Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-01-05
The Businpss situation.

The transactions Of the New York
Bank Clearing House, writes New
York correspondent in review OF the
business conditions of the week. faro
test of trade conditions.
The transactions of the New York
Stock Exchange are an acknowledged
test of speculative conditions. AS
trade and speculation are now boom
ing, it, is of interest to examine the
records of these two great institutions
for the year now closing. Take first
the Clearing House. William j. Gilpin,
it's assistant manager, declared the
business of the year unquestionably
broke the record on any fair basis of
comparison. The years 1881 and 1892
hold the record for the greatest aggre-
gate of exchanges. In 1881 the ex-
changes amounted to $40, 376, 1872, 49,,
and the balances to 81, 1888, $50, 349. In
1882 the exchanges were SAG, GIG, 800,
03O, and the balances 81, $50, 976, 343.
With tomorrow's business still to be
added the total exchanges for this year
amount to SAL, 1870, 956, T39, and the
balances to So, 4O2. OBS, 454. Tomorrow's
business will probably increase the
total Of exchanges by 5000, 900, 600. As
Mr.. Gilpin points out, in 1881 and 1882
the Stock Exchange had not the stock
clearance system, and every share OF
stock bought and sold was represented
by n check that passed through the
Bank Clearing House. Now the Ex-
change has stock clearance system,
which greatly reduces the Wall street
demands on the resources of the banks.
Mr.. Gilpin estimates that the stock
clearance system has made a difference
this year OF 5000, 000,0 in tho total
exchanges of the Bank Clearing House.
In other words, he estimates that
putting both years on the same bnsis
Of comparison, the total bank clearance:
this year would be fifty Thousand mil
lions against forty-nine thousand mil
lions in 1881. Thus this year is really
greater than that of 1851. This is also
proven by the unprecedented total O.
balances, which il &64S, 545, 100 greater
this wear than in 1881. The exchange;
of 1898 are more than $4,000, 900, O0l
greater than those of 1897, which ex
| ceeded the total OF 1896 by 20, 600, 600,
| 600. This years balances arc nearl,
| S400, GOO, 600 greater than in 1887. Nov
| this exhibit is all the more NOTABLE
| because the exchanges and balances
of 1898 evidently represent, in large
| proportion than in any previous year
| the expansion Of Legitimate trade rathe
than Of speculation. The immeDs
balances arc especially significant .
great business transactions. 1t is Il
be noted that the exchanges of tn
New York Gearing House constitut
nearly two-thirds OF tho entire banl
clearances Of the United States. Takin
| Che whole country, including Ney
| York, into view tho clearances not onl
| exceed those OF last year by 20 pc
cent, butt also those OF the great yea
| of 1882 by 10 per cent.
In other respects, it is further noted
| the financial respects FOR ls0S are un
precedented. According to Bradstreet'
for this week the number of bushes
failures for the year is smaller than i
any wear since. 1882. and the ayerag
4 liabilities less than in any other yea
of the twenty four for which full record
exist. The most gratifying and extra
ordinary exhibit Of the year is in tn
totals of exports. These amount
81. $50. 600, 600, the excess over import
being s61T, 900, 600. The exports {
cotton and of breatlstuffs break ever
nroyious record. The statistics {
| domestic industrial production are ais
remarkable. The output of pig iror
about Jl,645, 900 tons. is the lnrge'
eyer reached In this country, and MS
exceeds any English total. Tho OH
nut of boots and shors is the largel
ever known. Our net imports of gol
this year amount TO S14o, 900, 900, a
unouualled total, and yet the amour
Of held, or investment, exchange
! estimated ut upwards of 500, 900, 00
representing Europe's unliquidated il
dnbtetlncss to this country. Tho trac
balance in favor of this country in u
last nine years amounts to over 5000
COO, 600, which has In largo part beer
n Inundated by sales Of American secur
lies. "Briehy stated" snys Bra,
streets, 1.-THE results of tho year con
| Prise m unprecedented volume
domestic and export trade, bank clea
inps in excess of tho 1882 record, thong
rejecting less speculative nctivity thu
in that year railroad earnings lik
wise SURPRISING all records, though +
stricted and narrowed by !mercile
,, rate cutting; prices Of staples nj
securities ut thu close the highest
the year, and, indeed, higher than 4
i've years past, Notwithstanding COZ
! plants of reduction of margins to
minimum, and, finally, the smallc
number and liabilities of busine
> failures reported for at least five yea
past" =,
II. G. Dun & Co IS Review Tor t
1 week says: Gross earnings Of ,
, roads in the United States reportil
4 for the year to dale are 81, 100, 030, o9
or IL per cent over last year Roa
reporting include MI the large systei
for the greater part Of the year, al
, embrace a total OF 152, 153 miles, mo
than four-flfths the mileage Of t
country. Earnings represent a larg
traffic than in any previous year. D
last preceding big year was in 1892 II
a then rates were on much higher SCI
s than this year, and the same volume
Q earnings represented a relatively small