The age-herald., 1899-01-08

ues, and the same principle under differ eht form of application produced the sue- eesslon of gigantic bank suspensions in Australia, which strangled the resources of our thrifty kinsmen In Scotland. The sus- pension of business due within those years 10 actual foreign wars and to preparations Tor anticipated wars, together witA the plague and famine in India, and the disin- tesration of China since the China Japan csc war, has contributed together with the Iallure of Argentine and Australian finances to restrict opera tions over the entire world. ihere is today a better and more helpful spirit, and the whole world may be, and 1hlhk, ls entering upon a cycle of, broad ly speaking, more prosperous times. There are indications of a desire to restrict un- pfohtaole military expenditures, and to re- heVe suffering nations from the weight, and thus permit the improvement of commerce and Industry. This may be seen in the re- gently amended budget of Italy, it's with draWal from improbable and il-advised att tempts at military coloniza ton; and in the most notable manifesto in favor Of reduced military burdens by the czar of Russia
 IT, then the spirit of commercial compe- tltlon is in the next decade to become the dominant one in place of the military spirit and the action of Russia In the building of railway to reach the Pacific is to be bal aneed by American completion of the Isth- milan canal, whilst England builds a north and south line from Cairo to the cape, and Germans run from Jerusalem to the Per sian gulf or the Indian frontier; and Amer ican, German and Russian syndicates vie with each other in opening China by rail- roads it is plain that the coming years m- mediately in front of us may see a more in- tense period of business activity than any that we have witnessed since the eighties. or the part that the iron and steel trade will take in such development, it is surely needless to speak.
 If is generally believed that in this cOIn- try the productive capacity has become so enormous that no possible demand can ever restore high prices; and yet there may be during 1899. and should be, a somewhat higher level than has prevailed during 1898. The prices paid for mining upon the lakes have not been sufficient to conserve the required amount of labor, especially in view of the competition of an active and profitable operation of the copper mines in the same region. It will be necessary to pay higher wages to obtain an adequate supply of labor fefrthese mines, the pro- duction of which has to some exent been needlessly sacrificed in the open market depicting the resources of the owners and leaving no adequate return behind. It is req sonabe that there should be something oaid for each ton of orc beyond the eK- pense of mining and the amount of the royalty.
 In addition to this the large diversion of lake tonnage to service on the Atlantic will probably exercise some appreciable eff feet upon lake freight for next summer Northern producers of iron have been be- low the parity of southern prices during large part of the present year, and if the result of higher costs of ore and freight should induce them to raise their prices they will not be exposed at some times in the past year to a destructive compe- titon from Southern makers whose works will be more largely occupied in 1899 than ever before in catering to the foreign trade
 In this connection it is interesting to zee that efforts are being made to place the cost of production at such a point will permit the retention of the export trade after the present burst of activity has passed away. The present year has seen the establishment in Alabama of byproduct coke ovens on an extensive scale and so located that the coal mined but few hun dred feet from the ovens is delivered after conversion without the use of intermedi- ate railroad cars into the stock house of the furnaces; whilst the surplus gas from its production is used to enrich the furnace gas under the boilers and in the stoves. The big iron casting machine has also made it's first appearance in Alabama, saving sand and labor. The south has also sought during the year to take a modest part in the achievements of the Pittsburg and Chi cago districts by the arrangements which have been completed for the production of open hearth bllets, slabs, rails wire rods, wire and nails. The works for these purposes are now largely advanced in con- struction, and before the next year has half expired Alabama, like Pennsylvania and Illinois, will be reaching out to Ar rica India China and Japan with steel with its iron.