People's Pilot, Volume 2, Number 29, Rensselaer, Jasper County, 6 January 1893 — REVIEW OF THE YEAR. [ARTICLE]

REVIEW OF THE YEAR.

Trade Has Followed the Lines of an Enlarging Prosperity--The Most Prosperous Year Ever Known. NEW YORK, Dec. 31.—R G. Dun & Co.’s weekly review of trade says: The meet prosperous year ever known in business closes to-day with strongly favorable indications for the future. From nearly all points comes the report that the holiday trade has been the largest ever known, and while wholesale trade is not usually active at this season of stock taking it is remarkably large. Settlements through clearing houses outside New York in December were apparently the largest ever made in any month, exceeding last year’s by more than 10 per cent. For the year the volume is also about 10 per cent larger than last year, and the largest ever known. Railroad earnings in December show an increase of about 3 per cent. over last year, and for the year an increase of about 5.5 per cent. Foreign trade has been smaller than last year in volume of exports—at New York $7,800,000 in value for the last four weeks, and at cotton ports about $10,000,000 less—but imports at New York have been $3,000,000 larger, and the month still shows a great excess of exports. For the year the excess of merchandise exports has been not far from $70,000,000, with the largest imports and the largest total of exports and imports ever known in any year. The year closes with all woolen, cotton and silk machinery fully employed, and unsold stocks of goods much lighter than usual, while the demand for the coming season already exceeds the capacity of many mills. The orders in dry goods are extraordinary. Sales of wool at the chief markets have been 309,000,000 pounds, against 246,000,000 last year, and foreign imports have been the largest ever known, with a domestic supply but slightly behind the largest. Boston reports a quiet wholesale trade. Wool is quiet but firm. At Philadelphia iron is weak. At Pittsburgh iron is slower, and the demand for finished products is diminishing, but glass is fairly active. The shoe trade of Cleveland is excellent and other trade good, though in iron no improvement is seen, and 4,000,000 tons iron ore remain on the docks. The clothing trade is good at Cincinnati, and machinery and foundry business up to the usual mark. At Detroit trade is maintained. Business at Chicago is good in all lines, especially in heavy dry goods. Holiday trade was very good at Milwaukee. At St. Louis retail trade unusually strong. Business at St. Paul exceeds last year’s and is large at Minneapolis, though lack of water restricts the flour output. The lumber trade is most prosperous. Business at Omaha and at Kansas City is satisfactory. At Nashville trade is good and at New Orleans active, especially in sugar. In iron the trade is weaker, the demand for finished products being at present light. But steel rails have been reduced to $29 per ton, and sales of 78,000 tons have followed. This great industry has been much affected by the market for securities, which has been pressed for some months by foreign selling and monetary uncertainties, so that companies have been restricted in purchases of rails and supplies. But for the last week stocks have been stronger, gaining about $2 per share in average prices. Speculation in products has been comparatively inactive, though wheat has been advanced by a western pool nearly two cents. Cotton has been steady and strong, with diminished receipts. The year 1892 was remarkable for fewer failures than have occurred in any other year since 1886, the numbers reported being 10,344, or 2,029 less than in 1891. The indebtedness of firms failing was but $114,000,000 in 1892, against $189,000,000 in 1891 and about the same in 1890. The average liabilities of firms failing in 1892 has been only $11,000, the lowest average reported since 1878. In 1892 only one in every 113 traders, failed, against one in every ninety-three in 1891 and one in every 102 in 1890.