Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-01-01
REVIEW OF THE YEAR
lr CLOSES WELL. WITH BRIGHT
PROSPECTS ron 1899.
BUSINESS BETTER SINCE The WAR.
Large Increase In Our Exports-Ncw
Enterprises That Mean Much for
Richmoad--our People Seeking
Home Investments.

l take pleasure In giving some expression
to views suggested at this season when
both the business Of the past and the out
look for the future are subjects ior
sarnest consideration.
A retrospect Of the year. interesting
from the circumstance that II Is one OF
.he last OF the nineteenth century Is
Invested with additional Interest by
events more important than any which
have secured since the time Of the war
between the States.
This community, In common with the
whole country, has reason for the
profoundest qualification, not only
for the speedy termination OF those
dangers which menaced . mum
Der Of cur interests, from the
war with Spain. but also because despite
.Aase dangers we have enjoyed larger
measure OF prosperity than. under the cir
eumstances. could reasonably have Deeh
expected.
After period Of nearly five years OF
depression. ushcred in by panic; charac-
terizcd hy general shrinkage OF values
by Industrial inactivity and apa thy IN
trade. varied only by occasional revlvais
Of business. some conditions commenced
IN 1896 70 be more favorable 70 improve
ment. The balance OF traoc with Foreign
nations began TO set decidedly in our favor
thar yoar: I'm 1891 il was stu more
30. a1d our large crops. especially OF
grain. we're marketed at decidedly more
EatisfactOry prices.
LARGE INCREASE IN EXPORTS.
During the year 1898 Our exports show
Yet larger increase, with az unprece-
denied amount Of American manufactures
going abroad and with a considerable
decline in the imports, so that II is esti-
mated that for the last twelve months
we hGyo exported at least two dollars
worth % merchandise for every dollars
worth imported The credit balance 10
the UnitO1 States from these operations
Uhe excess Of exports over Imports in
Inc last three years apprONimates the
immense sum Of SLIGO 100000 in round
figures. This vast increase in the eX-
port trade of the country has proved
6oubly beneficial TO our agricultural. man
uf9cturing, and commercial interests.
First. by bringing from abroad TO this
country its enormous value In cash and
also by relieving our domestic markets
from the glIu and consequent lower
prices that would otherwise hsVe pre-
vailed.
This balance Of trade has likewise so
strengthened our financial condition and
resources that it is beliey<d American Sc
curities, heretofore 10 largely held
abroad. are now TO a Great extent owned
in this country. whi}h should give sta
bility to values and/ tend to lessen the
susceptibility Of r. stock and money
markets to the e,{gencies Of foreign az
fairs and foreigL/ narkets.
BUSINESS /ETTER SINCE WAR.
These chang Is for the better. 10 some
extent Anticipated at the commencement
OF tho year 1895 were for awhile haletd.
and in measure couuterbalanced by the
Imminent prospect Of the war with Spain.
although ioy many il va hoped that n $
serious trouble might be averted, but from
the blowing up of the Maine. February
18th. Until the signing Of the protocol
August 10th, serious apprehensions were
ieit That our commerce abroad might he
endangered and that complications with
OIL or nations might arise These natural
Iedrs, while discouragng new enterprises
Tor the time, were SO happily and tho
roughly dissipated by the achievements
OF the navy and army of the United
States that confidence was promptly re-
stored, and a remarkable impulse was
given TO business. so that we now see the
healthy condition of our foreign trade
reflected In the most decided manner in
our domestic affairs. The mines and fur
naces Ia all sections are I'm active opera
ton; iron and steel industries Of almost
every description are taxed 10 their ut
most capacity to ill orders: staple crops
OF the present year are being moved in
quantities. and at figures Cotton except
ed eminently satisfactory considering the
heavy yield of recent years. and nearly all
lines OF business have experienced for the
period under review a larger and more
profitable demand for goods
In further confirmation Of this san
guine view Of the situation bank clear
ings. railroad earnings. and the enhanced
value Of most securities afford evidence
OF marked Improvement.
Too much stress can hardly be laid
upon these general features OF the year.
as they constitute the basis Of the most
certain prosperity 10 this. as well as al
other localities, as no community, except
from most rare and unusual causes car
hope for healthy development without
the existence to greater or less extent.
or There general conditions of prosperitv
our city. blest with great natural re-
sources, and fortunate in some Of its ac-
quired facilities and ADVANTAGES is he
lleved 10 have stood the ordeal OF hard
times as well as any other city in the
country, and Is destined 10 feel as sensi-
bly, the quickening impulse Of the good
or TINS are 10 be already seen The an
nual sales Of Richmond manufacturers
increased this year about per cent; the
sales OF our jobbers - per cent; bank
clearances at Richmond 1il-2 per cent.
MANY NEW ENTERPRISES.
The disposition Of our people TO embark
In new enterprises is now manifest and
most encouraging. The Richmond T'rust
and Safe Deposit Company tho stock
OF which was largely oversubscriOed; tie
w. r. T1igg Company a ship-huUding
enterprise. for which more money was
promptly rendered than required. the
large new paper-mil shortly 70 be ltut
on the site Of the HaXau-Crensboyy
Mills; the projected power and Hqbt
plant of the Virginia Electric R,ilUoy
and Development Company. the bonds
and stock Of which have been EYER
subscribed for. are some of the notable
Instances of renewed confidence and en-.
terprisc
This last-named one promises 70 char.
ness" the mighty power Of The lanes
which has for ages rolled uubridlcd 10
the sea, and distribute IL 20 the r1auu-
fae,urers Of Richmond at a cost price
so cheap that IL will add largely 10
Rchmonds present recognized adv,n-
tages for profitable manufacturing. AND
viii also. l trust. attract new carjtsl
10 embark in new manufacturlnp enter.
prises here, and add to Richmond's rand
growth. The dream Of 1.-THE oldest in
haotant' is about 10 be realized and
the wisdom OF Bryd is fully established
IN rounding city where tho mighty en-
ergy OF the tails meets the tide OF fbe
James. ana IS, transformed into pro-
ducts that may be freiehted on lie der