New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-23


without any material increase in mileage. Rail
rad companies have been able 10 improve the
phvsical efficiency Of their properties. TO in
crease dividends and pay dividends on stocks
that never before made any investment return.
Companies that were forced to suspend diVi-
dends in 1893 have returned TO the dividend
column. and the credit Of the American rail-
roads has Increased so much that high rate
bends have easily been refunded on a low inter
est basis and have been in active demand at
home and abroad.
Business as shown by bank clearings increased
in 1899 over 1898 SO per cent. "A per cent over
1897. 100 per cent over 1894, and 81 per cent
over 1892 Bank clearings were enlarged in 1893
by heavy stock market speculation and immense
Industrial hoatings, factors rejecting industrial
expansion
Coming to the year Of 1899 It is found that the
country in that year enjoyed uninterrupted
prosperity as the result of foundation established
by President McKinley's election in 1896 1t is
true that transportation in stocks led to severe
trouble IN Wall Street in December, but that
was an incident that is common to prosperity
and which has little bearing upon conditions in
general Evidence Of prosperity visible on
every side in 1899 and the healthful reaction in
trade that is now going on should not be taken
as an indication that the good times of last year
ended when 1900 began.
Trade is still large in volume and moving along
in a manner that suggests confidence in all bust
ness circles, but the growth OF the country's in
dustries may be shown better by using the rec
oris Of complete year, such as 1899 Not since
the resumption of gold payments in 1879
activity so general as in 1899. Mercantile fail
ures were small. wages were high, the volume of
trade was heavy and the only disturbance Of
the year came from an excess Of industrial in
corporations, which hurt the promoters more
than they hurt public investors or general bust
ness. 1t is interesting TO record the fact that
in the first half Of 1899 the new industrial M
binations represented total capitalization of
S3,20I S50. 900.
THE IRON TRADE AN EVIDENCE.
Perhaps the most striking evidence of the
satisfactory condition of the country in 1899 as
compared with 1898 and the few succeeding
years. was furnished by the iron trade. Produc-
ton steadily increased, and in many cases prices
were doubled On January l. 1899, pig iron pro-
duction was 1856 tons a week On December
81 OF the same year the production was 294, 1856
tons q week while the actual output for the
year was 13.620.T03 tons against IL, 173, 1874 tons
n 1898, the best preceding year. The year of
1895 was considered fair one in the iron trade
but the total production only amounted to
9.44630S tons, although as compared with the
6651 ;}SS tons in 1894 the record was significant
me COnolJiOn OF Inc iron trade has been
prosperous in the last four years than in any
other time in the history Of the country; but this
marvellous record would not have been made
had Mr.. Bryan gone into the White House in
March 1897 instead OF Mr.. Mckinley. The
current reaction in the iron trade is not a sign
OF coming depression in this important branch
Of the country's industries. Production got
ahead Of demand early this year and health
full readjustment is now under way
The Presidential campaign hanging on the sill
Yer issue was in progress in the six months Of
1896 when production Of iron amounted to only
3.646S91 tons. In the same time in 1899 the
production was 1881. 526 tons. OF an addition Of
100 per cent in three years The sgnif1-
canoe Of the increase lies in the removal of
uneasiness as 70 the standard of value and the
effect which this removal had upon National
industry and National welfare
While the production of iron was heavy in
1899. the production Of coal was another factor
that bore testimony to the successful progress
Of the country. More anthracite coal was
shipped TO market in 1899 than in any other
year in the history of the trade amounting to
1866 203 tons, as against 43OS9536 tons in
1888. And this amount of coal thrown
upon idle market. tidewater stocks last
January amounted to only 350.965 tons The
extraordinary activity in business afforded the
laboring more money TO spend for coal,
while of course, the most important factor in
the increased consumption was due to the de-
mand from manufacturing centres In bitumi-
nous coal similar conditions have prevailed The
production of gold in the United States in 1899
amounted IN value to S70694 10, against $57.-
B63, 600 in 1897.
FIGURES OF FOREIGN TRADE
It was mentioned earlier in this article that
the foreign trade Of country reflects it's COM
mercial prosperity and growth. 1t is now pro-
posed that this shall be shown by figures for the
last few calendar years or in the years since the
election Of President Mckinley. The following
table has been compiled, giving the exports for
each year since 1896, and it should be observed
that the item designated "all other exports"
shows a most wonderful proportion Of increase,
this item consisting chiefly of manufactures
Exports. 1899 1898
e%itln SI5l loI"42 go los %Bf
Breadstu1s ..-............. 2sa9557Tl 317 SO TAG
Provisions -....-..-....... 1872 41G334 l7497s Ol3
Cattle. sheep and hogs. 8l9lO407 34651, 7T9
Mineral ois................ G8O42 825 53423 749
Totals NEUTRALITY-SUSPICIOUS.. $74Is92ITe Ssh 7Ol. 491
All other exports........... 5340574g2 AL s44 775
Totals 27554e671 1855 54e 26e