The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-01
LOOKED FORWARD TO BY THE
BUSINESS INTERESTS OF THE
COUNTRY.
CHEERFUL FRAME OF MIND.
WITH THOSE OF TWELVE
MONTHS AGO.
REVIEW OF THE CLOSING PERIOD.
1t Has Been Time CT Improvement
in Which the Northwest Has
Profited.

NEW YORK, Dec. 31.-Dun & Co.'S
weekly review Of trade will say in its
issue tomorrow: Failures for the year
which closed last night, have been
smaller than in any other year since
1852; in number smaller than in any
year except in 1895, and in average
liabilities per failure smaller than in
any other year during the last twenty
three, except four. The aggregate Of
all failures, commercial and banking,
was $18O,600,000, of which S23,S0O,000 was
in banking. In 1850 commercial fail
ures the amount of liabilities was $154,-
100000 Of which $69,000,000 was in man
ufacturing and S73,700,00 in trading,
with S12 100, 900 in brokerage and other
commercial lines. The average of La
bilities per failure was only ST., $50, and
in 1892 only 81 ops, but only three years
in the past twenty-three were rivals,
1883, with 81, 595; 1886 with $11,651, and
1855 with SLOTS.
A new year opens with conditions
radically different from those which
prevailed a year ago. Great financial
distrust existed then, but has passed
away. After whole year Of entire free
dom from disturbances or alarm, in
which the country has paid heavy for
eign indebtedness, taken and paid
many millions for stocks sent from
abroad and accumulated credits, repre-
sented by merchandise balances of
more than $4,000 coo in its favor for
the past five months, with deferred ex-
change for more than 100000 900 held by
New York banks alone, while the great
industries have been pushing their way
into foreign markets with unprecedent-
ed success, the monetary situation is
no longer a matter of anxiety. More
than q half million men in few states,
according to official reports, are en-
ployed now who were idle a year ago,
and the general advance in wages for
those employed has gone far to restore
the rate prevailing before the panic.
The volume Of business through the
clearing houses for the week was 14.2
per cent larger than in 1892, has for the
month been per cent larger than in
that year. and in many industries and
branches Of business the later months
of this year have surpassed all records.
The iron industry has been greatly
encouraged by increased demand dur
ing the past few weeks, and while the
slight Improvement in pig iron at Pitts
burg has been maintained, notwith-
standing the greatest output ever
known, the new contracts for finished
products have been unusual for the
season. They include $4,000 tons of
steel rails to one Eastern mill, 1900
tons of structural work for improve
ments at New York alone, with large
operations ait Chicago and other cities
and a greatly increased demand for
ms r11Ifa ot1lTiOor materials genera llV
and especially for sheets.
The cotton industry is halted by the
question of wages, although general
reduction now seems probable. The
manufacturers have been buying large
ly of material for WOrsted goods, and
their purchases have stimulated buy
ing by wool manufacturers, so that the
wool markets are stronger, though
without changes in quotations.
After the great excitement at Chica-
go, wheat still goes out Of the country
as largely as before. Atlantic port
clearances are 3,570,783 bushels, flour
included, against ,542, $40 last year,
and from Pacific ports 1,712,625 bushels.
In four weeks the Atlantic exports.
flour included, have been 15,06O,047
bushels, against 8,500.161 last year.
Heavy Western receipts are only re-
fecting temporary conditions in the
Chicago market. But extraordinary
exports of corn, 14,404,905 bushels.
against 9.444,S53 bushels in the four
weeks last year, show how sorely for
eign markets are pushed by the in
creasing demand for breadstuffs. Wheat
has declined % of a cent in the Chi
cago market, and corn has meanwhile
advanced y of a cent.
The cotton movement continues re-
markedly heavy, and yet the slight
advance last week is maintained The
movement to date, although more than
100000 bales have come into sight.
scarcely supports the largest current
estimates.
Failures for the week have been 395
in the United States, against 4S9 last
year, and q in Canada. against 80 last
year.