The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-31
The Center of Financial Power Has
Crossed the Ocean.
GREAT TRADE BALANCE
IMPORTANT DEVELOPMENTS OF
THE YEAR REVIEWED.
Americas Enormous Exports Have
Given Her a Commanding Posi-
ton In the Financial World-Iron
Industry Breaks All Records
Prices Have Been Steady.

New York, Dec. COR. G. Dun & Co.'S
weekly review of trade will say to-
morrow: The year has not only been
one of victory of important increase
in territory and of i~ncalculable eXpan-
sion of the influence Of the United
States among other nations, but has
surpassed all other years in financial
and industrial results. The center of
financial power has crossed the ocean.
After paying debts of several hundred
millions abroad and conducting a war
to an honorable end, the country is
lending so many millions in Europe
that for the first time banks abroad
look to New York to dictate the rate of
exchange. Exports have been about
81, $50, 00G, 900 and the excess over i'm
ports about $617, 900, 900, against 1857 ,00O,-
600 in 1897, and in only two previous
years has the balance risen to $500, 000,-
900. In no past calendar year have net
imports of gold reached $75, 000, 900, but
his year they have been about $780,
900, 600.
November passed all previous months
in value of product exports, but Deem
Der has gone much beyond November.
Power in the worlds markets comes
with a demand for breadstuffs and
other necessaries never before equaled.
Exports of cotton have been over 7,000,-
600 bales, about 1856, 0O0, 600 pounds, and
in no previous year as much as 1000, 600
bales, or $500, 900, 600 pounds. Exports
of breadstuffs have been in value $685.
91S, 294, in eleven months n never have
been as large in any other year. EX-
! ports of wheat for the year, lacking a
day or two, have been 21S, 594, CSC bush
els, flour included, slightly exceeded
only by 225, 665, S12 in 1892, and of corn
200, 979, or bushels, nearly approached
by 1S9, 972, 600 in 1892. The heaviest ex-
ports of both grains and flour in any
previous year were SO, 600, 900 bushels
smaller only, $50, 900, 519 in 1897. Though
wheat was raised to $1.91 in May the
December average has been only 70
cents, 25 cents below that of last year,
but the years average, SO cents, was
the highest since 1881.
The triumph in finance has been
largely due to industrial progress. The
output of pig iron has been about H.
GAS, 600 tons, the greatest yet reached
greater than Great Britain eve reach
ed by $500, 900 tons, yet the consump-
ton in manufacture has been still
larger, in spite of net exports of pig,
in ten months 163, 0S9 tons. Exports of
iron manufactures in ten months were
about $S7, 644,53S in value, against i'm
ports of $19, 497, S17.
Prices shown for the year in the table
of comparisons have been unusually
steady, varying not 5 per cent from the
lowest to the highest and for finished
products not six per cent.
Textile industries AVE been retarded
by big prices of wool and abnormaily
low prices of cotton, both lettering pr
chases. In three months cotton reached
5.31 cents, the lowest price for fifty
years, the greatest yield Yer known
being followed by receipts since Sep
TENDER of 1851, 600 bales larger han last
year. Exports have increased, but not
as greatly. Towards the close recov-
cry came with accounts of some de-
struction by storm, and the price