The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-31
EXPORTS OVER $1,25o,OOO,oOO
WHILE IMPORTS WERE LESS THAN
HALF THAT AMOUNT IN VALUE.
Shifting of the Center of Financial
Power to America One of the Mo-
table Events of the Dying Year.

NEW YORK, Dec S0-Bradstreet's to-
morrow will say: Holiday quiet. in general
demand. sustained activity in Industrial
lines, particularly iron and steel. excep-
tionaIly large shipments of goods on orders.
liberal cereal exports and specially heavy
dealings in speculative markets are features
calling for notable mention in the closing
week of the year Firmness in price is like-
wise an encouraging feature in most staples.
Wheat. though showing a reaction, is highs
er on the week on large export clearances
and other cereals are in sympathy. Pig iron
demand grows and prices for this product
and for steel rails, steel billets plates ana
wire rods are all higher on the week. while
the volume of foreign demand for our
finished metal products apparently increases
as the year draws to its conclusion Con-
cisely stated the reports received as to the
years business in all sections OF the coun~
try point to an unprecedented volume or
domestic and export trade, which is re-
flected in bank clearanceS that break the
high record of 1892. The general level OF
prices of staples and securities at the closes
of the year is at the highest point reached
for five years past Railroad earnings ex-
ceed all previous years and finally there was
a smaller number of failures and lower iia-
bilities than reported in any year for at
least five years past. These general results
in the country at large have been achieved
too, Notwithstanding the outbreak and cons
clusion of a foreign war and in spite, alsos
of unfavorable conditions in some industries
notably textile manufacturing, which, CONF
bined with unfavorable weather early in the
year and the lowest price for cotton on
record, exercised an unfavorable influence,
A. do
ment even in cotton and returns as to re-
tail trade, and particularly holiday bust-
ness, are strikingly good in all sections.
Best reports as to distributlve trade nat-
urally come from the grain growing sec-
tions of the country which were the first to
feel an improvement resulting from free
foreign demand for our cereals, but indica-
tions are not wanting that this improve-
ment is gradually percolating throughout
the entire business community and coupled
with unprecedented export trade in manu-
featured goods, and the fact that we are
selling two dollars worth abroad for every
dollars worth we buy, renders possible the
gains reported in distributive trade over
1897 ranging from 10 to 10 per cent, with
likewise good reports from the manufacture
ing centers, excepting the textile industries
already mentioned. The export trade of the
country for the year. above intimated. is
the heaviest ever known, and will probably
exceed 81 $50, 600 in value, thus being
nearly double the imports Our export trade
in manufactured goods, it might be OBJ
served, is the heaviest ever known and for
the first time in our country's history ex-
ceed the value of imports of similar goods.
There were 1858 failures in the United
States in 1898, involving liabilities Of $lh,1S7.-
l. -l.<~ 4
per cent and in liabilities of 9.5 per cent.
Compared with 1896 and 1885, the proportion
of decrease shown is even larger and, CONF
pared with 1893, failures were fewer by Is
per cent. and Liabilities smaller by GA per
cent. Decreases are also shown when com-
pared with 1891, year oil large trade. but OF
numerous and costly failures, but, cons
pared with 1892 there is an increase shown
of 10 per cent in nuplber and 90 per cent.
in liabilities. The tendency of failures to-
ward the normal is illustrated by the fact
that the percentage of assets to liabilities
is the smallest reported since 1882 and the
annual rate-that is the traders failing in
business-is likewise the smallest reported
since the latter year, being only L6 per
cent. against 10 in 1897, 1.50 in 1893 and
in 1892 Unsatisfactory conditions in textile
lines and some large failures of banks and
other financial concerns account for the exc
pansion in liabilities shown in those sec
tions, while larger number of small fail-
ures in Pennsylvania and in some of the
Eastern States reflect poor trade early in
the year and dulness growing out of the
war and bad weather.
Cereal exports httingly close the year with
an exceptionally large weekly total Wheat.
including flour, shipments for the week ag-
gregate 62s2,625 bu, against 5,5i5.231 bu last
week. $685. 061 bu in the corresponding week
of 1897 3 707 795 bu in 1896. 3.14257S bu in 1895
and 1886 4O5 bu in 1894. Since July 1 this
year. the exports of wheat aggregate 12l,-
52s, 100 bu. against 12S,961. .7OS bu last year.
Corn exports for the week aggregate 3659,-
745 bu, against 4,103 673 bu last week. 4OSs.-
S66 bu in this week year ago, 2,742,994 bu
in 1896. 244l bu in 1895 and 1.657,3OO bu in
1894. Since July /, this year, corn exports
aggregate S0,949,6S9 bu. against 50 1890 bu
during the same period year ago.
ENpORTG ANn UNFunnTg