The record-union., 1898-01-01
NEW YORK, Dec. 31-Bradstreet's

the most sanguine expectations, certain
ly contained 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 painful revival, 1897 present.
ed large volume of business, done as
whole at prices which, while not al
together satisfactory, resulted in total
of trade larger than in any previous
year since 1892. Tariff changes re-
stricted demand, but encouraged spec
ulation and heavy imports in the first
part of 1897, while the enlarged foreign
demand for American breastuffs and for
some varieties of manufactured articles
bettered 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 cotton, nor the
Northern manufacturer of cotton
goods. The best reports come from
the West, Northwest and Pacific Coast.
Prices at the close are as a whole on
a higher range than at the opening,
advances being most numerous in food
products, raw silk and wool, while de-
creases are reported in raw cotton and
cotton goods, nearly all metals, anthra-
cite coal and petroleum.
Railroad interests shared the revival
of prosperity, with gross apd net earn
ings larger than any year since 1893,
and the year 1898 opens with the bus
mess community, with the few excep-
tions noted, in a very cheeful frame Of
mind.
A heavier falling off in number and
in liabilities of individuals, firms or cor
porations failing was shown in 1897
than in 1896, and the four preceding
years. A partial return to more or less
normal conditions is further indicated
by a drop in the percentage of assets
to liabilities, and by a reduction in the
commercial death rate, as compared
with every year since and including
1893. The total number of failures re-
ported to Bradstreet's for the year just
closed was 3,099, a decrease of 2,OOO
failures and over 13 per cent. from 1896,
falling off Of 10 per cent. from the
panic year Of 1893, and a decrease of
more than per cent. from 1891, year
of prosperous business but of numer-
Gus business embarrassments. COM
pared with 1895, there was a gain in
the number of failures shown Of about
half Of one per cent, while compared
with 1892 there was an increase OF -
per cent. Liabilities of those failing
constituted one Of the smallest totals of
recent years, amounting to only Slob,-
10000, a decrease of 81 per cent. from
1896; of 80 per cent. from 1893, and
of 19 per cent. from 1891, but gain
of Al per cent over 1892. The least
favorable showing is made by the East
ern States, which, report increases in
number and liabilities over 1896.
In spite of depression in cotton prices,
Southern failures and liabilities are
smaller than a year ago, while the
greatest falling off is reported in the
West and the Northwest. The per-
centage of assets to liabilities of those
failing in 1897 was 54.4 per cent, the
smallest percentage since 1893, and only
slightly above the normal. The COM
mercial death rate, that is, the percent
age of those in business failing in 1891,
was / 20. as compared with 40 in 1896
and 1.50 in 1893.
Those reliable indicators of the bus
mess situation-bank clearings-point
to the year 1895 as witnessing the
commercial, done since the record year,
1892, just preceding the panic. The to-
tai clearings at fifty-eight cities for the
year. one week estimated, aggregated
at least $40, ,926, 600 600, a sum larger
than II per cent. of the total Of 1896,
the year off silver agitation and excit-
in Presidential election; 8 per cent
larger than 1895, the disappointing
~. nd Ii riv4lv v-1.5
products led to false hopes of business
Improvement; % per cent over the
year 1894, when the depth of depression
following the panic may be said to have
been reached; ) per cent. over 1893, the
year of widespread disaster in financial
and commercial circles, and only per
cent. smaller than the total of 1892,
when the boom following the large for
eign demand for American breadstuffs
and other products reached its hight.
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 New England States,
and smallest in the Southern and
Southwest, in the latter of which trade
improvements was rather late in arriv-
ing.
EASTERN GRAIN MARKET.
CHICAGO, Dec. 31.-This was settle
ment DAY on the Board of Trade, and
in a certain sense marked the close of
what is considered to be the biggest
deal in wheat so far as the handling of
the actual article is concerned, ever en-
gineered.
Up to last night probably S,500,000
bushels of contract grade wheat had
been delivered on December contract
to Joseph Letter, who has been the
leader in the deal. which is practically
every bushel of high-grade wheat in
Chicago.
1t was the opinion that the session
would be devoid of the excitement usu-
ally attendant upon the closing hours
Of deals of such magnitude, as it was
believed that the short" interest had
in the last fifteen days been practically
eliminated fro the market No
squeeze" was therefore looked for.
and the big December deal was expect
ed 10 pass into history in a very quiet
manner
The so-called December deal goes
out as quietly lamb just as we ex-
pected.' said George French. who is