The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-26
WONDERFUL DEVELOPMENT.

WONDERFUL Development.
Our foreign trade has grown so rapidly
that even the people Of the United states
are not able to comprehend #. Mr.. Frank
~ Vanderlip. Assistant Secretary OF the
Treasury. contributes to the Saturday
Evening Post. Of this week an article, IN
which ne gives statistics that are start
ling. lie says that the statistics Of tie
iron trade are so remarkable that they
will make the closing year Of the century
present a comparison Of both relative and
absolute development such as has not
been seen before. The production Of pig
iron will reach 1S.5o0.Oo0 gross tons, and
the production of steel more than 100000
tons Ten years ago we imported ST.
10000 Of iron and steel manufactures,
while the exports Of these products were
valued at sliOOo,coO In 1893 We imported
Sl2OOO.Oc0 worth Of iron and steel pro-
ducts and exported nearly S9iop,00o Yet
in the face of these facts the price Of
raw pig iron was raised from $l1 per ton
in February TO $4 per ton in September.
and every furnace in the country mas
orders booked far into the coming year.
At some Of the Southern furnaces they
are actually loading on the cars iron that
has not had time to cool.
But this phenomenal condition is not
confined by any means to the iron indus
try. Mr.. Vanderlip tells us that five
years ago we imported almost double the
value Of manufactures in general than
we have exported For the fiscal year
1888 We exported nearly SS0C00,0)0 more
manufactured goods than we imported.
For many years We imported on an
average 100000 Of manufactured goods
day and exported about one-half that
quantity: for the fiscal year just closed
we exported considerably more than
s1.OOOC10 of manufactured goods for every
WORKING day of the year.
We mentioned the other day that there
had been an unprecedented increase in
the number of railroad cars handled by
roads east OF the Rocky Mountains for
the quarter ended September Goth Mr.
Vanderllp tells us that figures from one
hundred and fourteen railroad companies
show up to September lst a gain If gross
earnings amounting TO S53.coOOOo. raising
the total from $4,000 0O0 10 1853. 900. The
net earnings Of the same roads show an
increase Of S2OOOOOOo. In 1885 the earnings
Of the railroads were much larger than
they had been for years previously and
the earnings of some OF the Southern
roads were increased by the hauling of
troops and war supplies. II was predicted
then that the earnings Of the railroads
I'm 1899 would show a decrease. This was
said particularly of the Southern railway,
the Norfolk and Western. and some
others. Yet as the figures above show,
the earnings in 1899 are much greater than
in 1898. and as for the Southern roads,
they show an unprecedented increase.
If we so back beyond 1885. Mi. Van
derlip goes on, comparisons become as
tonishing. In 1894. for example. the gross
earnings Of these one hundred and four
teen roads we're only S356,Oo0,ooO against
S563.OO0Ooo in 1899
In conclusion. Mr.. Vandcrlip submits
some statistics with reference TO bank
clearings and the money supply. These
show. that bank ciearings have increased
IL per cent and deposits % per cent. II
the figures were conuasted with those
of three years ago. the increase in de-
posits would be 70 per cent Up to Octo-
Der /. 1899, the total money in circulation
I'm the peoples hands had increased $40
10000.
The total gold in the country to-day
Mr.. Vanderlip SAYS, stands at $-o0oOoo.ooo'
against s6ll 100000 three years ago.
We need not speak Of the advance
in the price Of securities. for everybody
who is interested in this subject knows
approximately what that has been.
All these figures are 50 enormous that
the human intellect cannot grasp them.
but when employed in comparison. as Mr..
Vanderllp has so intellgently done, they
give some idea of the vast increase I'M
our wealth during the past few years.
and the wonderful strides which we have
made in progress.