The Republican journal., 1898-01-27
Our Washington Letter.

WASHINGTON, D. C., Jan. oath, 1898
The reports from all over the country in
dictate in the commercial and mercantile
lines a confidence in all branches Of in
dustry and trade.
That prices can move upward, notwith-
standing the claims last year of the silver
men that permanently increased prices
could not come under the present stand
ard Of money, has been thoroughly
demonstrated Slight reactions, of course,
occur and are looked for; the trend of the
market is steadily fol improvement The
activity Il the stock market at the open
ing of the year was most marked and
strengthens the opinion that money now
idle will soon find its way into the
channels Of trade and enterprise. The
failures for 1891, in spite of the general
depression and stagnation with which the
year opened, show the smallest aggregate
Of liabilities in any year since 1892. The
figures by different branches of business
y p
classes the failures were lower than in
any previous year of which there is a
rec I'D.
Pledged to definite economic policy
and the continuance of the present one
hundred cent standard, with the incoming
of the Mckinley administration there was
hoY
and manufacturing failures. The num-
Der has been growing smaller and smaller
as compared with the corresponding
periods of last year, and the first week of
the new year finds all branches of bust
ness and industry standing upon basis
of permanence which stimulates all other
and independent industries to activity.
Bank clearings last week, largely swollen
by the annual settlement, reached 81, 41S,-
600, 600 one of the heaviest figures in the
history Of the country, being an increase
of eighteen per cent over the week previ-
Gus and Of twenty four per cent. over the
corresponding week of 1897. With a
weekly increase in the bank clearings all
over the country, and constantly increas-
ing factory pay rolls. the trade outlook
al the beginning of year was never more
promising. Special activity is seen in
the iron trade and in the fint-glass
factories, the latter finding difficulty in
keeping up with the orders.
NO trouble has been experienced in the
payment Of the enormous sum of S54, 600, :
900. 90 by the Union Pacific syndicate to
the Government This was done without
its effect being in the least felt by the
money market, notwithstanding it is a
transaction which eclipses anything of the
kind before known in this country. All
trouble and stringency was avoided
through the skill of Secretary Gage,
whose practical knowledge of banks and
banking guided his action.
Farm prices keep up and our export
trade is enormous. The United States
furnished in 1897 more than one-h half of
the wheat required by European import
ing countries. Our exports of American
wheat and flour aggregated 1872, Co., 900
bushels ont of the worlds shipment of
800, 600, 600 bushels of that product.
The increased demand abroad for corn
has been one of the most satisfactory COM
mercial features of 1897. During the
month Of December nearly twice as much
corn went to Europe as in the correspond
ing month of 1896 The people of Europe
are slowly learning that corn is good for
man as well as beast. The total exports
of corn last year amounted to 1856, 900, 900
bushels, or nearly 70, 900, 900 bushels more
years preceding 1897 the average annual
expectation of corn was only 66, 900, 900
bushels. 1t is clear, therefore, that the
various efforts which have been made to
bring this king Of American cereals into
favor with foreigners are beginning to
bear fruit. There is no country in this
world that can in anywise compete with
the United States in growing corn, and if
we can establish a large and incre asing
market abroad for the product, it will
bring our farmers untold wealth. What
is most needed to insure general demand
for corn abroad is knowledge of prepar-
ing it for the table. Of the large amount
of corn meal sent to Ireland during the
| famine many years ago, much was wasted,
as the poor people could add nothing tc
it but water, and insisted it was COW
feed