Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1902-01-03
The Business Of the Past Year.

HAJ viz We " w. DduhCTS u IN cW
York, have issued the following synop-
sis of the business transactions of the
country during the year, 1901. 1t is of
unusual interest and we are sure it
will be read by all:
This is the closing week of a most
remarkable year While all other com
mercial and industrial nations have
been suffering reverses of greater or
less severity, the United States has en-
joyed another year Of nnexampled
prosperity far exceeding the most opti-
mistic expectations. Germany has
been passing through period of dis
tress, induced by excessive industrial
expansion and overspeculation, while
while Great Britain has suffered sew
erely from the Boer war. France
] seems to have been fairly prosperous.
| but Great Britain and Germany are
really our chief rivals in commercial
or industrial supremacy, and it is with
these only that comparisons are of in
terest. Meanwhile, the United States
has made gigantic strides in the pro
ductiOn OF wealth with almost supreme
indifference to conditions IN other parts
of the world. In these days of close
interdependence the spectacle of q
country making such remarkable and
continuous exhibitions of growth, while
its chief rivals remain at standstill
or retrograde, challenges attention.
There is but one explanation for such
a situation, viz, that the United States
has just passed through one of the
great bursts of national development
which have always occurred at very
well defined periods, and which have
usually been termed "boOms.n This
particular ''b0Om," which began with
the defeat of Mr.. Bryan in 1896, has
been prominently characterized by ex-
traOrdinary industrial activity. The
growth of manufacturing enterprise
has many times exceeded the growth of
agriculture, and we are rapidly chang
Ing from an agricultural to a manufac-
turing nation. With our magnificent
mineral resources, with unequalled
facilities for transportation, with an
unlimited supply of capital to aid en-
terprise, with better supply of skilled
labor than any compel itor, with an un-
rivalled> capacity for org anization and
the use of machinery, all backed with
an abundance of energy, brains and
opportunity; with all these requisites
in plenty, is it Surprising that our stu
alton is the wonder and envy of the
wOrldp
Along with this astonishing develop
ment We have seen an irres istible ten
dencv towards contradictions; q read
justment of economic forces, which in
| industry has taken the form of trusts,
in transportation the grouping of rail
roads, and in finance the consolidation
OF banks into institutions capable of
meeting the larger demands of these
| combinations. This tendency towards
concentration, while capable of great
advantages In giving us command of
the world g markets, has unfortunate
ly been handicapped by overcapitaliza-
tion and other abuses for which day
of reckoning will inevitably come, but
which it is not pertinent to comment
upon here. just now we may cOngra-
tulate ourselves with complacencv up
on our national strength, industrially.
commercially and financially. Our
exports of manufactures show fall.
ing off due to the operations in COPPER.
lower prices for Oil and the more press
ing demand at home for iron products.
The Clearing House returns of the Uni
ted States for eleven months of the
year showed total of $1OS, 724. 900. 900
compared with ST., 123, 600, 900 for the
same time last year, an increase of
about 40 per cent.
The most extraordinary feature of
our home industry has of course been
the demand for iron and it's products.
We are producing pig iron at the rate
OF over 10 to l6 millions tons year, or
10 fhav -
output OF coal will be about SO, 000, 900
Tons. we have already. surpassed
Great Britain in merchandise exports,
In pig iron output and in coal prOduc-
tlOn. For this great and continued
activity in iron the chief explanation
Is the demand from railroads of cars,
engines, rails, etc. To secure the high
est efficiency at lowest cost the rail-
road systems of the country are being
practically reconstructed. The big
modern freight car which carries most
economically demands heavier rails,
stronger bridges and larger engines.
New and better terminals are also es-
sential; as witness the contemplated
expenditure of $40, 900, 900 by the PEN
nsylvan1a for an entrance to New
ork city. Still another large outlet
for iron is the modern method of con-
STRUGGLING high buildings. which prom
1ses to continue until the business Sec
lions OF our large cities are practically
rebuilt. Plenty of examples could be
cited showing that the United States
Is far in the lead in the race of indus
trial progress. Our future, too, is
bright. and success will be aided or re-
tarded very much in proportion to the |
Intelligence of our legislation. Com
merce is the handmaiden of industry,
and we have now reached a stage of |
growth where the latter cannot pros |
per without the former Very soon our
consumptive abilities will have been
fully satisfied, while our productive
capacity will have expanded by leaps
and bounds. Foreign markets will be
essential to our industrial peace: and
unless the unnecessary restrictions
which now exist are modified gradual
ly they may be swept away with little
or no ceremony later on.
The year closes, as 1 have said, with
the most satisfactory reasons for con.
graduation, the United States having
hadEmore than it's share of success.
The next question is, What of the COM
ing year? Time only can tell. There
are evidences that we are near the top.
Values are generally the highest of the
decade; the upward movement is much
ess general than year ago and recess
'lons are more frequent. II was ask.
I'd what would be the most desirable
course of affairs, l should say, after the
dividend investment buying has ex-
its force, which is usually Incl
lent to the 1st of January period, q
moderate but general decline in values;
'uch as would not disturb confidence
)ut would stimulate fresh buying and
invite new enterprise. Such reaction
would be most conducive to continued :
prosperity. A very considerable de.
line in merchandise prices could be
injured without in any degree lessen
ng production, which is now in con-
tant danger of being increased to ex