New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-02

one revolution after another, Nicard-
qua experienced rebellion an upi
ing Of colored citizens against the gov
ernuent occurred in Cuba ana theie
was generally widespread unset'le-
mont In the social. political and indus-
trial circles Of various nations '''
crowning dismay of when was "a
hibited in the Balkan War' WIN
threatened The peace of Europe ana 10
still menacing the trade III"
and financial interests OF the olo "'''
the New World. The strongest eleii'o,''
Of tho business growth and stabiiity III
the United states is the vast pIopo'
ton of the Steel industry. Ihe cioSiiie
of 1912 shows the Steel trade 10 oe At
i,s hest for The year, both as to volume
and nrodt The movement OF IRON ore
from the lake district in III aihoui' 'o'
to a. 800 600 tons, which is o,ooo'"oV
tons greater than during any previous
season Coupled with this advance
ment. which began prior 10 the Hai
yesting period, has been the mas
cont crops of the country, exceeding
go 600 600 600 in value. II has required
support of such character 10 onset
the numerous disturbing elements
which have figured among the disqulet-
inc factors both at home and in foreign
countries.
During the wear 1919 new capltal Is
sues in the United States exceeded -
onn ooOO ono over one-half OF when
wont into the industrial field. There
was tendency toward the better CLASS
of industrials and public utilities OWLS
IA the higher rate of interest yield' anu
some anprehension regarding the ra"-
road prospect. caused by the Interstate
Commerce Commissions restrictions VI
freight charges and the constantly j"
croaeinr wages of railroad employees
due TO the high cost Of living. lhuus-
trial activity reached a high degree III
the United states and was genera
th~oughout the world. The success OIL
the government in its suits against inc
Standard Oil Company, the America"
Tobacco Company and other corpora
tions stimulated new energy III COM
petitivc organizations in various llheS
which for several wears past had been
cIasscd among the trade monopolles OF
this country. Since the segregation o.
the American Tobacco Company IN
terests already new SJO,o0oOD com
petitive corporation has been organ
lied. The decisions OF the thited
States Supreme Court IN the thion-
Southern Pacific merger dissolution
suit and in the anthracite coal trust
suit. while not yet fully crystalliZed.
established a better understanding oil
tho Sherman law regarding com
binations i'm restraint of trade. The
effect Of this relief from trade deprcs-
sion doubtless will be very beneficial.
as business development will be con
Quoted along lines of reason rather
signs of the period was the expansion
Of this country's foreign trade. Dur
ing 1912 all records were broken In
both imports and exports. During the
year the imports approximately eN-
cceded 1911 by S2oO.oWOco. and eX-
ports were about S.,OO. OpOppO i'm excess
of 1911 Most of the increase I'm i'm
ports was i'm raw materials, while tho
expansion in exports WAS chiefly I'm
cotton, grain and manufactured prod
ucts. During the last three months OF
the year the development Of export
trade was most remarkable. The
building during the year was oxcep-
tionally great. The aggregate Of new
buildings in the United States Is csti-
mated TO be in excess of $3.50. OOO. 900.
which compares with $500. 900 600 in
1909, which was the heaviest previous
year on record.
Bank clearngs throughout the United
States indicate the wonderful business
during the year. They show total Of
$174, 250, 100000 as compared with
$1J9. 4O3. 200 900 for 1911. For the first
ten months Of 1912 the aggregate gross
railroad earnings showed an increase Of
S3j,OOCOO over the same ten months
IN lJl1. Transactions on the New
York Stock Exchange for the year 1912
showed a slight increase in volume over
1911. Bond transactions. however. on
the exchange exhibited a reduction.
while prices averaged considerably
lower. In the security and open mar
kets, such as public utilities. there has
been vast amount of financing. and
the public has been attracted TO public
utility issues by the high yield offered
and the immunity Of such corporations
from many adverse influences which
have affected the listed securities.
A Glance at the Future.
The year 1913 has entered with a
burden of many worldwide complica-
tons. AT home new political regime
Will direct the affairs of the nation.
and managers of untried national ex-
ecutive ability will be put at the heads
OF the various departments Of the gov
eminent, pledged To policy Of reform
and readjustment. An issue which has
tried the mental powers OF statesmen
throughout many administrations Is
the question Of tariff reform. At the
best it is debatable, and I'm a country
so large, having so many varied inter