The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-08
IRON TRADE is ACTIVE
RESUMPTION OF WORK BY MANY
THOUSAND EMPLOYEES. -.
WAS A REDUCED NUMBER OF FAILURES
The General Outlook Not Inferior to Any Pr
vous Year at This Time Resumption ,
of Work After Holidays Has Been
Generally Encouraging.

New York, Jan. 7.-Bradstreet's to-
morrow will say: VII
The year opens with a tone of quiet
confidence pervading nearly all branches
! of business, with encouraging activity
in the iron trade, a resumption of work
by many thousands of industrial en-
, ployes in the western glass industry, a.
largely reduced volume of business fall
) ures as compared with corresponding
!, periods in preceding years and general
outlook certainly not inferior to any
previous year at this time. Distributive
trade has naturally been rather slow
pending stock taking and the return
of statesmen to the fields. While the
volume of distributive business is no
larger, Industrial activity is a special
feature unconffned to any one section
but specially notable in the west. Re-
sumption OF. work after the holidays has
been generally encouraging in that Sec
ton Autumn weather in the north
west checks distribution, but collections
are reported good. Sales of Southern
iron are large. Louisiana sugar crop
returns have been very satisfactory
Nine tenths of Florda's orange crop was
! gathered before the late freeze, and
cotton is steady in good export demand.
! Wool has opened up, actively, at some
! eastern markets and lower prices for
cotton goods have stimulated some de-
mand. g.,
Naturally enough there is slight gain
in the number of failures reported this
week over last, the total aggregating
1888: :3s3,% against 297 last week, but a heavy
falling off from 1897, when the total
Nwas 4SS. The total in this week of
: 1896 was 446 in 1895, 405, and in
1894, 4S4, thus showing a failing off
from this week in recent preceding
of from one quarter, to ne-third. ID.
Bank failures in 1897 followed the gem
!, eral tendency of business mortality in
all other lines of business. The reputa-
ton of the banking. community for COM
seryatism, however, is borne out by the
relatively heavier falling off in the
number of fa4lures and the reduced
volume of Liabilities Of banks and trust
companies, as compared with preceding
years, than in ordinary commercial cir
cles. The total number Of fail
ures of National, State, Savings
and private banks and loan and
trust companies in 1897 was 105, a lit
tie more than half of those of 1896 and
year 1898. Liabilities also showed a
heavy falling off, being sixty per cent
smaller than 1896 and 80 per cent small
err than 1893. The number of liabilities,
however, were slightly larger than 1894.
The percentage of assets to liabilities in
1897 was only 76, the smallest reported
since Bradstreet's record of bank sus-
pensions was begun.
There were 4S business failures in the
Dominion of Canada this weeK( against
- last week and 60 in this week a year
ago.
!. The holidays have exercised their ex-
pected effect on export trade in lead
ing cereals. Wheat exports from the
United States and Canada for the first
week in January amount to 3,4S1 ,576
bushels, against 5,495,000 bushels last
week, 3,10S,000 bushels in this week a
year ago, and 3,471, 900 bushels in the
corresponding week in 1896. Corn ex-
ports also show a sensible. diminution,
amounting to 4,0S6.000 bushels last
week, 4,819,000 bushels in this week a
year ago and 100000 bushels in the
corresponding week of 1896. Il
DUN'S REVIEW.
> New York, Jan. 7.-R. G.. Dun and
Companys weekly review of trade win
say in it's issue tomorrow; III
IN In failures 1897 was not only the
best year since 1892, but on the whole
the best ever definitely known. With
1882 failures, in number 11.5 per cent
less than 1896, and $1S2,IS1,I11 default
ed liabilities, $40 per cent less than in
1896, the years banking failures count
ed for $2S,249,7 zoo, and the commercial
failures were but 1885, with liabilities
of $50, 1872, 071, the average per failure
being only $11, $50, the lowest ever known
except in 1892 But even in that year
the failures during the last half aver
aged liabilities of $10,477 per failure
while in the last half of 1897 the aver
age was only 1888. The returns by
branches of business show that in 10
out az % classes the failures were lower
than in any previous year OF which
there is record, with especially large de
creases in the great. number of unclassi-
fed manufacturing and trading failures.
Moreover the year showed remarkable
decreases, as some other prosperous
), years have shown increases, comparing
the second with the first half. The new
year begun with disappointment for spec
ulatOrs in stocks and grain, which is not
bad sign. Prices of stocks have gain
ed a little, after yielding at first and
roads and $1.05 per share higher for
trusts.
Wheat declined ~ cents owing to the
termination of the corner at Chicago
and western receipts We're about double
last years, with Atlantic exports 2
S4O,31S, flour included, against 2, 15O,9O9
last year. A speculative estimate makes
the quantity still in farmers hands 40
per cent of the crop, which is quite pos
sible, but the consumption and exports
in half the year ought to take more
/ than 40 per cent of the years supply
fleet of vessels is reported at Baitl-
more or on the way thither Tor wheat.
EXPORTS of corn for the week fell below
last years. although western receipts
are unusually large and the price fell
but q OF a cent. Cotton was a disapr
pointment to many because i did not
change at all in snot price, although the