The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-24
THE CLEARING STATEMENTS.
Harold III. Pitt, of Bradstreet's Agen-
cy, Makes an Exclamation.


cy, Makes an Explanation.
To the Editor of The Herald
1t is said that great men, those SUI
perior IN mental power and attachments,
are inclined to err more than their fellow
creatures that are possibly favored in a
lesser degree. The explanation offered
for this anomaiistic fact is that when a
man knows he possesses these superior
qualities of mind he is prone to consider
himself infallble and in so thinking will
often be led into committing error
through carelessness such as one who
has less confidence in himself would not.
In Sunday mornings Herald appeared
an article over the name of Morris Som
mer; II was in the nature of question
addressed to the editor of The Herald, a
loot note to it in parenthesis, was l sup
pose, intended for a definite answer.
Both the article and its appended reply
tend to reflect on Bradstreet's and in
justice TO the company l represent the
matter referred to should be explained.
MI Sommer attempts to prove that Brad
StreetS report of bank clearingS for the
United States is incorrect in that the
per centage of increase given is miSrep-
resented. He also intimates that this al
legged Misrepresentation has been carried
on by Bradstreet's for the purpose of be-
lifting the beneficial effects on business
Of the new tariff bill in operation. 1t is
always a good policy for a man-especi-
-
ability-to understand subject before
he attempts to write upon it in criticism
OF the authority so generally recognized
and quoted as Bradstreets.
In the first place he makes two errors
In his reference-one when he mentions
the Bradstreet agency" as the author
of the table of bank clearings; for his
information and that of any who may
have been mislead by his letter, will
state that "Bradstreet's" and the Brad
street Mercantile agency are separate
a IQro n frQn t'c'' ic r1xyl
financial and trade journal published IN
New York City and owned by the Brad
street company, which is also owner of
the Bradstreet Mercantile agency. His
other error is in quoting the per cent.
of increase. He gets it as IL per cent.
exclusive of New York City. when it
should be u per cent. including New York
City. Exclusive of New York City the
increase was 1875 per cent There are
twelve cities marked with star, the
figures of which were not included in
the totals. They were doubtless omitted
in adding up and figuring on the per cent
age of the whole on account of their not
having been received when the time came
for figuring up. The omissions of these,
however, would not materially alter the
result so far as the per centage of in
crease is concerned.
The great mystery hes in the method
Mr.. Sommer has pursued in reaching the
results he does, viz: That the figures of
the table indicate an increase of 291 per
cent. while Bradstreet's figures give the
be more graceful and considerate to con-
cede that he did not understand the diff
ference between per cent. increase" and
average of per cent. increase" than to
infer that his s~octor,ue is faulty or his
statements wilfully incorrect.
| think, however, that 1 understand how
In order to be brief, we will take two
last week were $500, OOO-which represented
an increase of 100. per cent. over the cor
M "a
The clearings of the second were LOO
000-last week showing an increase of 10
per cent. over last year-the average of
the per cent. increase would be 3d. but the
per cent. increase of the clearings of the
two combined would be less than is per
cent. .~-
The aggregate of clearings reported in
the third week of September 1893, is $685.
clearing houses of many cities refused to
report on account of the heavy decrease
that figures would Show-our own was
among this number. In reporting, now.
however. the figures for the corresponding
week of last year are given in the tele-
gram containing the figures for the cur
rent week.-Mrs. makes comparison pos
Sible.
The aggregate figures for the week of
years figures that were reported last
week adaed. amount to $S03S2LuS. If the
cent of itself he will have the correct am
cunt of total bank clearings of 7S of the
leading cities in the United States for the
third week of September, 1894. 1 trust
that I do not ask too muc> in requesting
space in your paper for this letter. I
have gone to this length in explaining
only because Mr.. SoTmers misleading
communication appeared to have your en-
dorsement in that it was prominently (
displayed with headlines corresponding in
nature with the body of the article.
Bradstreets takes no issue in politics
and is purely a journal of trade. finance
and public economy.-Respectully
Harold NJ. Pitt.
S;upt The BradStreetS Mer. Ag' cy. |
Sunday SanI q 1904