The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1899-01-07
WAS A RECORD BREAKER
Year 1908 Was Remarkably 81
cessful One in Nearly All
Lines of Trade.

has not only been one OF victory. OF inn
portant increase In territory and OF In
calculable expansion OF the influence Of the
United States among other nations. but has
Industrial results The center OF financial
power has crossed the ocean. After pay
ing debts of several millions abroad and
conducting war loan to an honorable end.
the country IL 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
y, 250. 900 and the excess over imports
about S617. 10000. against 1851. 900 900 In 1897.
ana In only two previous years has the bal
ance risen to $500. 000. 900. In no past calen-
dar year have the net imports of gold
reached $75. 900 900. but this year they have
been about SAC. 900. November passed
all previous months In value of produce ex-
ports over imports, but December has gone
much beyond November.
Power In the worlds markets comes
with demand for breadstufrs and other
necessaries never before equaled. Exports
or cotton have been over 100000 bales,
about 3,936.00o.000 pounds. and In no pre-
vious year as much as 100000 bales, or
$500, 0O0.0 900 pounds. Exports of breadstuffs
have been In value s283, 91S. 294 in II months
and have never been as large in any other
year. Exports of wheat for the year. lack
ing day or two. have been 21S, 594, 6S6 BUSH
els. flour included, slightly exceeded only
by 225.665,S12 In 1892. and OF corn 200 979, OFT
bushels only approached by 1S9, $40 In
1877. The heaviest exports Of both grains
and flour In any previous year were &c.
100000 bushels smaller. only $50, 220,5 13 In
1887. Though wheat was raised to sl91 in
May, the highest quotation with the
highest monthly average for 80 years,
N53.23 so that the average for the first half
year was SILL. exceeded slightly in 1891.
but the highest since 1888 the December av-
q q nj hal
that OF last year, but the years average.
95 cents. is the highest since 1881.
THE triumph In finance has been largely
due to Industrial progress. The output of
pig Iron has been about II ,645, 900 tons, the
greatest yet reached In any year by 1000. 900
tons, and greater than Great Britain ever
reached by 2.s0o,0O0 tons. Yet the con-
sumption In manufacture has been still
larger In spite Of net exports of pig: in ten
months 1G3,0S9 tons for unsold stocks were
reduced In IL months $4,000 tons. Exports
of iron manufactures In ten months were
about SS7.644,5 S6 In value. against imports OF
S13, 1877.
Bradstreet's says: "Concisely stated, the
reports received as to the years business in
all sections of the country point to an I'M
precedented volume of domestic and export
trade. which is reflected in bank clearances
that break the high record of 1892. The gen.
eral level Of prices of staples and securi-
ties at the close OF tho year is at the high
est point reached for i've years past. These
general results in the country at large have
been achieved. too. Notwithstanding the
outbreak and conclusion of foreign war
and in spite, also. of unfavorable condi-
tions In some Industries. notably textile
manufacturing, which, combined with un-
favorable weather early In the year and
the lowest prices for cotton on record, ex-
ercised an unfavorable influence. But the
close OF the year finds an Improvement even
In those directions. and returns as to retail
trade. and particularly holiday business,
are strikingly good In all sections.
Best reports as to distributive trade nat
urally come from the grain-growing sec
tons of the country, which were the first
tn feel an Improvement resulting from free
foreign demand for our cereals, but indi-
cations are not wanting that this improve
ment Is gradually percolating throughout
the entire business community, and, coupled
with unprecedented export trade in man
ufactured goods and the fact that we are
selling two dollars worth abroad for every
dollars worth we buy, renders possible the
gains reported I'm distributive trade over
1897, ranging from 10 to 40 per cent with
likewise good reports from the manufac-
turing centers excepting the textile indus
tries already mentioned The export trade
of the country for the year, as above inti-
mated, is the heaviest ever known, and will
probably exceed 81, $50, 900 900 in value thus
being nearly double the imports. Our ex-
port trade In manufactured goods II
might be observed, is the heaviest ever
known. and for the first time in our coun-
try's history exceeded the value Of imports
OF similar goods
There were II, 63S failures in the United
States In 1898, involving liabilities of s14I.-
1S,117. a decrease from 1897 In number of
11.2 per cent. and In liabilities of 95 per
cent. Compared with 1896 and 1896 the pro-
portion of decrease shown is even larger.
and compared with 1896 failures were fewer
by 25 per cent. and liabilities smaller by
81 per cent Decreases are also shown when
compared with 1891. year of large trade
but of numerous and costly failures. but
compared with 1892 there Is an increase
shown of 13 per cent. in number and 80 per
cent. in liabilities. The tendency of fall
ures toward the Formal is illustrated by
the fact that the percentage Of assets to
liabilities Is the smallest reported since
1892, and the annual death rate-that is, the
percentage of traders falling to those in
business-is likewise the smallest reported
since the latter year. being only l.6 per
cent. against 1.20 In 1897, 1.50 In 1898 and
in 1892. Unsatisfactory conditions in textile
lines and some large failures of banks and
other financial concerns account for the
expansion in liabilities shown In hose sec
tions, while larger number of small fall
ures In Pennsylvania and In some of the
eastern states reflect poor trade early in the