New-York tribune., 1900-01-01

Europe, allayeQ some or It's OmlnouS 0lSSenSlonS
and maintained its integrity Among our
Southern neighbors years of neglect on the one
hand and of malevolent intrigue on the other
bore further fruit of the same old kind-revolu-
ton and counter-revoluton. Nevertheless, the
ancient dispute over the Venezuelan boundary
was equitably settled, to the profit of both dis
putants and to the credit of this Nation, which
brought the settlement about. To turn, at the
last, to the remote antipodes. the creation of
the United States of Australia, based directly
upon the model of the United States of America,
was event of the first magnitude, and
| auspicious of lasting good.
| FINANCIAL AND INDUSTRIAL FEATURES.
No other year has approached 1899 in growth
of American industries and business Yast cap
tal realized and boarded during years Of depres-
| sion, and much restrained in 1898 by the Span
ish war, was applied with amazing confidence
to widely distributed expansion and reconstruc-
ton of industries and their plants. The great
er demand for labor brought rise of wages to
the highest average ever yet attained, an enor-
nous Increase Of purchasing power, The greatest
! demand for products ever known, in many lines
far exceeding the producing capacity, and the
highest prices for commodities since April. 1893.
The volume of business settled through clear
ing houses, nearly S94 1000 100000, was 36.4
per cent larger than in 1898 and 5D7 per cent
larger than in 1892, of all previous years the
best. Nor did higher valuation Of products
cause the increase; prices closed little higher,
but the average for the year has been "A per
cent lower than in 1892.
Over two hundred industrial corporations
were formed during the year, mostly before
April 1, by consolidation Of industrial works,
usually bought outright. The earlier of these
combinations were purely defensive In char
acter, giving scattered concerns strength to re-
sist powerful and crushing competition. But
there followed scores of companies obviously
intended to stop competition among the con-
Germs united, and these We're usually based on
issues of stock from two to five times the ap-
praised value of properties purchased Their
great number and the excessive capitalization
of many led to general distrust and smart re-
action in their stocks early in April, after the
stocks issued had exceeded Sc, ,000, 100000 in par
value. To the end of the year speculation in
securities greatly Influenced by the opera
tons in these stocks, which declined until June,
| rose with the wonderful expansion of industries
in the summer, but declined in the latter part of
the year, losing from April 3 to December %
236S per cent of their value, while railroad
stocks lost only ia per cent.
Except for reaction caused by excessive specu-
lation in these stocks and absorption OF money
in carrying Them the stock market was steady
and strong. rising 1164 per cent to April 8, de-
| clining only little in the early summer, again
rising by December 4.34 per cent above the
April average, and, though losing that and
more in the recent panic caused by Industrial
and street railway operations, once more ad-
vancing and closing strong. Railroad earnings
gave the best reason for enhanced prices.
Though United States roads in 1893 mad aver
aged 3.4 per cent larger earnings than in 1892,
the best of former years. they reported last year
still larger earnings by S.35 per cent, making
the years returns 1904 per cent larger than in
1892. Although large quantities of stocks were
returned from abroad after the South African
war began, they were absorbed without difficult
ty except when operations in the Industrias
caused tight money.
At no time during the year was there any
real stringency in commercial or manufacturing
! loans Throughout the year regular customers
and legitimate business were able to find sup
plies of money at moderate rates. but fuctu-
atons In call loans were wild, and pressure in
that market caused the failure Of trust COM
pany and a few firms here and bank and
some firms at Boston Yet the years failures
were the smallest since 1881, and only In that
year and 1880 of the last twenty five years
were failures as small as in 1899.
The iron industry has surpassed all others in
rise of prices and increase Of product. Prices
more than doubled, both the pig and products,
and the year closed with extraordinary efforts
in progress to secure supplies of and pig
for the future
1t was also year of enormous demand for
wool. Until the middle of May prices declined
because mills We're still supplied with old wool.
But after goods advanced and some large mills
began to buy, prices were rapidly advanced
from 1901 TO 24.70 cents average for 100
qualities. Goods repeatedly advanced, with
enormous distribution sustaining, but in all less
than per cent. Consumption of silk was also
very large, and helped the advance of 45 per
cent during the year, which did not check the
demand for goods Cotton goods were in such
demand that wide fluctuations in the material
had little influence. They rose with remark
able steadiness throughout the year. agreement
of Fall River dealers regarding the marketing
of products helping much TO prevent fluctu-
ations. But though cotton in November had
| risen 80 per cent, goods had then, and to this
| time have, risen less than 10 per cent. Boots
! and shoes also rose much less than leather or
hides, but the production and distribution were
| the largest ever known by more than 10000
| cases.
! Foreign commerce has been much the largest
! ever known for though imports have been
! about $60,000,000 smaller than in 1893, exceed
ing those of every other year except 1892,
! ports have been larger by about S45O 900
than in any other year, the excess of exports
approaching S500.000000. The most striking
ured exports.
] ~,