The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-03
The Year That Has Gone and Its
Successor.


Successor.
Looking back over the accomplish
mentS during the calendar year Just
closed, the future historian will find it
filled with interest to at least the gen
GRAFTON which is to Immediately follow
The century which is also drawing to
its end cannot be adequately reviewed
hereafter without due reference to the
year 1898, marked as it has been by ex-
traordinary innovation upon the general
policy Of the republic as the result of a
brief but important foreign war. The
things which have been done are done;
and the political future of the United
States will date. in many essential re-
spects, from 1898, whether this be for
good or evil.
1t is undeniable that an economic
Improvement in the affairs of trade and
finance has taken place within the past
twelve months. The long hoped for
has, in a measure, been realized The
general depletion of stocks of staples
and merchandise, almost the entire
world over, following the great replen-
ishment which occurred in 1891 and
1892, has had the effect of stimulating
trade in this country of great capacity
for supply in a remarkable degree. In
periods of plenty and cheapness of cost
the tendency is, or should be, to pro-
: vide against the emergencies which, in
the nature of things, must come to all
nations. The enormous exports of the
products of the United States during
the year 1898 afford an indication of
the extent to which the industries of
this country are relied upon in every
quarter Of the world But for the ex-
istence of this foreign demand, our in
dustrial condition would be today no
different from what it was three years
ago.
And yet, above all the congratula-
lions over the conditions as they actu-
ally exist, murmurs are heard that af-
fairs are not as they should be in this
or that direction; and this only goes to
show how impossible it is for any
wave of prosperity to reach all alike at
the same time. Take, for instance, that
important Southern staple, cotton. The
great crop of 1897 the yield of which
amounted to more than II 900 900 bales
was followed by another year of large
yield, and this resulted in lower prices
for the raw material; and the reflection
was carried into the departments of
manufactured textiles, Notwithstanding
the growth of our national commerce
associated with the expectation of cot
ton cloths.
The wooden industries have failed
also, in making satisfactory returns:
and again the cry Is heard that a.
larger degree of fostering care is de-
manded through the process of an in
creased protective tariff. Meanwhile.
however, the fact appears that the
cheapness of both cotton and wool has
resulted in the manufacture of material
OF so excellent quality that importa-
lions of wooden textile goods have been
largely curtailed. The prices real
lzed, however, for almost everything
In manufactures in these lines have not
been satisfactory. There has been a
large output of fabrics and wares gen
orally, but the sum total of revenues
derived therefrom has not been nearly
so considerable as was expected. nor
indeed, commensurate with the volume
of goods distributed.
While the agricultural interests have
received measurably good returns for
thelr produce. there has been so con-
siderable shading off In prices as to
create dissatisfaction in some locali-
ties The trouble is due chiefly to over
production, as of wheat, for instance.
The lesson ought to be plain to the
farmer. The rushing into an enlarge-
iheht OF certain crop in the spring of
one year, as In this particular cereal,
simply because so high a price was
possible of attainment the year pre-
Vious. affords the best possible means
OF reducing values. Meanwhile live
stock and the products thereof ara
higher, and for no other reason than
that the supply Is much shorter than
the demand. And In the condition Of
Things now prevailing. as the result
or the gradual encroachment of set
tiers upon the lands hitherto devoted to
the grazing of cattle and sheen the
live stock industry, through its in
evitable distribution among small
breeders and growers, offers constantly
increasing advantages in their lines.
While railway earnings, in the gross
have been considerable. and while tha
securities in the share markets have
advanced materially in. price and. in
fact. as in some notable instances be-
yond the limits of their true value. and
only under speculative influence. the
net returns are by no means gratifv
ing. There has been large tonnage
on all the lines. but freight rates have
been unsettled. and this fact has caus-
ed large shrinkages in net profits.
The prevalence Of activity in trade
has had and will continue to have
tendency to enlarging competition an6
this gradually becomes destructive of
profits. 1t II always difficult in such