The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-01-08
Bradstreet's Report

NEW YORK, Jan. T-Bradstreets to-
morrow will say:
The year opens with a tone of quiet con-
fidence prevailing In nearly all branches
of business, with encouraging activity in
the iron trade, a resumption of work by
many thousands Of industrial employees in
the western glass industry, largely re-
duced volume Of business failures as COM
pared with the corresponding periods in
preceding years, and a general outlook
certainly not inferior to any previous year
at this time. Distributive trade has nat
urally been rather slow, pending stock
taking and the return of statesmen to the
field. Industrial activity is a special fea-
ture unconfined to any one section, but
specially noticeable In the west. Resump-
ton of work after the holidays has been
generally encouraging in that section. Au-
tumn weather in the northwest checks
distribution, but collections are reported
good. Sales Of southern iron trade are
large.
Louisiana sugar crop returns have been
very satisfactory. Nine-tenths of Flordia's
orange crop was gathered before the late
freeze, and cotton is steady, with good
export demand.
Wool has opened up actively in some
eastern markets. and lower prices for cot
ton goods has stimulated some demand
Naturally there was a slight gain in the
number of failures reported this week over
last, the total aggregating 1888, as against
291 last week, but heavy falling off from
1897, when the total was ass. The total in
this week of 1896 was 446, in 1895 4O5 and
in 1894 4S4, thus showing falling off from
this week in recent preceding years of
from one-quarter to one-thrd Bank fail
ures in 1897 followed the general tendency
of business mortality in all other lines of
business. The reputation of the banking
community for conservatism, however is
borne out by the relatively heavier fall
ing off In the number of failures and the
reduced volume of liabilities of banks and
trust companies, as compared with pre-
ceding years, than in ordinary CONNER
cial circles.
The total number of failures of national,
state, savings and private banks and loan
and trust companies in 1897 was 1O7, a
little more than half those of 1896, and
less than one-fifth of those of the panic
year of 1893. Liabilities also showed a
heavy falling off, being 60 per cent smaller
than in 1896, and 80 per cent smaller than
in 1898. The number of liabilities how
ever. was slightly larger than in 1894. The
percentage of assets to liabilities in 1897
was only 70, the smallest reported since
Bradstreets' record of bank suspensions
was begun.
There were 4S business failures in the
Dominion of Canada this week, against
q last week and 65 in this week year ago.
The holidays have exercised their ex.
port trade in leading cereals. Wheat ex-
ports from the United States and Canada
for tho first week in January amount to
8, 1,576 bushels in this week, against g.
1876, 900 bushels last week, 1881, 900 bushels
In this week year ago and 3,471, 900 BUSH
els in the corresponding week in 1896. Corn
exports show slight diminution, amount
ing to 4,0S6,000 bushels last week, 4,S19, 900
bushels in this week a year ago, and o.
626. 900 bushels in the corresponding week
of 1895.
FINANCIAL REVIEW
Bradstreets' financial review tomorrow
will say:
Although dull and somewhat reactionary
conditions prevailed at the beginning Of
the week, the last three days have brought
with them a display of speculative activ-
ity and strength In the, market. The ear
lier hesitancy was apparently due to dis
appointment on the part of traders who
had bought stocks on the theory that
there would be pronounced January RISE
because the public did not come into the
market at the very commencement Of the
new business year.