FINANCIAL REVIEW OF 1898. 



FINE ARTS IN 1898. 



265 



western companies alone, and the total amount of 

 railroad and industrial bonds listed during 1898 

 was $700.004,680, nearly double the amount listed 

 in the previous year, while the amount of new rail- 

 road and other stocks listed was $528,153,996, of 

 which that of the Federal Steel Company was 

 $100,000,000. 



The following shows gross and net earnings of 

 the trunk lines: 



Manufacturing Industries. As was the case 

 in 1897 the cotton-goods trade and manufacturing 

 was in a depressed condition throughout nearly the 

 whole of the year 1898. Competition of Southern 

 mills in the manufacture of cheaper grades of cotton 

 goods and overproduction by the Eastern mills 

 caused such congestion of stocks in the hands of 

 New England manufacturers that a policy of re- 

 striction of production became necessary early in 

 the year, and an attempt to reduce wages led to a 

 strike of the operatives at New Bedford. Mass., 

 while the Fall River and Lowell operatives accepted 

 the reductions. The price of- print cloths at first 

 fell to 2 cents, subsequently recovering to 2^ cents, 

 but later there was a gradual fall to l{f cent per 

 yard. The price did not improve until late in the 

 year, when, through combinations of manufacturers 

 and the regulation of production to meet the re- 

 quirements of the market, there was a recovery to 

 2^ cents. The woolen-goods industry was also de- 

 pressed, chiefly because of accumulated foreign stocks 

 early i n the year, and likewise because of the quite 

 general demand for cheap grades of goods. In the 

 iron and steel trades the production was large at 

 the beginning of the year, and it gradually grew to 

 enormous proportions by the close. Prices of manu- 

 factured products of iron and steel were maintained 

 at comparatively low though profitable figures, thus 

 enabling our manufacturers successfully to compete 

 with those of the principal European countries, and 

 large quantities of steel rails, naval armor, and 

 plates, and other material for shipbuilding were 

 exported during the year to England and to the 

 Continent of Europe. Several important contracts 

 for the construction of vessels of war for Russia and 

 for Japan were placed in this country, and contracts 

 for similar work for the United States navy made 

 the shipbuilding industry and allied industries ex- 

 tremely active during the greater part of the year, 

 and particularly after the practical ending of the 

 war with Spain. The output of pig iron was about 

 2.000,000 tons larger than in any year on record, the 

 total production being 11,773,934 gross tons against 

 9.(),")2,680 in 1897. The consumption and export 

 were, also notably large, amounting to 12,383,579 

 gross tons in 1898, against 9,783,178 tons in 1897. 

 The most remarkable record for the year was that 

 of exports of manufactures, these amounting to 

 $307,924,994, against $279,652,721 in 1897 and $253,- 

 690,533 in 1896. Exports of articles of iron and 

 si eel showed a gain, compared with 1897, of about 

 180,000,000; shipments of copper ingots were $2,- 

 971,000 larger, those of agricultural implements 

 gained $3,700,000, steel rails were $2,800,000 greater, 



gill lift 



and exports of pumps and hydraulic machinery 

 gained $1,300,000. In almost every article of manu- 

 facture there was an increase, the most notable ex- 

 ception being in refined mineral oils, the value of 

 which decreased $7,126.000 compared with 1897. 



Business failures for the year 1898 were 12,186 in 

 number, involving $130,662,889 against 13,351 fail- 

 ures in 1897, involving $154.322,071. It is worthy 

 of note that the number of failures and the amount 

 involved were smaller in the last half of the year 

 than in the first six months, indicating the progres- 

 sive character of the industrial development. It is 

 also noteworthy that the comparisons of the number 

 of failures and of the amount of liabilities in 1898 

 with those of recent panic years make a very satis- 

 factory exhibit, the number' being 2.800 less than in 

 1896 and 3,100 smaller than in 1893, while the lia- 

 bilities in 1898 were $95,000,000 less than in 1896 

 and $216,000,000 below those of 1893. 



FINE ARTS IN 1898. Under this title are 

 treated the principal art events of the year ending 

 with December, 1898, including especially the great 

 exhibitions in Europe and the United States, sales 

 and acquisitions of works of art, and erection of 

 public statues and monuments. 



Paris. The preparations for the Universal Ex- 

 position of 1900 led to the eviction of both of the 

 Salons from the buildings previously occupied by 

 them, and the two were obliged to make a sort of 

 compromise and to give their exhibitions together 

 in the Galerie des Machines, the only one preserved 

 of the great structures of the exposition of 1889. 

 A single entrance and a single admission gave ac- 

 cess to both, the exhibitions being divided only by 

 a buffet. Two thirds of the receipts went to the 

 Societe des Artistes Francais and one third to the 

 Societe Nationale des Beaux Arts. The total re- 

 ceipts amounted to 348,000 francs. 



Paris : Salon of the Artistes Francois. The 

 Societe des Artistes Francais elected the following 

 officers for the year : President, Jean Paul Laurens ; 

 Vice-Presidents, Benoit Edouard Loviot, Emmanuel 

 Fremiet ; Secretaries, Albert Maignan, A. Bartholdi, 

 Jean Louis Pascal, A Iphonse Lamotte ; Correspond- 

 ing Secretary, Tony Robert-Fleury ; Treasurer, 

 Emile Andre Boisseau. President of the Jury of 

 Painting, Leon J. F. Bonnat ; Sculpture, Louis 

 Ernst Barrias ; Decorative Arts, Jules Felix Cou- 

 tan ; Architecture, Honorary President, Charles 

 Gamier, President, Pierre Daumet ; Engraving and 

 Lithography, Francois Eugene Burney. 



The annual exhibition (April 20 to June 30) com- 

 prised 5,024 numbers, classified as follow: Paint- 

 ings, 2,105; cartoons, water colors, pastels, minia- 

 tures, enamels, porcelain pictures, etc., 974 ; sculp- 

 tures, 859 ; engraving on medals and precious 

 stones, 86 ; decorative art, 226 ; architecture, 221 ; 

 engraving and lithography, 548. 



The following are the honorary awards for 1898 : 

 Section of Painting: Medal of honor. Jean Jacques 

 Henner, " Le Levite d'Ephraim et sa Femme 

 Mort." No first-class medal awarded. Second- 

 class medals : Alexandra Bouche " Au crepuscule " ; 

 Paul Sinibaldi, " L'Industrie Les Sciences et les 

 Arts presentent leurs Decouvertes a PIndustrie '" 

 (decorative panel for the Ministry of Commerce and 

 Industry); Jules Adler, ; 'JoiesPopulaires"; Auguste 

 Leroux, "Samson et Dalila"; Georges Frederic 

 Roussel, "L'Empereur! entree des Cendres de 

 Napoleon I er dans la Chapelle des Invalides (15 

 Decembre, 1840)"; Henri Guinier, "Printemps"; 

 Andre Devambez, "Conversion de Marie-Made- 

 leine " ; Jacques Wagrez, ' Un Mattre de Chapelle 

 de Saint-Marc de Venise XV 6 Siecle" ; Jean Hip- 

 polyte Paul Lazerges v " Repos &u Campement le 

 Soir pres Biskra"; Emile Wery, "Fille de Pen- 

 inarche " ; Paul Joseph Jamin, " Cite Lacustre le 



