The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-01-22
HISTORY REPEATING ITSELF.

The balance of trade in favor Of the
United States in 1897 was the largest
ever recorded in the commercial history
of the country. For the calendar year
the excess of exports amounted to $685.,
49S 664, which exceeds the balance of
the preceding six months by $50, 240, $40.
This fact is the more remarkable when
1t is recalled that the favorable balance
of 1896 was larger than that OF any
previous year, the nearest approach be-
ing 1924, 661, SOS in 1879.
The total volume of international
trade also was greater than in any pre-
vious year by over SIS 100000. The pre-
vious high-water mark of American
commerce was reached in 1892. when the
volume of trade amounted to $780,
100000.
The Chicago Record sees in the pres
ent trade situation a parallel to the
condition existing in 1878 and 1879, which
years were followed by a long period of
prosperity In this connection the Rec
ord says:
The crops of America then were
bountiful and the food supply OF the
rest Of the world short, circumstance
which now exists. In 1873 and 1879 the
balance in favor of the United States
was 1922, 500 600, against $782,OO0,OOO IN
1896 and 1897
The value of exports in 1897 exceeded
81 IA, 900 600 and in 1886 S1,O51, 100000
while prior to 1895 the largest total re-
corded was 81 100000 in 1892 Except
in these years the value of exports has
never exceeded S903 900, 900. By reason
of business depression in America i'm
ports have doubtless been curtailed,,
but this influence was OFFSET In large
measure by extraordinarily heavy i'm
ports anticipatOry of the passage OF the
Dingley law.
A noteworthy feature of the trade
showing is the large increase in ship
ments of American manufactures De
preston here forced manufacturers to
seek markets outside this country, com
polling competition with foreign goods
This rivalry has demanded higher
efficiency and may prove to be OF last
ing benefit.
The assertion is now frequently made
that the debtor balance due in the
shape of interest and dividend pay
mentS abroad is smaller than at any
previous time within twenty years
Foreign holdings of American secur1-
ties have been reduced enormously since
1898, and the United States stands to-
day financially treer OF EUROPE per
haDs than ever before. 1t is a fact
without precedent in our financial rec
ords that money in the principal mar
kets of America is cheaper than IN
London and continental capitals chi
caerO has advanced funds to German
borrowers and New York has placed
a considerable portion of its idle money
in London and Paris.
Old residents of this city will recall
the progress made in 1880 and for some
years following. Many good business
blocks were erected, the first street car
line was built, Garfield park was opened
and real estate prices advanced with
a rapiditv never known before or since
except at the time of the building of
the Rock Island railroad through the
city.
If the views of the Record are correct.
and there seems little to be urged
against them, the history of the early
eighties is likely to oe repeated. EVl-
dences are apparent on every hand
that Topeka's pulse has already begun
to feel the thrill of quickened bust
ness current.
Real estate prices are advancing and
a considerable amount of building is
already planned for the coming sum-
mer. The erection of the Auditorium
viii go far toward helping along the
business revival