak. with tin at 1906
cents and copper at 10S1, in spite of
large exports, while lead is quoted at
3.72 cents and spelter at $50. The
best Bessemer full-weight tin plates
are selling at SO o., against 81 10 for
foreign. No change in the price Of
coke appears, though the shipments
We're 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 large
~ or materials Tor 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
wheat still goes out of the country as
largely as before-Atlantic ports B.
1907 bushels (fiour included. against
1,j42,34O last year. and from Pacific
ports ], 1,112, 625 bushels. In four weeks
the Atlantic exports (hour included)
have been 15,060047 bushels. against
500. 161 last year Heavy Western
receipts are only rejecting temporary
conditions in Chicago wheat But ex-
traordinary exports of corn. IA, ,4o4 9O5
bushels. against 9,444 .S53 bushels in
the four weeks last year, show how
sorely foreign markets are pushed by
the increasing demand for breadstuffs
Wheat has declined - of cent in the
Chicago market. and corn has mean
while advanced u of a cent.
Failures for the week have been 3S5
In the United States, against 400 last
year, and u in Canada, against 80 last
year.