New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-19
THE GROWTH OF BUSINESS.

After all that mas been shown Of the wonder
fu procress of the country, not many quite
realize how solid and important that progress
has been For such returns as those OF pay
ments through clearing houses are not entlreiy
understood nor Is 1t realized how great pro-
norton Of the business transacted necessarily
makes It's own record through these organNa-
lions It is a record made by eighty-three bank
ing associations in as many cities, each report
ing for itself every week the amount or pay
mepts through the many banks OF which II IS
the organ, and all reporting by wire without
any knowledge of the returns made by other
cities. There Is no guessing about 1t, and no
possIbllity Of dlstOrting the statement for polt-
ical or financial purposes. Yet 1t Is often sup
posed, even when payments outside New-Iork
are taken as a test that speculative trans
actions may form n great part Of the apparent
increase during any period.
There are other sources Of information which
have great value Business makes many rec
ords for itself The returns of the Iron ana
Steel Association. OF "The Financial Chronicle,
showing cotton bales taken by spinners. OF boot
and shoe shipments from the East reported to
tbe "Shoe and Leather Reporter" and the official
returns of imports of raw silk and india rubber
materials which are not brought into the
conntrv largely in excess of their actual CON
sumption Indicate very closely the volume of
business done in the most important manu-
featuring branches. If quantities only are used
avoiding the deception likely to arise from
changes In prices the comparison shows qui'e
surely what Is being done this year by in
dustrles whose products in 1890 were in value
about 50 039 100000:
Iron ,on. consumed half year css67 .isS 1863 %
cG ns2a b yfsss ,aN'nss 'p ssoos 2aO7s ~
wool. pounds estimates Of 49,, mo ooo ooo o.,
SIX ka'H Imports. raw pounds SSoii45 5ois,aeo 50
l" ports !Syy '526SS9s ass ;5 80
The increase In silk manufacture appears
greater than In any other, but it employed in
1890 only $4,000 hands, with product of $780,
100000 The rubber manufacture, not far be-
hind in ratio of gain employed only 10000
hands. with product Of S10,0OO,OOO. The boot
and shoe record is probably below the truth
as It shows only Eastern production, while 1t Is
well known that in many Western States the
manufacture has grown much more rapidly
within nine years, but in 1890 1t employed
about $4,000 hands, with product OF S2S2
100000 The woollen manufacture then en-
ployed 10000 hands, with a product Of $780,
O0O.O 600 and Its increase Of production can only
be Judged by such estimates as are made by
the association and those In the business. The
cotton manufacture is far more accurately rep
resented by THE Financial Chronicles account
of actual consumption in 1890, and taklngs by
Northern spinners, North and South, in eleven
months OF the year nearly closed. AS stocks at
the beginning of the year were unusually large.
the estimate for the full year based on takings
of splnners will not vary widely from the con-
sumption. In 1890 the hands employed were
10000. with n product OF S30O,O00,000. The
iron manufacture provides the best OF all bust
ness returns through its association, and its
output for the first half Of 1899 and 1880 Is
corrected for each year by returns OF stocks on
hand unsold. It employed in 1890 about $780,
600 hands. with a product In forms for final
use OF about 81 900 900 OOO and its increase in
quantity worked up has been 46 per cent
The sum Of these comparisons, assuming that
the same number Of hands was required In
1890 that is now required TO work up given
quantity Of material, shows a gain amount
ing 10 AIS per cent. the increase in number
being Al 800 Whether the number OF hands
increased less by reason OF greater efficiency
does not matter. since the object is only to rep
resent in the aggregate the proportonate in
crease in quantities produced by these in
dustries But the gain Of AIS per cent In these
great branches of manufacture corresponds
surprisingly well with the recorded increase OF
40 nor cent In payments through clearing houses
outside of NewYork during seven months
of 1890 and 1899. The larger Increase Of 5S4
per cent In all clearings. including New-York,
NAV be attributed In part to stock operations
and ether speculation. but also in part to ex-
pansion Of foreign trade which Is not repre-
scented by the manufacturing comparisons