Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1898-08-12
RECORD OF BUSINESS.
COMMERCIAL STATISTICS SHOW
PROSPEROUS CONDITIONS.
The Showing Of Manufacturing and
Mercantile Failures for the Past Six
Months Proves that the c~ountry's
Finances Are ON a Sound Basis.

months Proves that b C0untryso
Finances Are ON q eound Basis,
Gratifying Exhibit.
The record of mercantile failures for
six months ending June 80 is a remark
able and gratifying exhibit. 1t shows,
in the total of $87,444.G39 liabilities,
the smallest aggregate for five years in
eight Of the fourteen trading branches.
Compared with the first six months Of
1897 the record is striking. Then, it
should be remembered, the business
conditions of the country were feeling
the impulse Of the change Of admins
tration, and also the promise Of an
early fuldllment Of the pledges Of the
Republican national platform. Conf
dence everywhere prevailed, every en-
terprise was prospecting, the depression
caused by the four years Of the Cleve-
land free trade administration had
been in great part dispelled, and oil in
terests were hopeful.
Bearing in mind the fact that decided
improvement was in progress during
the first half Of 1897, the reduction Of
lO3 in the number Of failures and Of
S24,24S,14s In liabilities in the first half
Of 1893, compared with the same time
In 1897, is noteworthy. The present
conditions will o strikingly appear
II we make comparisons by twelve
months periods. The failures for the
fiscal year ending June 30, 1893, we're
12.24S. while the. liabilities were $780,
0S3,923, against 1851 failures and
$154 ,33332,O71 liabilities during the pre-
vious fiscal year. The first half Of that
year showed 6,S21 failures and SOL
602,7S7 liabilities, while the last half Of
h year. Jan. 1 to June 80, covering,
the period Of early recovery from the
previous depression, showed 6,530 fail
ures and $G2, 3 s liabilities. These
figures show progressive Improvement,
The last twelve months Of liabilities,
$13O.OS3,023, r the smallest for any
calendar year since 1892, when tile
total was $114,O44 ,1G7, and that total
was the smallest for any calendar year
since 1882.
Comparisons of the last six months
period with the same time in 1897
show some notable decreases in special
branches. Liabilities of manufacture
ers indicate a diminution of $15. LOO. 1000.
Probably the most striking feature of
the record is that the failures in bank
ing for six months were 3S in number
and $~13,G0O,OOO in liabilities less than
for the same time last year. The rea-
son is obvious. Banking conditions
were probably never so well establish
ed as they now are. This is due not so
much to the bountiful crops of last sea-
son and the enormous addition thereby
to the material wealth of the country
as to the growth of confidence which re-
suited from the election of President
Mckinley. and the promise, and later
realization, of the enactment of a pro-
tective tariff. Bountiful crops and the
marketing thereof at high prices We're
important auXiliaries to and by no
means primary factors in the wonder
fully improved conditions of the banks
and Of the country which have been so
prominent during President McKin-
.ley's administration. The general de-
rease in banking defaults shows how
complete was the confidence of the peo-
pie in that administration. Had this
confidence not existed, bank deposits
would not have increased so marvel
ously as they have done, loans would
not have been augmented, neither
would the banks have been enabled to
accumulate such vast amounts of gold
as they now possess.
Though the record of failures for the
second quarter of the current year
makes some unfavorable comparisons
when contrasted with the same. period
in 1897, this result was due to entirely
exceptional causes. There was an in.
crease Of 142 in the number of failures,
but the liabilities were $9,1S6,SO2 less.
There were important suspensions of
manufacturers of machinery, of print,
ing establishments, Of locomotive
works, cycle concerns and. ma~nufactur
ers of rubber tires. But considering
the fact that during this last quarter
the country was actively engaged in
war, which had q depressing effect up
ON some industries. these failures are
not surprising. 1t may be noted tia,
in the cotton industry, which wa.
greatly depressed last fall and earl,
this year, there are now Indications o,
revival, as is shown by the fact tina.
whereas there were failures Of New
Bedford. Mass. mills last year, tnvolv
ing $6,5OO,OOO. only n failure, 70
$25O,OOO, is recorded this year.
The country has now entered upol
the second fiscal year of President Nc
Kinley's administration. The outlool
is very encouraging for an early res
toration of peace The enactment of
bankruptcy law will aid in restoring t
activity many merchants who have 70
years been compelled to remain mac
tive because Of the pressure Of oil
debts. With the return Of peace vii
come increased prosperity, and the rec
ord Of mercantile failures for the tlir,
quarter Of the current year should sho,
reductions in liabilities even more dc
cided than those which have thus ia
been reported,