New-York tribune., 1902-12-31

ably IN the country's history; smaller strikes OF
| soft coal miners in Virginia. West Virginia,
| Maryland and Alabama; dssensicns in the
| building trades at many cities. but notably at
New-York and Portland, Ore; strikes of woolien
| weavers in Providence, cotton spinners in
Augusta, Co, silk mill hands in New-Jersey
| and transportation employees Ceamsters) in
Boston and Chicago. Strikes not always
found expedient. however In New-England
| 100000 cotton mill operatives obtained 10 per
cent increase. and 100000 railroad hands got
| varying increases witbo 1t striking. 1t is prob
| able that while 100000 men struck for longer
or shorter periods. fully 100000 received higher
wages shorter day without striking. An
thracite coal production will foot up little more
than 31.OO0.O00 tons, against 53.0OO,OOO tons In
| 1901. but this eked out by larger pro-
| duction Of soft coal rs per cent advance on
| 190D and liberal imports thereof. Coke pro-
| duction was also at its ma xn1um. The output
of iron and steel in all respects remarka BILE.
Lake navigation fully month longer this
year than last, and ore shipments by water we're
27039Oo0 tons, 81 per cent than in
1901. Pig iron produ ction, though affected by
the fuel shortage, will foot up little short of
1S000000 tons. while imports of foreign iron
Q,001,Oo0 tons in various forms) will swell con-
sumption to 100000 tons. The output of fin
ished forms such as rails. billets structural
myriads Of other products, showed practically
equal expansion. and the close Of the year, white
finding some dulress In the more highly finished
forms, sheets, tnplates and wire. sees q large
part Of the country's output for 1905 already
booked s:x months in advance. The window
glass output will show increase of 10 per
cent over 1901.
Early in the year the railroads Of the country
had it brought sharply their attention that
the progress of the country called for the solu-
ton of new problems in transportation. All
previous car shortages sunk into insignifcance
beside the 60 1gestion which ruled throughout
the entire year 1902 Not only were there too
few cars. but locomotives were not to be had
in sufficient number. and yard space ana
switching facilities were all insufficient.
Strong at the beginning of 1902, the stock
market soon became dull, although high grade
stocks advcnced and steadied prices against
early crop uncertainty. litigation against the
Northern Securities deal and the beginning Of
the coal strike. Fresh instances of community
Of interest and further combinations and deals
involving railroads also had an effect. High
money. the chief factor throughout. asserted its
influence IN May. causing collapse in curb
securities Summer GAtaess without decided
tendencies was followed ~ a rise in standard
railroad shares on the g'--l corn crop. the high
est prices generally occurring early in Septem- |
Der. Falling bank reserves. gold exports and |
higher rates for money marked the autumn |
aid by Treasury bond purchases being only tenn |
porarily effective A succession OF lqudating |
movements and heavy declines created fears OF |
danger to large operators and accentuated the |
idea that prices inflated and credits to |
spectators unduly extended. The lowest prices |
were mainly about December l.. promised aid |
to the market from the larger hanks then |
checked Generalization and caused irregular but |
general recoveres despite continued dear |
money
II bank clearfngs are considered II is found |
that the unexampled record OF 1901 IS almost |
reached. Indeed. the final figures viii be neces- |
sary 10 prove whether those or 1901 tzave not /
been exceeded this year.
Testimony to the better tone Of general busI- |
ness in 1902 as compared to 1901 is found I'm
the fact that business failures for the year will
probably number 100S1. with liabilities Of !
Sl12Oo0OO0 and assets of S4T.Oo0.p9o. a reduc- !
ticn in the number OF failures OF > per cent
from 1901 and Of ii per cent In liabilities Liza |
bilities were also smaller than in 1900 by - /
per cent while per cent larger than the low /
water mark of recent years set in 1899. The /
number of failures. it is true indicates gain OF /
2 per cent over 1900 and cent over 1899;
but this is not at all surprising. considering /
that there were .23S0oo persons In business I'm
crease of 10 per cent. The percentage of assets
to biities in 1902 is 70. against a per cent
the year before and - per cent in 1899. In
creases in number year ago confined /
entirely to the South. which notes stress due TO
low cotton prices early in the year, to reduced
yfeids in sections, affecting business later on.
Liabilities. as do failures show the greatest
shrinkage in the Northwest, while the increased
failure loss is confined to the South and Central
West
Confidence based upon knowledge of severe
tests successfully withstood. of large crops gar
nered and yet tc be moved. of glowing winter
wheat conditions unprecedented area and
of orders for 1903 booked four to seven months
ahead in many lines, is the prominent feature
of the outlook to the future. The first half
of 1903, in fact seems to be regarded as already
secure. while responsibility beyond that must
rest~upon next years crop and business develop
ments The only signs of doubt mistrust are
those having their birth in stock market circles |
where doubling souls no less numerous than |
they have been for five years past. On the
theory that in the course OF time almost any
condition OF affairs will about, the pros
pect that these prophets will some day prove
correct is, of course to be borne in mind. In
dustrial disturbances and the restrictive effects
of higher costs of production upon consumption
are the bearish arguments advanced
Those who seek trouble, of course sometimes
find it, but It should not be forgotten that
higher wages enable higher expenses to be borne
lightly, and those who contemplate the future
with confidence certainly seem to have abundant |
reasons for their optimism
|
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