New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-27
.only the merchants Of large capital and large
E1. hono itnl''

"only the merchants Of large capital and large
transactions would be benefited
This is in some degree putting the cart be-
fore the horse. Prices do not advance be-
cause merchants and manufacturers OF large
resources arc engaged in sharp competition
with each other, and that competition tends
naturally 10 increase the strain which smaller
dealers and manufacturers have to bear. This
is no new thing. Precisely the same result iol'
lowed the resumption of specie payments in
the first half Of 1879 With business materially
increased. all capable manufacturers and mcr-
chants being convinced that period OF eN-
traordlnary activity was at hand. the struggle
TO secure the lions share of the business III
e?ch branch became most sharp. In consc-
quence prices scarcely advanced nj all from the
extreme low level reached in 1875 until nearly
half the year 1879 had passed. and, In fact, inc
lowest general level Of prices for commodities
ever reached prior TO 1885 appeared about May
l. 1879 II was natural result that many
small traders and manufacturers were crowded
cut so that the failures in the first half or lS'3
were relatively more numerous than IN an!
year Of prosperity
In measure similar conditions during the
lest half of 1897 have produced similar results
The enactment Of the now tariff bringing ABOUT
conditions which assured future prosperity. dd
not occur until late in July. Prior 10 that time
business had dragged and prices were de-
pressed But TO many il was surprising That
immediate Improvement in prices and great de-
crease in the number OF small traders ala not
come The facts are now familiar TO those ac-
quainted with operations in different branches
Of business. but II may be well To put them on
record. as they go far to explain phenomena
which are otherwise puzzling. In the iron ana
steel manufacture. for instance. the struggle
Of the great establishments 10 secure rs much
as possible Of the business has not only kept
prices low but has shut out from material gam
in volume Of business many Of the smaller con-
Germs When the demand increases little FUR
Their there Is reason 10 expect that. with business
enough for ALL prices will advance. similar
facts are seen IN other branches of manufacture
and trade The great department stores are
striving to absorb the trade which many smaller
houses have enjoyed, and in some quarters win
much success.
Yet Il is not quite true that in proportion to
the number of firms in business tho number OF
failures during the last half Of 1891 was I'M
usually large The great increase in the num-
Der of trading and manufacturing concerns dlir-
ing any period of ten years must not p' over
looked If that increase were only proportloned
to the gain ia population it would be about -
per cent so that the $3.50 failures in The last
half Of 1897 would he relatively not materially
more numerous than the 5.2I9 in the last haif
Of 1879 Considered IN that light the CONNER
cial death rate in the last six months has been
about as low as in the same part of any pre-
vious year except 1892 and some earlier years
and It Is always an open question whether the
commercial failures were by anybody as fully
or accurately reported ten years ago rs they
have been in recent years.