The daily morning journal and courier., 1902-01-06

' but gradually shared in the improve ment closing 1901 with much business in sight. Footwear factories increased
 rapidly outside New England, yet ship ments from Boston for the year sur- 1 passed all records.
 | Wall Street enjoyed an even greater ' degree of activity than the industries. | Sales of stocks exceeded those of 1900 by A per cent. in number of shares, | while in value the increase was much heavier. Bond dealings expanded near
 ly 50 per cent, and the cost of a mem- bership in the Stock Exchange rose to $SO000, against $50,000 at the top point
 of 1900. Abundance of money seeking i investment and unequalled railway earnings brought a much higher range
 of prices, the sixty most active railway shares closing at an average of $10299, , against $S4.87 at the end of 1900. Final figures were $1 below the top point in
 June, but underlying conditions are now much more solid, and the new year
 promises to bring a new high record very shortly. Discrimination against , over-capitalized industrial shares caus-
 ed lower range of prices, despite
 splendid exhibits by many companies.
 A panic in May was precipltated by the
 contest for control of Northern Pacific,
 and the final move in that matter
 brought into existence the Northern Se-
 curities Company, which was one of the
 most gigantic undertakings in the year
 of big things.
 Staple products experienced the most
 remarkable variations in prices, owing
 to the severe heat and drouth in the
 Southwest From preliminary esti-
 mate indicating over two billion bushels
 Of corn, there was a reduction of over
 third, and quotations responded by
 rising to the highest point in many
 years. The advance in price was so
 much greater than the proportionate
 loss in quantity that producing inter-
 ests actually gained in the aggregate
 value of the crop, and, moreover the
 substitution of wheat as fodder brought high price for that cereal in the face of yield calculated to cause cheapness.
 Meats followed corn, and toward the end of the year even cotton became firm. Domestic agricultural interests have undoubtedly secured profits, and funds have come east freely during the recent season of high rates for money.
 Wheat and flour established a new high record in August for single months exports at 34, 130, 3S0 bushels, but corn prices reduced foreign buying to insig- niflcant figures. Of the leading import ed staples, sugar declined almost a cent during the year, closing little above the bottom, while coffee was reduced to within a sixteenth of the lowest price ever recorded, but recovered sharply on reports of drouth in Brazil, despite un- equalled supplies.
 Foreign commerce made another splendid exhibit. Full returns are not yet available, but the official report for eleven months and weekly statements for December indicate that total ex- ports will be about the same as in the unprecedented year 1900 while imports will be considerably larger, putting the total value of foreign trade at new high record of about $2, 343, ,000, 900. The international balance in favor of this country will be close to $500 000,00 on merchandise account, to which must be 1 added nearly $25,0000 900 net exports of | silver. As the movement of gold has | about balanced, there appears a good gain in foreign cerdits besides the GUS | tomary payments for freight, insur- | ance, interest on securities held abroad, | expenses of tourists, money sent home | by immigrants, and the purchase of | foreign bonds, which has become an inn portant item. Prosperity here natural | ly swelled imports of luXuries and raw materials, but depression abroad re- StriCted exports in certain lines Com ditions in Europe have lately shown | marked improvement, and with the re- opening of South African gold mines there should appear still better vol ume of exports and less inquiry for the precious metal,--Duns Review.