OUR PROSPEROUS INDUS

TRIES.

thought at various times during the last few months that they could discern the first faint premonitions of

OUR

Transcript.]

UR great prosperity in the iron trade is becoming a rather trite allusion, but fresh illustrations of it are never to be ignored so long as a large section of the investment markets is keeping cautious watch for signs of the turning of the tide. The statement has already been made that the foundry pig iron furnaces have booked almost their entire product for the second half of the calendar year and that the Bessemer iron furnaces are fast approaching a similar situation. But the wonderful dimensions of the present consumptive demand may be even better grasped perhaps from the computation of the Iron Age this week, showing that the Southern furnaces had taken in on March 1 orders enough to nearly cover twice over their probable production for the rest of 1902. cording to the actual figures the estimated Southern output for the ten months is 300,000 tons plus 175,000 tons from the new or remodelled furnaces, which will be blown in during the period; against this 800,000 tons in orders are already outstanding on the books. Such statistics speak too well for themselves to make any comment necessary. The production of the Southern foundry iron furnaces is only a small part of the country's total pig iron production; but it is unquestionably typical of conditions in general. Critics who have

Ac

zon would do well to ponder upon the two impressive facts about the premier American industry; first, that with the greatest productive activity ever known, the make of iron is sold nearly a year ahead, and second, that never before has there been such assurance as there is now that both prices and output will be so regulated as to avoid over-production.

In another important quarter also the enormous growth of domestic consumption is just now being strikingly exemplified. Cotton goods was the last of the country's manufactures to recover from the depression of 18931896. The industry suffered more than any other from excessive home production, combined with the competition of undervalued foreign imports during the years of the Wilson tariff law. It had just begun to raise its head when the troubles in China eighteen months ago caused a sudden shutdown of one of the principal sources of demand. Within the last year, however, the reversal has been very rapid. Standard print cloths, which sold as low as 2 9-16 cents a yard last May, have risen to 31 cents, the enormous accumulation of goods which caused the suspension of half the Fall River mills two years ago having been entirely worked off, and in many cases manufacturers are now sold well ahead. There is a reason for higher prices, to be sure, apart from the relations of demand and

supply, in the recent sharp advance in the price of the staple cotton. But this does not overshadow or minimize at all the importance of the fact that the cotton goods industry was first assisted to its feet and afterward given its full strength again mainly by the great expansion in our general markets of consumption. Exports of cotton goods have increased very largely during the past year, but the growth of the foreign demands has been entirely eclipsed by the growth of the demands at home.

[From the Textile Record.] DURING the seven months ending with December last there was a decrease of about thirteen millions of the exports of American manufactures, as compared with the corresponding period of the preceding year. This is a fact that should have explanation, and explanation is easy. We sold a smaller quantity of our fabrics abroad for the reason that the country was in a condition of high prosperity and the home market wanted more than it could get from our own mills. In some departments of manufacture the domestic producers fell so far short of ability to meet domestic requirements that large importations from Europe were necessary. This was notably true of iron. and steel. It is true of that and other industries, although the producing power of the home factories is much larger now than it was even one year ago. The plain, impressive lesson is that the home market is far and away the most valuable market for that

us;

there is no peril of overproduction so long as the market is in a healthful state; that what our manufacturers need is, not reciprocity that shall give some of them better trade chances in Europe, but such stimulation of domestic industry as will permit the mass of the people to buy more liberally. There are two fundamental reasons why we have prosperity now and a greedy home market: one is that there is a stiffly protective tariff; the other is that there is plenty of good money for the people's uses. The logic of the situation may be thus expressed: Let the tariff alone; let the currency alone.

WHILE the retirement of Secretary Long from the Navy Department is generally regretted, the selection of Congressman Moody as his successor is generally commended as one of especial fitness. especial fitness. Mr. Moody will assume the duties of the office on May 1.

AMERICANS who are contemplating emigration to the Philippine Islands will do well to acquaint themselves with the prices of the foodstuffs there before starting on their journey. Of course, the Filipinos themselves can live very comfortably on rice, bananas and such articles of small value; but to the man who desires meat and other luxuries for his table the outlook is depressing. Sirloin steak sells in Manila at the rate of 55 cents per pound; mutton at 40 cents; fresh pork at 55 cents, and lamb at the same figure. Ham is 65 cents a pound, cheese 50 cents, turkey 65 cents, lobsters $2 each, butter $1 a pound, rabbits 60 cents each, and condensed milk 75 cents a pint.-New York Commercial.

