The times., 1898-12-31


neglected yesterday. but they held their
own well.
Sugar had one of its phenomenal ad-
vances yesterday from 125 to 12S. When
the latter figure was reached there was
plenty of talk on the Street that the stock
would go to l5o, but decline began imme-
diately.
New York. Dec. 3O.-Bradstreets tomor-
row will say:
Holiday quiet in general demand, sus-
tained activity in industrial lines. particu-
larly iron and steel, exceptionally large
shipments of goods on orders, liberal ce-
real 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 likewise an
encouraging feature in most staples.
Wheat, though showing a reaction. is high
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 bill
lets, plates and wire rods are all higher
on the week, while the volume of foreign
demand for our finished products appar-
emily increases as the year draws TO It's
conclusion. The reports received as TO the
years business in all sections of the coun-
try point TO an unprecedented volume OF
domestic and export trade, which is re-
Elected in bank clearings that break the
record of 1892. The general level of prices
of staple securities at the close of the
| year is the highest point reached for five
years past.
Railroad earnings exceed all previous
years. and finally there was a smaller
number of failures and lower liabilities
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 outcome and conclu-
| sion of foreign war and in spite of unfa-
vorable conditions in some industries no.
| tably textile manufacturing, which, COM
bined with unfavorable weather early in
| the year and the lowest prices for cotton
on record, exercised an unfavorable infu-
ence. But the close Of the year finds an
improvement even in these directions. and
returns as to retail trade and particularly
holiday business are strikingly good in all
sections.
Best reports as TO distributive trade
naturally come from the grain growing
sections of the country. which were the
first to feel an improvement resulting from
free foreign demand for our cereals, but
indications are not wanting that this i'm
provement is gradually percolating
throughout the entire business community,
and coupled with unprecedented export
trade in manufactured goods, and the fact
that We are selling 81 worth abroad for
every dollars worth We buy. renders posi-
BILE the gains reported in distributive trade
over 1897. ranging from 10 to 40 per cent,
with likewise good reports from the manu-
featuring contres excepting the textile in
dustries already mentioned.
There is general complaint. it is true. OF
profits not expanding in keeping with the
enlarged volume of business done and
there is a tendency, perhaps. to look for a
more pronounced improvement in this d.
rection in 1899 than is likely to be attained
in view OF the modern tendency OF margins
of profit TO minimum.
The export trade OF the country for the
year will probably exceed 81 .250, ,000, 900 in
value. this being nearly double the imports
Our export trade in manufactured goods. il
might be observed,- is the heaviest evel
known. and for the first time in our coun-
trys history exceeded the value of import.
of similar goods.
There were II, ,63S failures in the Unitet
States in 1898. involving liabilities of s14l,
l37 III, a decrease from 1897 in number o
il.2 per cent and in liabilities OF 9.5 PEE
cent.
New York, Dec. 3O.-Dun's weekly re-
view of trade will say tomorrow:
Failures in the year 1898 have been II,
1872 in number, with liabilities amounting
TO s14S, ,6S4. PSI against s1S2, ,5s1.71 in 1897
: | In this statement banking failures are in
cluded with liabilities of s1S,105,5S0 agains
SIS, ,249,1 700 last year. The commercial fail
ures were ZIP in number and s129, 1884, ,25
> in amount against s154.332,07 last year
! Manufacturing were $56.161, ,622 agains
SCI, ,6S5, ,6SS last year, and trading wer
. SCI, ,SS6943 against s74, 499, sos last year. TIL
ratio of defaults to solvent payments i
only s1.ss against s2.69 last year. The mum
Der of failures, LOG per cent. of the firm
reported in business, though smaller tina
in any other year since 1892, is somewha
swelled by the multitude of small trader
y who start without adequate capital. so tina
e the average liabilities per failure is smalle
o than in any other year of the twenty-fou
II for which full records exist.
: The year 1898 has not only been one c
: victory, of important increase in territor
e and of incalculable expansion of the infiu
: ence of the United States among other ma
o tions, but has surpassed all other years i
d financial and industrial results The cent?
IT of financial power has crossed the oceai
IT After paying debts of several hundred mil
If lions abroad and conducting a war to a
e honorable end, the country is lending 6
:, many millions in Europe that for tt
10 first time banks abroad look to New Yor
IS TO dictate the rate of exchange.
"A Exports have been about 1,250, 100
&c | and the excess over imports about 617
000,000 against 35I 100000 in 1897 and
only two previous years has the balant
risen to 100000 600. In no past calend;
! year have net imports of gold reached 75
u 600, coo, but this year they have bee
81 about 100000 900. November passed a
previous months in value of produce e,
L ports over imports, but December has gol
I'd much beyond November.
l. Power in the worlds markets comes vii
at a demand for breadstuffs and other nece
st saries never before equaled. Exports
IN cotton have been over 100000 bale
IS. about 1896. .000. 600 pounds, and in no pr
ly vious year as much as seven million bal
a or $500 900, 900 pounds. Exports of brea
ks stuffs have been in value S2S3,91S, ,294
eleven months. and have never been
large in any other year.
IT. Textile industries have been retarded
r high prices of wool and abnormally lc
ns prices OF cotton. both deterring purchase
Is. In three months cotton reached 5.31 cen
H. the lowest price for fifty years, the grea
nd est yield ever known being followed
10 receipts since September 351. 900 tal
l. larger than last year. Exports have i
al creased, but not as greatly. Goods we
= reduced in price per cent to the midd