Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-01
BUSINESS OUTLOOK FOR THE NEW
YEAR VERY SATISFACTORY.
BUT ONE INDUSTRY SUFFERING.
HALF MILLION MORE MEN AT
WORK THAN A YEAR AGO.
General Range of Prices Also Higher,
Particularly in Farm Products
Failure Record Gratifying
Bank Clear,ngs Very
Heavy in 1897.

New York, Dec. 31.-Bradstreets to-mor-
row will say:
Holiday quiet and stock taking close a
year which. while not fully realizing the
most sanguine expectations. certainly con-
tained much that was gratifying and more
that is full of promise for the year 1898.
Following a series Of years OF alternate
panic, stagnation and slow and even pain
full revival, 1897 presented a large volume
of business, done, as whole, at prices
which, while not altogether satisfactory.
resulted in a total Of trade larger than in
any previous year since 1882. Tariff changes
restricted demand but encouraged specula-
tion and heavy imports in the first part OF
1897, while the enlarged foreign demand for
American breadstuffs and for some varie-
ties of manufactured articles bettered the
condition OF the American farmer. ana.
therefore business men. quite materially.
IN the latter part of the year. Price condi-
tions have not favored the Southern pro-
Queen of cotton. nor the Northern manu-
facturer Of cotton goods. The best reports
come from the West. Northwest and the
Pacific coast. Prices at the close are. as
whole, on a higher range than at the OPEN
ing, advances being most numerous in FOOD
products, raw silk and wool, while de-
creases are reported in raw cotton ana cot
ton goods, nearly all metals, anthracite
coal and petroleum. Railroad interests
share in the revival of prosperity, with
gross and net earnings larger than any year
since 1898, and the year 1898 opens with the
business community, with the few e1cep-
tions noted, in very cheerful frame OF
mind.
"A heavy falling off in the number and In
liabilities Of individuals. firms or corpora
tions failing, was shown in 1897 from 1896
and the four preceding years. A partial
return to more or less normal conditions
Is further indicated by drop In the per-
centage of assets to liabilities and by
reduction in the commercial death rate as
compared with every year since and IN
cluding 1S93
"Those reliable indices Of the business
eituation-bank clearings-point to the year
1897 as witnessing the heaviest business,
both speculative and commercial. done
e.Ice the record year. 1882, just preceding
the panic The total clearings at hfty-
eight cities for the year. one week estimat-
ed, aggregated at least $56, 6,926. .0oO,oo,
sum larger by Il per cent than the totai
of 1896 q year of silver agitation and an
exciting presidential election; per cent
larger than 1886. the disappointing year.
when a boom in iron and kindred proo-
ucts led to false hopes OF business improve
nent; Is per cent over the year 1884. when
the depth Of depression following the panic
may be said to have been reached; per
cent over 1893. the year OF widespread ois-
aster in financial and commercial circles
and only per cent smaller than the total
of 1882, when the boom following the large
foreign demand for American breadstuns
and other products reached Its height
Practically the entire gain in clearings In
1897 was concentrated in the last six
months, and 1t is significant fact that
the heaviest monthly total reported for
five years past was reported in the month
of December. Gains were heaviest In the
Northwest, the Middle and New England
states, and smallest in the South and
Southwest. at the latter of which the
trade Improvement was rather later in ar
riving."
r. G. Dun's Weekly Review Of Trad viii
say:
"A new year opens, with conditions rad
ically different from those which prevailed
a year ago. Great financial distrust ex-
listed then. but has passed away. After a
whole year of entire freedom from disturb
ance or alarm. in which the country has
paid heavy foreign Indebtedness. taken and
paid millions for stocks sent from abroad.
and accumulated credits represented by
merchandise balances of more than 500. .0o0,-
600 in its favor for the past five months.
with deferred exchanges for more than
10000, 900. held by New York banks alone,
while the great industries have been push
ing their way into foreign markets with
unprecented success, the monetary situa-
tion is no longer matter of anxiety. More
than half million men in a few states,
according to official reports, are employed
now who were idle a year ago, and the
general advance in wages for those employ
ed has gone far to restore the rates pre-
Tailing before the panicb