New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-08
SIGNS OF PROSPERITY.

lust ms q decrease OF the death rate In Ha-
vana tells everybody that American instead Of
Spanish methods MS TO cleansing and sanitation
are being tried. so the general state OF business
in all departments Is often more surely dis
closed by the number and magnitude of failures
than In any other way THE failures In April
"were the smallest in any month since records
'by months began, 3S per cent smaller than In
april Of last year, not third of the amount In
1897, and not half the amount In April OF any
previous year" This sentence from "Dun's
Review OF last Saturday goes far TO show that
the most cheerful views regarding the condition
Of manufacturing and trading have not been
unwarranted. For the month OF April was not
one of such unruffled quiet In the money market
that weak concerns could be subjected to no
strain More than once the pressure became
somewhat serious in speculative quarters; nor
was It possible to create a great number OF
combinations within single month, each inter
rupting both industry and trading In some
branch. without causing enough disturbance to
strain firms or companies in weak condition.
The fact that the resulting failures were not
only few In number but smaller in amount than
those of any other month since early in 1893 Is
therefore rightly accepted as of important sig
nificance.
The monthly record Of failures was com
menced by Dun G. Co. in 1893. but they were
not at first so strictly classified that the
number and amounts in different branches could
be definitely stated, they have been since
September Of that year. Yet 1t was well enough
known that the amount Of failures In all the
months May-September inclusive was unusually
large In that year. so that the comparison is
eli
time the reported failures, not now using the
possibly erroneous estimates for the summer
months of 1893, certainly rose TO nearly 100000
600 in September. 1896, and were over S2S,O00,-
900 in August. when Mr.. Bryan came into 1.-The
enemy's country" to open his warfare against
sound money. At that time the defaulted liz
bilites were IS OF per $1,000 solvent payments
through all clearing houses in September, and
81 50 per 81 900 in August. But in January last
they were only 90 cents per $1,000 of such pay
ments through all clearing houses. and in April
slightly less than 10 cents per $1,000. In pro-
portion 10 the business transacted without risk
or loss. the rate of defaults has been reduced
nearly % per. cent.
It is recorded that the failures in trading were
the smallest ever known in any month"; the
nearest approach having been in July. 1898.
about third larger than last month. This is
surprising decrease, and may be attributed IN
part to the fortunate non-occurrence last month
Of any Of those large failures in trading when
occur from time to time, without any relation
TO the state of business then existing, being the
consequence Of disastrous ventures In previous
months or years. Nothing can be predicted OF
these exceptional failures, and they are just as
liab to come when every prospect peases ana
when legitimate business Is at its best as at
any other time. A few of them did occur in
manufacturing during the month Of April so
that the return in that department was little
larger than In three other months OF the last
six years. namely in August, 1898. in January.
1899. and In July. 1897, which therefore remain,
I'm the order mentioned, the months Of smallest
manufacturing failures thus far. But 1t is not
unreasonable to suppose that the excitement
felt about new combinations and the efforts TO
form them in many lines had some adverse
influence in various industries. and naturally
more than In trading.
The returns are given In thirteen classes OF
manufacturing separately. and in thirteen OF
trading while the miscellaneous or unclassifed
covered rather less than third In manufacture
ing and tenth In trading. In general stores,
hotels, clothing, drygoods. shoes, hardware,
drugs and miscellaneous trading failures were
smaller than in April Of any previous year,
which shows that the improved conditions are
by no means confined in their operation, and in
LIQUORS. furniture and boots and shoes the fail
ures were smaller than In any other year, ex-
cept in 1898. Among manufacturing classes
the failures were the smallest ever known In
April In cottons, clothing, printing, earthen and
glass ware and the miscellaneous class, smaller
in iron than ever, except In 1898, and smaller
in leather than ever. except In 1891 The num-
Der of failures was also email, only 666 in
all. against 027 last year, 041 in 1897, 1000 in
1896, 900 in 1895 and 1850 in 1894. When the
commercial death rate Is not more than about
/ per cent yearly, the slight variations in num-
Der which may be regarded as accidental
affect n monthly rate materially, but in four
months Of 1899 the number OF failures have
been only 343S against 4.6l4 last year. 4.S73 in
1897. 5031 In 1896 4,S01 in 1895 and 1884 in
1894. Such n decline continuing through all
the montbs Of the year goes to show that the
smaller cLlss Of traders and manufacturers,
whose mis- -ortunes usually make up large pro-
portion Of the whole, are obtaining fair share
OF the benefits from improved conditions.