Phoenix weekly herald. [volume] (Phoenix, Maricopa County, Ariz. Territory) 1896-1899, 1898-01-13
THE STATE OF TRADE.
Summary from Bradstreets.)

| tiOnS. certainly contained much thai
was gratifying and more that is full
of promise for the year 1898. Follow
ing series of years of alternate panic
Stagnation and slow and even painful
revival. 1897 presented large volume
of business done as a whole at prices
which, while not altogether saticfac
tory, resulted in a total of trade larger
than in any previous year since 1892.
Tariff changes restricted demand but
encouraged speculation, and heavy i'm
ports in the first part of 1897. while
the enlarged foreign demand for
American beradStuffS and for some va
rieties of manufactured articles bet
| tered the condition of the American
| farmer and. therefore, business men,
quite materially, in the latter part of
| the year. Price conditions have not
| favored the southern producer of cot
| ton nor the northern manufacturer of
| cotton goods. The best reports come
| from the west, northwest and from
of the year are as Il whole on a higher
range than at the opening. advances
| being most numerous in food products,
raw silk and wool. while decreases are
| to be reported in raw cotton and cot
| ton goods. nearly all metals. anthra-
cite coal and petroleum. Railroad in
| tereStS share in the revival of pros
| perity, with gross and net earnings
| larger than any year since 1898, and
| the year 1898 opens with the business
| community, 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
corporations failing was shown in 1897
from 1896 and the four proceeding
years. A partial return to more or
| less normal conditions is further indi-
Gated by drop in the percentage of
assets to liabilities and by a reduction
in the commercial death rate as COM
pared with every year since and in
Guiding 1898 The total number of
failures reported to Bradstreet's for
the year just closed was 1909, a de-
crease of failures of 1000 failures and
of over IS per cent. from 1896. Liza
bilitieS of those failing constituted one
of the smallest totals of recent years,
amounting to only S156, 100000, a de-
crease of 81 per cent. from 1896, or GO
per cent. from 1898. The least favor
able showing is made by the eastern
States, which report increases in num-
ber 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
in the northwest.
Those reliable indices of the bust |
ness situation-bank clearings- point |
to the year 1897 as witnessing the |
heaviest business, both speculative |
and commercial, done since the record |
year 1892, just preceding the panic. |
The total clearingS at 80 cities for the |
year. one week estimated, aggregated |
at least $50, ,926.0 0O0 sum larger by |
u per cent. than the total of 1896, a
Of nd fl
ing presidential election.
Practically the entire gain in clear
ings in 1897 was concentrated in the
last six months. and it is a significant
fact that the heaviest monthly total
reported for five years past was re-
ported in the month of December.
Gains were heaviest in the northwest,
the middle and the New England
States. and smallest in the south and
northwest, at the latter of which the
trade improvement was rather later
in arriving.
The New York loan market dnring
the greater part of 1897 witnessed an
of bank reserves and eX-
easy rates of interest Call
loans have averaged 112 per cent,
though some hardening of rates was
noticed about the elimination of the
advance in the stock market last sum-
mer The payments by the Union Pa
cific syndicate at the close of the year /
also caused a slightly firmer tone and ]
reduced the New York bank reserves
Money on call was in plentiful supply
at 3 per cent and the market for mer-
camille paper was an easy one through .
out. with the limited offerings as the I
chief feature.
Dullness naturally marked the close
of the year in the New York stock
market Investment buying of bonds
continued. as throughout 1897, to be
on Il large and sustained SCALE Ihe
undertone of speculation was strong.
with expectations of renewed advan-
res in stock prices based on further
in railroad earnings
in,l increased dividend payments Con-
siderab abl~ advance. with marked spec
Iiation actiNcS prs vailed II ~ May
% September. Mo n s,r Il reaction
n which Cuban .'scares" bore lead
ng part Since the beginning UF De
.amher further Improvement asserted
tself \ feature was the increase IN
.ailroad dividends and the resumption
)f dividend payments by reorganlzed
such as Northern Pacific
the year Europe was a
seller of all classes OF American Sc
.uritieS.
Foreign exchange is dull and slight
" nl3ner at t.Ct14 1OA DAA-S- |
The feature of the past three months {
was the maintenance of rates for
money in London at level which ,
made it more profitable to retain gold
there than to ship it to New York
Heavy selling of securities for foreign i
account has affected exchange, as well 5
IS the tendency to discount long sterl-
ng drafts in this market
The total exports of wheat (fiour as ]
whean from both coasts of the Unit
ed States and Canada amount TO D. ,
49, 600 bushels. or double those in :
his week a year ago, and 100000 ;
bushels larger than last week Corn
exports are slightly smaller, aggregat-
ne 1855 600 bushels. against 4.St9.-
POO bushels last week and ,, 1000 ,
bushels last year. IL
The prosperity of the agricultural |
was at the base of the i'm ,
in trade for 1897 reported 5
from the Dominion of Canada The .
increased prices of nearly all Canad-
AN agricultural products and the en- :
arged demand for export, particular
~ i'm the last half of 1897, helped dis )
tribute trade throughout Canada