The record-union., 1898-01-26
HOW MATTERS STAND.

Let US see how the record stands. Our
steel mills report contracts signed sufi-
cient to engage their full capacity from
this date until next October. The re-
suit is that prices have jumped from SIS
tc $50 a ton. But the output of 1,000,-
600 tons means the employment of a
great body Of men in construction, as
well as in production of the goods. This
is the direct result of increased railway
earnings.
In the meantime here are the banks re-
porting larger stocks of money than ever
before. not as in 1896 in stagnation and
hiding. but really struggling to get into
profitable motion. SO while funds in
crease. SO do investments, for though
there is more money than there is use
for as yet, most of it succeeds in finding
employment.
In the largest business centers there is
common report of increased activity.
In some cases factories are contracted
beyond their capacity to produce wool
ems. In 1896 the fires under the boilers
of most Of these works were drawn. But
on the other hand there has been scaling
down of wages, and closing under
strikes, of cotton mills in New England
But the most pronounced enemy of the
Administration has not had the hardi-
hood to lay that misfortune at the door
of the policy Of the Government. The
tariff cuts no figure in it. The South
with her great water powers and the
cotton fields at the door of her own fac
tories, is superseding New England in
manufactures of cotton in all ines. That
IS all It means. But conceding that
thousands of workers are out in New
England on account Of governmental
policy-but which can be granted only
10 emphasize its untruth-the general
condition over the whole land Is that
of an uplift of betterment
The demand for American products
has not only not fallen off, but has
greatly increased, and in one
line It has reached a. price that
IS unparalleled. Here in Califor-
mia while we have had burdensome
wheat surpluses In the past, this year
we promise to have very little indeed
In fact we may not have more than
enough for seeding by the time fall rolls
around again. The cotton exports hold
up splendidly. It is said that no less
than 100000 bales of cotton will be
converted into cash by our brethren of
the South In this year.
In most Of the East and In the Middle
States building contracts have been
signed in excess of any year In the last
decade. In the West eighty-five per
cent. of ali mortgaged indebtedness has
been lifted from farm and town lot
property, and loans at banks by pro-
ducers have been not only cancelled, but
deposits have swelled to such proper
tons that in many instances banks have
declined to receive interest bearing de-
posits-and this too IN the West, which
we were told must battle for life with
The manufacturing East.
In addition to all this, with coal min
Ing generally resumed and the labor
situation much bettered, the revenues of
the Government are recovering from the
blow due TO anticipatory imports, and
the deficit promises very soon to turn
into a surplus. To cap 1t all, at the
close of the year 1897 the striking of the
balance between exports and imports
shows the balance of trade to be largely
in our favor. Yet it is less than one
year since there was a change in the
administration OF public affairs and the
domestic policy Of the Government