The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1898-12-31


eign Banks Look to New York to
Dictate the Rate Of Exchange-The
Growth OF Our Exports.
New York Dec. S1.-R. G. Dun & Co.'S
weekly review of trade says: The year
1898 has not only been one of victory
of important increase in territory and
of incalculable expansion Of the infiu-
ence of the United States among other
nations, but has surpassed all other
years in financial and Industrial re-
suits. The center of financial power
has crossed the ocean. After paying
debts of several hundred millions
abroad, and conducting 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, ,250 900 900,
and the excess over imports about $6l1,-
0OO 900, against 1857, 900, 900 in 1897, and in
only two previous years has the bal
ance risen to $500, 600 600. In no past
calendar year have net imports of
gold reached $75 OOO, 0OO but this year
they have been about $40, OOO0 900. No
vember passed all previous months in
value of produce exports over imports,
but December 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 T.
700. 900 bales, about 1886, 900 900 pounds
and in no previous year as much as
1000, 900 bales, or $500, 900 900 pounds
Exports of breadstuffs have been in
value $2S3 91S, ,294 in II months, and have
never been as large in any other year.
Exports of wheat for the year. lack
ing a day or two, have been 218 594,-
CSC bushels flour included, slightly ex-
ceeded only by 225 665, ,S12 in 1892, and Of
corn 200979,0 or bushels only approach
ed by 1S9,127.57O in 1897. The heaviest
exports of both grains and flour in any
previous year were 59,0000O0 bushels
smaller only $50, 22O,513, in 1897.
The triumph in finance has been
largely due to industrial progress. The
output of pig iron has been about H.
$4,000 tons, the greatest yet reached
in any year by 100000 tons, and great
er than Great Britain ever reached by
2,S0000O tons. Yet the consumption in
manufacture has been still larger, in
spite of net exports of pig, in ten
months lOOUoJ TONS, IOT uuSOlu SlOChS
were reduced in II months $50 900 tons.
Exports of iron manufactures in ten
months were about sS7, ,644 536 in value,
against imports of $13. 497, ,S17. Prices
shown for the year in the table of COM
PARSONS have been unusually steady,
| varying not per cent for pig from the
| lowest to the highest, and for finished
products not per cent.
Textile industries have hpaD retarded
by high prices of wool and abnormally
low prices of cotton both deterring pur-
| chases. In three months cotton reach
ed 5.31 cents, the lowest price for so
| years, the greatest yield ever known
| being followed by receipts since Sep
4 tember of 357, 900 bales larger than last
| year. Exports have increased but not
| as greatly. Toward the close recovery
| came with accounts of some destruction
| by storm, and the price reached 5.SI
| cents, giving a strong impulse to the
I manufacture. so that the takings by
| northern and southern spinners in the
| calendar year have been 3,425,2O6 bales,
! little greater than in any previous
! crop year.
Bradstreets review says: Holiday
! quiet in general demand, sustained
| actively in industrial lines, particularly
\ iron and steel, exceptionally large
! shipments of goods on orders liberal
| cereal exports and especially heavy
| dealings in speculative markets are
features calling for notable mention in
the closing week Of the year. Firm
ness in price is likewise an encouraging
feature in most staples. Wheat, though
showing a reaction, is higher on the
week on large export clearances, ant
other cereals are in sympathy. Pts
iron demand grows and prices for thi
4 product and for steel rails, steel billets
| plates and wire rods are all higher OF
the week, while the volume of foreign
demand for our finished metal products
apparently increases as the year draw
to its conclusion.
| Concisely stated, the reports received
as to the years business in all sec
tions of the country point to an un
precedented volume of domestic anC
export trade which is reflected in banl
| clearings that break the high recort
of 1892. The general level of prices o
| staples and securities at the close o
the year is at the highest point reached
for five years past. Railroad earning
exceed all previous years, and finall,
there was a smaller number of failure
and lower liabilities than reported Il
any year for at least five years past
These general results in the country a
large have been achieved, too, not
withstanding the outbreak and conclu
sion of a foreign war and in spite ais
OF unfavorable conditions in some in
dustries.
There were II 63S failures in the Uni
ted States in 1895 involving liabiitie
of $141, 1877 III, a decrease from 1897 II
number of 11.2 per cent and in liabilitie
/ of 95 per cent. Compared with 1S9
? and 1895 the proportion Of decreas
shown is even larger and compare,
with 1893 failures were fewer by 25 pc
cent and liabilities smaller by GA pc
> cent. Decreases are also shown whel
compared with 1891, a year of larg
trade, but of numerous and costly fail
I ures, but compared with 1892 there /
an increase shown of l5 per cent il
number and 80 per cent in liabilities
The tendency Of failures toward tn
normal is illustrated by the fact tha
the percentage of assets to liabilities /
the smallest reported since 1892.