New-York tribune., 1899-01-10
THE BUSINESS OF 1898.
CONCLUSIONS DRAWN FROM THE STATE
MENTS OF THE VOLUME OF TRADE
IN DIFFERENT PARTS OF
THE UNION.


The volume of trade shown by exchanges in
1S9s. 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 record been observed. Respect
Ing the aggregate compared with that OF other
years. the increase OF COLI per cent over 1897
needs no comment. but the number OF clearing
houses reported by The Financial Chronicle"
In 1S9S was eighty-one, against slxty-one In
1892. While the centres OF exchange to
considerable extent draw of business formerly
settled through other cities. there Is also much
new business arising because OF the proximity
OF such new commercial conveniences. and much
duplication results from them. On the other
hand, exchanges at Duluth. Dallas and Waco
represented clearings Of SlS0020 4s3 in 1892.
but are not now reported at ALL and the transac-
tions at Buffalo were formerly so far duplicated
that deduction OF S212 100000 must be made
from the figures OF 1892 TO compare with those
OF last year. Making these deductions from the
returns for 1892. there remains only S6l,117.-
O42 491 for the transactions In 1892 Of the same
ffty-eight cities. which reported last year $8S.
149.636.s $50. showing an increase at these cities
OF 1912 per cent. The gain Il large. but not
quite so large az appears when eighty-one cities
last year are quoted against sixty-one in 1892,
is II possible TO determine with exactness
how much OF the S734 PSI 720 paid through
twenty-three new clearing houses represents
only business diverted from some OF the old
establishments.
GAINS AND LOSSES OF VARIOUS CITIES.
Some business formerly settled by exchanges
at New-York is certainly now settled at the
twenty-three clearing houses established since
1892. but 1t is a suggestive fact that in both
tlad clos IN
the aggregate business OF all points, speaking
exactly - 40 per cent in 1892 and G093 per
cent in 1895. In spite OF all diversion. and also
the activity in stocks last year. which some
imagine counts for much the proportion is sub
stantially the same. The increase over 1892 Is
rather larger a: New-York than the average.
Confning comparison 10 the ffty-eght cities re-
porting for both years. the gain at New-York
over $50? was IA per cent. and at the other
fftyseven cities only "A per cent Boston slightly
exceeded the average gain outside New-York.
showing S4 per cent, while eight other New
England cities gained just the average. "A
per cent Philadelphia. Baltimore and Pittsburg.
taken together. gained but 4 8 per cent. and six
other Middle States cities gained little more.
, per cent, but generally below the average.
Chicago also reported just the average gain
outside New York but II VIII strike many with
together showed a slight decrease from 1892
OF II per cent. and seven other central cities
between Pttsburg and the Mississippi lost still
more reporting 5s per cent less tha.. in 1892.
Much. Il not all. OF this is due 10 diversion Of
settlements 10 Chicago. or 10 eight new clearing
houses established in that region, which re-
ported in the aggregate 5000 14S COS last year.
for II that sum were added 10 the exchanges at
the nine cities reporting for both years the in
ere use outside Chicago II. that region would be
IS per cent
NEW CLEARING HOUSES IN THE SOUTH.
In the South. including St Louis Louisville
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 $500. .615,632 last year. but
II this sum added the increase would ap-
pear 1871 per cent in that section. greater than
in any other. in spite OF the extreme low price
OF cotton last year II seems a just inference
that the new establishments served rather
local purpose without drawing business largely
from other Southern points But al the West
Minneapolis and Kansas City show an increase
OF 1913 per cent over 1892 while eight other
cities show a decrease OF lis per cent. This is
obviously because Of the collapse OF some Of the
clearing houses reported only s4s, ,4o9,173, which
II added for 1895 would only lessen the decrease
to about 7.5 per cent. Apparently Minneapolis
and Kansas City have absorbed considerable Of
the business formerly snttled through other
clearing houses.
The opposite state OF facts appears on the
Pacific Coast where San Francisco reports a
slight decrease OF 3 per cent compared with
1892 but Ave other cities report a gain OF G.2
per cent. and the addition last year OF three
new clearing houses with exchanges Of S66.
606 COS, would make the apparent gain outside
San Francisco % per cent, and for the whole
Pacific Coast just "A per cent. which is the
average in regions outside New-York. Appar-
entity much diversion OF settlements from San
Francisco to other places has occurred.
Except at the South. the minor clearing
houses do not seem TO have added 10 the aggre-
gate much more .han they have withdrawn
from other cities In the South. considering the
general state OF business last year. II seems
more probable that much Of the business OF new
concerns consisted OF local settlements previous
ly effected by less convenient methods, but II Is
also known that much of II formerly came 70
New-York for Anal adjustment Taking the
whole country together It would appear that
something over two-thirds OF the exchanges az
the twenty-three new clearing houses was mere
" for settlements diverted from other points, so
that about s6s. .d.3. 100000 last year may be
fairly reckoned against SCI. 1.7l7,0O0,00O in 1892
an increase OF 1913 per cent But the shifting
Of settlements TO some OF the large interior cen
tres or away from them is interesting and
instructive feature OF the record