The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-28
.CURR|ENT' YEAR A
RECORD ( { BREAKER B. {: 4 !. (. | i (
Nineteen Hundred and.
One lJnpr.ec cedented.
THE BANK DEALINGS.
Exceed Those of Record Year by26
Per Cent.
RAILROADS VERY PROSPEROUS
The Gross Earnings Have Increased Twelve
aud Net Earnings slxtsen Per Cent,
While Freight Transportation Fa'
ciIlties Are Oyertaxed--pr.ees
Of Staples Better Than
for Years.
Exceed Those Of Record Year by26
! RAILROADS VERY PROSPEROUS
sfRv Associated Press.)

fBy Associated Press.)
lssNEWs YORK, Dec. 27.-'The annual al -
view of Americam trade, finance nc ana :ii-
dustry, prepared by Bra Bl.strests dstreetss anu
given publicity to-day, declared lsoi 70
sb= sbe record, breaker among the FIVE pre-
ceeding years OF commercial expansion
| enjoyed by the United States. It's pre- pre-
emtnence, the review stated, was all the
| more notable because it suffered from d
comtina ton OF happenings that in a nor
NAL wear would have proved depressing
i if not disa strous. Enumerated IN the lat-
!. ter were the machinists ana s.esi
4 strikes,sthe stock panic OF May, tHs li iai
1 |11re of ssevera imprudently managed com com
hina tions the efforts of some comblna-
!. tions., including that in copper, to NIX
! prices, the shortage in corn, cotton anu anu
oats. and. the assassination OF Presldeht
4 Mckinley, Summarizing the genetal sil-
4 uation the review said :.
| #.Briefly summarized the year mas sse'l
I transacted an aggregate OF general .ou:.-
i ness. as reflected in. bank circles, lar ~
/ excess cf preceding year; mas VIZ
1 messed stock speculation, rampant 'eS# oe'-
4 yond the dreams of old-tlme prokeIs'=
! checked and 5curtailed by one of the
lsharpest stock panics in history and se'
5twith "a rema rkable. minimum OF disturb
dance of general financial operations; mas
i watched general industry and production
iEgrow& steadily until new and larger fng-
lures were needed to express the outputs
i of coal and ore and iron and steel ana
i lea ther and lumber and a multitude OF
II other branches > has seen the z1reisht
4 transporta ton facilities of the country,
4 strained to the breaking point, prove M m
q sucienti TO handle the volume OF business
4 offered; and finally has witnessed vol
ume of holiday business passing all pre-
i ,|syious bounds both of quantity and quail
4 1ity, all of which are evidences OF the
3 VASTLY increased purchasing power OF the
q general public Of late years.
I REMARKABLE GAINS.
i .From the standpoint of present est
mates clearings this year will exceed the
q highest records of preceding years by one
Il fourth. Gross railway earnings have IN
s creased u erscent., and net returns nave
gained 16 per cent. over the best preced-
i ing year. Pig iron production will be not
I far from one-seventh larger tnan the
i heaviest ever before recorded. Shoe pro-
z dnction and shipments. and, therefore,
< presumably leather production, SHOW al
s most as large a gain. Iron ore prodIc-
4 ton and shipments were never before
s euualled; certainly, steel shipments were
z never. so large. Anthracite coal prodrc-
i ton will be fully 1OEper cent. larger than
last year and 5 per cent heavier than
the records. The bituminous production
& promises as heavy a gain over past rec
ords Woolen manufacturing has been
i helped byalow cost Of material and good
demand for clothing. All the returns are
Z not SO favorable. There has been less
money in cotton for the South this year,
Il and the margin of profit in manufacture
i has occasioned complaint here and III
: New and old England. The agricultural
Z interest has been favored by heavy ad-
B vances in farm products. which have done
4 much to counterbalance reductions IN
I yield. Export trade. has shown signs or
a hesitation after years of steady advance,
and imports have increased, but mainly
in materials intended for domestic manu-
4 facture, and the margin in favor of ex-
ports is still enormously heavy.
Il BANK CLEARINGS.
The bank clearings were estimated at
4 $11S,0 600, 600. a. gain of 50 per cent. over
i last year and S per cent. over the record
i year of 1899. The Middle States showed
the greatest increases in clearings. The
failures forithe year were placed at 10. rs,
with aggregate liabilities of $4,000, 900
and assets of $50, ,3oo, Geo. AS to this show
Ling the reviewer said:
i This is a gain of Sc per cent. in num-
d Der over 1900 and of nearly 12 per cent
4 cver isaS, but back of that year compari-
B sons favor the current one. Liabilit,es
have rot gained relatively SO heavily as
shown by the fact that they are only
. "a per cent. larger this year than last
and Sc per cent larger than in 1899 In
a Crly three OF the past Is years, in sact.
Z were liabilities smaller than they were
q this year. 4 point often lost sight of is
: that there is a constant accession of
a nov individuals, firms and corporations
5 in business each year. and this alone fur
i nishcs a basis for the recording Of num-
q ert;us unsuccessful ventures. There aye
. now 1000 more people in business than
E this time year ago. an increase Of Is
per cent, but failures have only increased
5 per cent Il. number during that period
and iibilities are c.:ly 0iper cent. larger.
a a continuing, pnfavors bic feature is the
small percentag Sc of assets to liabilities
]: against Az per cent q year ago and 5:
per cent. in 1929 ard 1Sas.'
& & ssssI 'tI,,E.S& HIGH.
q AS to prices, the review said:
. - Wheat has reached the highest poin:
since ls5s: corn has been higher thar
d for almost a decade. and other produce
& has sympathized. Food products. as a
E whole, arez.iower. notable in this respec,
i being leather. textiles and coal and coke
b naval stores, building materials, chemicals
and drugs and miscellaneous products.
z Prices, as "a whole. are eight per cent
Il lower than Februa ny, 1900, and December,
4 4 1885, but ere higher than IN anyEyear from
b 1888 until the third quarter OF 1893
& In summarizing the foreign trade the
4 sISreview declared that there has been a
& falling off sin the demand abroad for
American iron. steel and copper. a loss
s. q in cotton exports. owing to the decline
B IN prices. q reduction in the exports al
81 8t5corn and oats. phenomenal wheat ship