New-York tribune., 1902-12-31
THE COTTON MARKET.
BRADSTREETS REVIEW.

To say that 1902 the pest yeer this
try has ever experienced, while truthful enough
in the main. does not suggest fully the enormous
strides which the United States took in the year
just closed. Practically every branch Of ordi-
nary trade and manufacture showed an increase
above the best Of previous years. and yet this
immense enlargement of output was not suf1-
Client Of itself TO satisfy the growing-it might
even be termed insatiable-demand for all kinds
of materials. In many cases the usual foreign
outlet for our products was perforce, neglected
by American producers. who confined their ef-
forts to supplying insistent domestic demand
while in others foreign production called
upon To reinforce domestic output, with the
result that new currents and channels were
created in our foreign trade. Our export trade.
therefore. shrunk, while imports expanded
to unprecedented figures. The railroads of the
country, in their efforts TO handle the business
offered them, suffered never before from con-
gestion, and complaint of interference with
production and distribution of the products OF
the farm. the mine the shop and the loom
practical and universal. Industrial unrest was
naturally marked. as it always is IN times either
of prosperity of depression. and serious dis
organization of some of the country's basic in
dustries resulted for time. In many cases,
however, resort to extremes avoided
rendered unnecessary by liberal recognition by
employers of changes in the standard of living,
and il is safe to say that two men obtained
higher wages had their working time reduced
without resort to strikes for every one who act
ally quit work Speculation it is true felt the
checks imposed upon II by conservatism, by
short crops in the preceding year, and last but
not least, by high rates for money; but despite
the fact that stock market operations only
about one-half those of 1901. bank clearings,
those usually reliable guides of business. showed
aggregates practically equal to the hitherto un-
heard of totals of 1901. All this was accom-
plished with minimum of friction reflected
in the form of business embarrassments.
Conditions at the outset of the year were not
altogether propitious. The effects of the corn.
oats and cotton crop shortages of 1901 were nat
urally reflected in the first half Of the year,
while the failure of the Texas crop and the
falling off in winter wheat additional
favorable features. The spring backward
and the summer was cold one, checking retail
distribution to some extent. The idleness of
100000 coal miners for six months was cause
OF grave because of its interference with
manufacturing. particularly iron making, while
the shortage OF fuel later in the year, as cold
weather appeared, caused widespread suffering
and expense outside Of the immediate effects in
the coal regions of the protracted idleness of
such a large producing class The car shortage.
too, prolific source Of trouble. interfering.
IL did, particularly with the movement of
coke to iron furnaces and necessitating the
banking Of many Eastern and Central Pennsyl-
vania and Western iron plants Speculative
sentiment undoubtedly influenced by the
effects of the poor crop outturn. and the remem-
/ brance of the melancholy event Buffalo IN
the autumn of 1901 1t was, I'm fact, year
when values generally were subjected to thor
ough test. and weak spots were likely to be ex-
posed Il is commentary the essential
soundness of the great basic conditions OF gen
! eral trade and speculation that with the excep-
tion of a few poorly conceived or badly managed
! industrial combinations. the general business
| community passed through the various ordeals
! with exceptional freedom from complications.
| The truth of the saying that this is no longer a
| "one-crop country was in truth. amply demon
| strated, not only regards the mere fact of re-
| duced agricultural yields. but also respects
elements such the numerous strikes, untow-
ard weather conditions and other unsettiing
features coming into evidence during the year.
| It should not be inferred. however, hat un
| favorable happenings made up the entire list of
the years occurrences, The bitter was literally