, 1900-01-02

a result, primarily, of the stimulation
proceeding from supply and demand
conditions, scored probably the great
est advance in II single year and
brought the general level Of staple val
ues to the highest point reached for
more than eight years past. Failure
statistics point to the smallest number
reported for II years past. These re-
a considerably lessened production of
wheat, and an immense falling off in
the yield of cotton.
In Industrial affairs the year has
been one Of enormous expansion. Ger
tainly nothing like the general advance
in wages of industrial employees has
been witnessed for many years, and
this has been accomplished with a min
imum of friction.
The close of the year finds order
books filled for them three to six
months ahead in nearly all lines. Dis
tribution trade was naturally of i'm
mense volume throughout the year,
though mild weather at the close tend
ed to modify the satisfaction with
which retail trade in winter fabrics
was regarded. This was, however,
partly compensated for by a holiday,
business surprising all previous rec
ords.
Notwithstanding smaller exports OF
agricultural products during the calen.
dar year, b~readstuffs shipments being
Is per cent smaller, cattle and hogs
exports 10 per cent less, and cotton
shipment, owing to the short crop, at
least 10 per cent less, there was such
an expansion in our manufactured ex-
ports that the entire export trade OF
the year will considerably exceed that
of the last calendar year, which was
the heaviest recorded, and will make
the year no less notable in the line OF
foreign than in domestic trade, with
a total of exports little less than ST.,
2S0,0 0, 900, an aggregate of which, il
reached, will mark a gain Of 3 per cen
over the record total of 1898.
Imports have naturally shown q
marked revival, and if the gain fol
the eleven months is maintained for
the month of December, a total a little
below $500, 600, 900 may be expected
which would guarantee a total goreigr
trnIa u,all II nx,ar, - 60 con nan nnn
an amount, it might be remarked, new,
er before equaled. AS to exports, it is
to be noted that nearly one-third OF
all are of manufactured products, q
production never before reached; and
as to imports, the heavy increase. in
raw products intended for manufact.
ure bears testimony to the activity o.
domestic industry. The apparent trade
balance in our favor, though not as
heavy as in 1898, will still aggregate
an enormous sum.
That the advance in the price of sta.
pies has not been n fictitious one OF
based upon arbitrary actions of com
%binations, is evidenced by the fact that
a similar price movement has been wit,
messed abroad, the general level Of
prices in England, for instance, being
higher December 1 this year than fol
more than eight years past. TIL
course of values, too, has been in ac,
cordance with expectations of econo
mfStS. in that the greatest relatiye rise
has been in manufactured goods, or il
products Of industry not exclusively
agricultural. Breadstuffs alone, of al
the classes of staples, are actually low.
err now than they were a year ago, the
decline being about G per cent. On tbs
other hand, the manufactured or part
ly manufactured products, such as met.
ais, raw and manufactured textiles
building material, coal and nava
stores, have scored remarkable gains.