The evening times., 1899-01-10
TRADE VOLUME OF
THE PAST YEAR
GAINS AND LOSSES OF CITIES
Conclusions Drawn From the State
ments of Business in Different
Parts of the Union.

mentS of business in Different
Parts of the Union.
The volume of trade shown by ex-
changes in 1898, though by all known to
be much larger than in any previous year,
has not yet been correctly stated, nor have
important conclusions justified by the rec
ord been observed. Respecting the aggre-
gate compared with that of ether years,
the increase of 20I7 per cent over 1897
needs no comment; but the number of
clearing houses reported by the Financial
Chronicle in 1898 was eignty-one, against
siXty-one in 1892. While the new cent es
CT exchange TO considerable extent draw
OH business formerly settled through otl-
er cities, there is also much new business
arising because of the proximity Of such
new commercial conveniences, and mu
duplication results from them. On tle
cther hand, exchanges at Duluth, Dal as
and Waco represented clearings of-$lSU.
90, iS3 III 1892, but, are not now report d
at ALL and the trapsactions at Buffalo
were formerly SO far duplicated that q
deduction of S2l2g00, 0u0 must be made
from the figures OF 1892 to compare W III
those of last year. Making these deduc-
mains only SCI I7,04 491 for the trans
actions in 1882 of the same tiftyeigEt cit
les, which reported last year $6S, l4J go,
S6u, showing an increase at these cit es OF
10. II per cent The gam is large, but not
quite so large as appealS when elg- ty-ont
cities last year are quoted against sixty
one in 1892. nor is it possible to detetm ne
with eXactness how much of the S75i.-
2Sl,72o paid through twenty three new
clearing houses represents only business
diverted from some Of the old establish
mentS.
Some business formerly settled by ex-
changes at New York is certainly now set
tied at the twenty-three clearing houses
established since 1892, but it is a suggeS-
tive fact that in both years New York set
tied close TO 90 per cent of the aggregate
business of all points; speaking exactly,
80. 10 per cent in 1892 and 60.33 per cent III
1898. In spite OF all diversion, and also
the activity in stocks last year, which
some imagine counts for much. the pro-
portion is substantially the same. The in
crease over 1892 is rather larger at New
York than the average COnhning cOInpar-
ison TO the iifty-eght cities reporting for
both years, the gain at New York over 1892
was IA per cent and at the other fifty
seven cities only "A per cent. Boston
slightly exceeded the average gain out
side New York showing S.4 per cent while
eight other New England cities gained just
the average, IA per cent Philadelphia Bal
tlmore and Pttsburg taken together gain
ed but 4.6 per cent, ami six other Middle
States cities gained little more } per
cent but generally beloH the average Chi
cago also reported just the average gain
outside New York, but Il will strike many
with surprise that Cincinnati and Cleye-
land, taken together slowed a slight de-
crease from 1892 OF IL per cent, and seven
other central cities between PiusbuTg and
the Mississippi lost still more. renewing IS
per cent less than in 1892. Much. if not
all of this is due TO diversion of settle
mentS to Chicago, or 20 eight new clearing
houses established in that region which
reported in the aggregate sos. lis. .69S last
year. for ii that sum were added To the
exchanges at the nine cities reporting for
both wears the increase outside Chicago in
that region would be IS per cent
In the South, including st. Louis, Lou
IsVIile and New Orleans exchanges at
those three cities were 81 per cent greater
than in 1892. but at eight other Southern
points the gain was but 81 per cent. The
seven new clearing houses in that region
reported 1922 2675,632 last year. but if this
sum were added the increase would ap-
pear l5.7 per cent in that section, greater
low price Of cotton last year II seems a
just reference that the new establishments
served rather a local purpose without
drawing business largely from other
Southern points. But at the West Mimi
eapolis and Kansas City show an increase
Of 1913 per cent over 1892 while eight 9th
er cities show a decrease Of lis per cent
This is obviously because Of the collapse
of some Of the boom towns in that re-
tYir Nd yl,,
reported only SIS 40a173 which if added
for 1898 would only lessen the decrease TO
about 10 per cent Apparently Minneapo
lis and Kansas City have absorbed consid-
erable Of the business formerly settled
through ether clearing houses
The opposite state of facts appears on
the Pacific Coast. where San Francisco re-
ports a slight decrease of 3 per cent COM
pared with 1892, but five other cities re-
port a gain of 60 per cent. and the adii-
tion last year of three new clearing houses.
with exchanges of S66, SOC 90S would make
the apparent gain outside San Francisco
% per cent, and for the whole Pacific
Coast just IA per cent which is the aver
age in regions outside New York Ap- !
parently much diversion of settlements
from San Francisco to other places has
occurred.
Except at the South. the new minor
clearing houses do not seem to have add
ed TO the aggregate much more than they
have withdrawn from other cities In the
South, considering the general state of
business last year, it seems more proh-
able that much of the business of new !
concerns consisted of local settlements
previously effected by less convenient
but it is also known that much /
Of it formerly came to New York for final .
Taking the whole country /
together, it would appear that something /
over two-thirds of the exchanges at the /
twentythree new clearing houses was /
merely for settlements diverted from 9TH /
ar points so that about S6S 653 900. 600 last |
year may be fairly reckoned against $61- /
IL, ,000,G COO in 1892, an increase of 12.5 per /
cent. But the shifting of settlements 10 /
some of the large interior centres or away !
[rlml ihGnn is int nrnsIiIacr