New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-07
RTSINESS CONDITIONS.

Tho state Of business Is easily misunderstood
IN times like these Speculation Is greatly re-
stricted. That alone accounts for great de-
cline In transactions. The bank exchanges TOT
the last month through all clearing-nouses III
the United States. according TO the record OF
THE Financial Chronicle have been S4,9'Z-
52S or about % per cent less than IN the
same month of 1892, but, while this does not
indicate a state OF business by any means dis
hcartening in view Of the fact that the aggre-
gate is large in comparison with recent years
and 211 per cent larger than last year. IT Is
liable 10 be misunderstood unless the relatively
great influence of stock and other specuatlons
at New York Is taken into account. Deductlhg
New York operations. il appears that all ofher
exchanges ut about eighty clearinghouse nave
been "a per cent larger than in 1892, the year
of greatest general prosperity hitherto.
The difference is not great, and 1t is not COM
mensuratp with the increase In population, ana
therefore not equal to the natural gain IN pro-
duction or in probable consumption per capita,
owing to the change in prices. But the clear
ing house returns show amounts per day. and
not quantities bough' and sold. Hence there
is necessary a comparison of prices, from which
il appears that the volume Of business quantity
exchanges through all the clearing houses now
in oneration. which amount should exceed the
exchanges through a smaller number OF clear
Lighthouses In 1892 A safer basis OF compar-
son IS given BY the transactions through the
thirteen larger clearing houses outside New
York. with allowance for each day Of business
inactivity which showed for the month OF
April an average OF SEA. 900 daily. against
tn
These figures Indicate a volume OF business
actually larger than has ever been transacted
Mt the same season Of the year, even mt the pest
times business men in these days are much
inclined 10 look on such accounts with mere
dulity and yet II Is the truth, though many OF
them are inclined TO doubt II. that on the
whole the volume Of business is greater than
II was In the best Of past years even without
the great allowance necessary for the difference
IN nrices Of commodities No one can get
gloomy suggestion from such records The one
modification which careful study OF tho figures
suggests is that n large proportion or the pay
n ents in any month result from transactions IN
previous months. that the aggregate may
not accurately represent the new transactions
arising within any given period
II Is hahiually said by the prophets OF d'sas-
ter and their followers that the country is
going 10 the dogs because OF war. In point or
fact tho 'nltcd States has been mt war during
the entire month OF April. though actual sew
crance Of diplomatic connections and exchange
81 shots did not take place until the 2lst But
the situation since thar date warrants no pes
,,misn Failures in April. according 10 l)uns
monthly report were smaller In amount of Ia
hntlcs than IN any previous April OF which
there is record The amount OF Liabilities in
manufacturing failures IL not smaller than IN
1895. though smaller than In any other year.
but in trading failures the dcfaulted liabilities
were smaller than in any other year since lS''3
These are records prepared for purely bust
moss purpose. and show lower liabilities than In
previous years IN nearly all the larger branches
Of tradlng and In FIVE Of fhe thirteen branches
Of manufa turing smaller than in any previous
year Yet Il has been the day argument
OF many journals that the war has Frustrated
business and increased the number and mag
nitude OF failures. The best records obtaina-
be fail to support that idea. The business
Of the country is remarkably sound has never
been more sound and free from danger In any
time Of peace. and is not getting into its shell
/ because OF foreign troubles.