The herald., 1898-01-01

10 SStthGto. IfiCeS Seutrdlly OutSlue Ol
a few Of the specialties are Tower on the
week.
The bond market has shared in the dull
ness of the stock market during the week,
but prices have held firm or have improved.
u S. As. both new and old issues, are u
lower bid, and the SIS y lower.
Bradstreet's Report
NEW YORK, Dec. S1-Bradstreets to-
morrow win say: Holiday quiet and stock
taking close a year which, while not fully
lrealizing the most sanguine expectations,
lcertainly contained much that was graft
flying and more that is full of promise for
the year 1898. Following series of years
of alternate panic, stagnation and slow
and even painful revival 1897 presented a
large volume of business done as whole
at prices which. while not altogether sat
Iisfactory resulted in a total of trade larger
than in any previous year since 1892.
Tariff changes restricted demand but en-
couraged speculation and heavy imports in
the first part Of 1897, while the enlarged
foreign demand for American breadstuffs
and for some varieties of manufactured ar
ticles bettered the condition of the Amer
icap farmer, and therefore business men,
quite materially in the latter part of the
year, Price conditions have not favored
the southern producer of cotton nor the
northern manufacturer of cotton goods.
The best reports come from the west, the
northwest and the Pacific coast.
| Prices at the close are as whole on a
higher range than at the opening, advances
being most numerous on food products
raw silk and wool, while decreases are re-
ported In raw cotton and cotton goods,
neaffy all metals, anthracite coal and Pc
troleum.
| RAILROAD interests share in the revival of
prosperity, with gross and net earnings
larger than any year since 1893 and the
| year 1898 opens with the business COM
munity. with the few exceptions noted, in
a very cheerful frame of mind.
| A heavy falling off in number and in
liabilities of individuals, firms or corpora
tions falling 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 percent
age Of assets to liabilities and by a re-
duction in the commercial death rate as
compared with every year since and in
Guiding 1898. The total number of failures
reported to Bradstreets for the year just
closed was 13,09S, a decrease of 1000 fafi-
ures and over 1S per cent from 1896, fall
| ing off of Is per cent from the panic of
| 1898, and a decrease of more than per
cent from 1891, a year of prosperous busi-
ness but of numerous business embarrass-
inents. Compared with 1895 there was a
gain in the number of failures shown of
| about half of per cent while compared
with 1892 there was an increase of 27 per
cent. Liabilities of those failing consti-
tuted one Of the smallest totals of recent
years, amounting to only s156. 1861 600, de-
crease of 81 per cent from 1896, of 60 per
cent from 1898, and of 10 per cent from
1891, but gain of AZ per cent over 1892
The least favorable showing is made by
the eastern states, which report increases
in number and liabilities over 1896. In
spite OF depression in cotton prices, south
ern failures and liabilities are smaller than
a year ago, while the greatest falling off
is reported in the west and northwest. The
percentage of assets to liabilities of those
failing IN 1897 was 54.4 per cent, the small
est percentage since 1898, and only slightly
above the normal The commercial death
rate, that is, the percentage of those in
business failing in 1897, was L20, as COM
pared with LAO in 1896 and L50 in 1898.
Those reliable indicators of the business
situation-bank cvearngs-point to the
year 1895 as witnessed the heaviest bust
ness, both speculative and commercial,
done since the record year, 1892. just pre-
ceding the panic. The total clearings at
ffty-eight cities for the year-one week es-
timated-aggregated at least $50, 926, ,000. 900,
sum larger than u per cent than the total
Of 1896, the year of silver agitation and ex-
citing presidential election; 8 per cent
larger than 1896, the disappointing Year,
when boom in from and kindred prod
ucts led to false hopes Of business i'm
provement; 25 per cent over the year 1894,
when the depth of depression following the
panic may be said to have been reached; 5
per cent over 1S93 the year of widespread
disaster in financial and commercial cir
cles, and only per cent smaller than the
total of 1892, when the boom following the
i Co. o,goa
stuffs and other products reached ats
height.
Practically the entire gain in clearings
in 1897 was concentrated in the last six
months, and it 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 southern and
southwest, in the latter of which trade
were rather late in arriving.
The total exports Of wheat (four as
wheaO from both coasts of the United
States and Canada amount to 5,495 900
bushels, or double those of this week a
year ago, and 100000 bushels larger than
last week. Corn exports reported are
slightly smaller, aggregating 4,0S6,0O0 BUSH
els, against 4S79,OOO bushels last week and
2, ,742 0O0 bushels last year.
The failures for the Dominion of Can
ada and Newfoundland for the calandar
year 1897 amounted to 1927, with total lia-
bilties of $13, ,2S9,o00, a falling off of 13 per
cent in number and of 10 per cent in liabili-
ties from year ago.
FINANCIAL REVIEW
Bradstreet's financial review will say to-
morrow: Aside from the activity of some
of the local stocks, there has been little in
the market entitled TO description. A holi-
day feeling prevailed throughout, and in
the early portion of the week the con-
tinuance of slightly higher rates for call
loans and the fear that a furry might
occur in the money market before New
Years day tended TO still further restrict
trading. London has sold little stock,
but the market there was utterly inactive
on account of the firmness of money and
the possibility of foreign complications in
connection with the Chinese situation. Our
own public has been Indifferent to the stock
market and commission houses were at no
time prominent in the transactions. Pro-
fessiorap operators were to some extent in
fluenced by the extreme dullness and SELL
ing of long stock by such interests caused