I -IN \N( I \l. IIKVIKW OF 1891. 



287 



or CHOI- VAI.I-IS. 



r, touched 2j cents per yard, the lowest 

 price ever known. Later they rallied to 3^g, 

 with cotton at 7J cents per pound. The iron 

 trade IM .ran to improve early in the .summer. 

 A laru r e number of furnaces went into blast 

 inward the end of the year, and the output was 

 increased by the good demand from railroads 

 and for structural work. Cotton manufacturing 

 stati-lics I'm- the year ending Aug. ; !l showed a 

 consumption ,,f ^.."ioO.'.Mli bales, against 2,349,- 

 r the previous year. The production of 

 print cloths at Fall Itiver in the calendar year 

 was !,!)s;,.(K)0 pieces, against 9,937,000 in 1890, 

 and the stock at the end of -the year was 90,000 



Sit s. against .Vss.ooo at the end of 1890. The 

 ivideniis paid by 33 manufacturing companies 

 in Kail River witn a capital of $18,658,000 aver- 

 nged 4-81 per cent, in 1891. against 7'62 in 1890. 

 The trade in wool and woolen goods was fair, 

 and among the favorable features was the dis- 

 continuance of the heavy auction sales of flan- 

 nels in New York. The stock of foreign and 

 domestic wool on the Boston market at the end 

 of 1>'.H was 32,942,000 pounds, against 27,798,- 

 5(K) Dec. 31, 1890. Anthracite-coal production 

 was in excess of any previous year, and the total 

 shipped to market was 40,448,336 tons, against 

 3.").sr)5.174 in 1890. Business failures included 

 25 banks with a capital of $3,662,000, of which 

 13 banks in Kansas and Nebraska, having a 

 total capital of $1,137,000, failed in consequence 

 of short crops in 1890. The number of mercan- 

 tile failures for the year in the United States 

 \\as 12.273, with liabilities of $189,863,638, 

 again<t 10,907 in 1890, with liabilities of $189,- 

 856,964. 



Railroads. Although the tonnage was small 

 from the cereal crops of the previous year and 

 the iron movement decreased, railroad gross 

 earnings were well maintained during the first 

 half of 1891, the natural expansion of business 

 and increase in cotton freights aiding materi- 

 ally, but the Granger roads showed small profits. 

 With the movement of the wheat crop the situ- 

 ation was completely changed. The grain-car- 



rying roads were taxed to their utmost capacity 

 in the fall, and late in November and early in 

 December there was a serious blockade at Chi- 

 cago of east-bound grain- laden car-, and the 

 movement did riot become free until the end of 

 the year. Then the tonnage destined for the 

 seaboard from Chicago and Buffalo was unpnc- 

 edentedly large. The increase in railroad mile- 

 age was only moderate. There was alight de- 

 mand until late in the year for new railroad 

 bonds, and even old-established companies had 

 difficulty in placing additional issues, and conse- 

 quently new construction was deferred or con- 

 fined to necessary improvements. The aggress- 

 ive action of legislatures and railroad commis- 

 sioners in some of the States in reducing freight 

 rates had the effect of checking railroad build- 

 ing. In Iowa only 28 miles of new rail were laid, 

 and in Texas only 155 miles. The total for the 

 entire country was 4,100 miles, against 5,700 in 

 1890. Among the consolidations for the year 

 were the Rome, Watertown and Ogdensburg 

 with the New York Central system. The Beech 

 Creek road was absorbed bv the New York Cen- 

 tral. The Pittsburg and Western passed under 

 the control of the Baltimore and Ohio. The 

 Suburban Rapid Transit system became part of 

 the Manhattan Elevated. 



The table below shows gross and net earnings 

 of the principal trunk lines. 



The Money Market. The most important 

 feature in the market for money was the drain of 

 about $70,000,000 gold by exports to Europe dur- 

 ing the first seven months, a little over $26,000,- 

 000 being shipped in May. The loss of this gold 

 was offset to some extent by the issue of Treas- 

 ury notes against purchases of 4,500.000 ounces 

 per month of silver bullion. Mainly for this 

 reason the rate for money on call was not greatly 

 deranged, and indeed it did not rule above 6 per 

 cent., except early in January during this period. 

 Another reason why the market was not dis- 

 turbed was that, except for a very brief period, 

 when the Free Silver Coinage bill was under 

 consideration in Congress, there seemed to be no 