THE WORLD'S WOOL NEEDS.

[From the Textile World.]

A large portion of this weight is lost in the processes of manufacturing the wool into cloth. This shrinkage

wool supply to the needs of mankind is shown by a comparison of the yearly production of clean wool with the population of the earth. The statistics for both can at best be but approximate. Any probable error would not, however, materially affect the per capita proportion.

In a German work, "Wollproduction und Wollhandel," recently pub lished by Dr. W. Senkel, statistics of the clean weight of wool produced in the various countries are given, from which we estimate the yearly production of clean wool throughout the world at 1,379,000,000 pounds.

The population of the earth is estimated at 1,440,000,000, but of this number, the people, estimated at 271,000,000, living within an equatorial belt extending around the earth and bounded on the north by the Tropic of Cancer and on the south by the Tropic of Capricorn, may be omitted from any calculation as to the consumption of wool. Many of them wear no clothing whatever. The rest find clothing made from vegetable fibres to answer every requirement. Eliminating this portion of the earth's population, we find 1,169,000,000 inhabiting the regions north and south of this torrid belt who require woolen clothing to protect their bodies from the cold. Dividing among this number the wool grown each year, we find each person's share to be 18 87-100 ounces of clean wool.

making what is termed carded woolen cloth, but would average 30 per cent. The 18 87-100 ounces of clean wool allotted to each person would, consequently, produce but 13 2-10 ounces of woolen cloth. This weight of cloth would be equal to a piece of men's wear winter weight goods 35 inches. square, or to a piece of summer weight cloth 44 inches square. This insignificant patch is the yearly portion for each person, if all the wool grown on sheep were manufactured into cloth. A man's suit requires three and one-half times as much cloth as the larger and five and onehalf times as much as the smaller piece. This yearly production of woolen cloth per capita would scarcely cover an infant. Without an additional supply of woolen material, man would be forced to clothe himself in cotton fabrics or in skins, as in prehistoric times; otherwise a great part of the population would be taken from their present occupations to raise wool with which to clothe the rest.

It is from such alternatives as these that extracted wool and wool waste save the human race. The processes of reclaiming manufactured wool have made the inventions of Hargreaves and Cartwright available and given a great impetus to civilization. These facts are not generally recognized. Instead of looking upon reclaimed wool as an unmixed good, it

is the general custom to regard it as a swindle. The word "shoddy" applied to an important part of reclaimed wool has come to designate anything cheap and worthless. This popular error should be corrected. The people should know the truth about wool, and should understand that if wool is used but once for clothing the greater and best part of mankind would be reduced to untold suffering, and the progress of civilization arrested. As a means of correcting this popular error, and to pay a fitting tribute to one of the great benefactors of the human race, a monument should be erected to the memory of him, whoever he may be, who discovered a means of using wool more than once for clothing.

HOME GROWTH AND FOREIGN

TRADE.

[From Gunton's Magazine.]

The real place where progress must begin, and from which higher and better attributes must emanate, is home growth. Foreign commerce of any significance must necessarily be the consequence of domestic expansion. There never can be any large demand per capita for foreign commerce unless there is a highly diversified home consumption, and this can never arise without comparatively diversified domestic industry. Simple domestic industry always means simple social life and meagre consumption; and, vice versa, the nation that seeks foreign commerce by neglecting home industry stultifies national progress. For instance, suppose this country could double or treble its foreign trade by lowering its wage rate to foreign conditions (and this is commonly advocated); that would destroy home consumption to a far greater extent than all the advantage of the foreign trade.

A reduction of only five cents a day for

all who work for a living in this country would take over $341,000,000 out of the national consumption. Now a ten per cent profit on the total exports and imports for 1901 would only amount to $231,042,857, or about $110,000,000 less than the loss from a five-cent-a-day reduction in home earnings. In other words, this reduction of five cents a day would entail a loss in American con

sumption and welfare and stimulus to

business greater by $110,000,000 than the entire profits at ten per cent on the whole imports and exports of 1901, the greatest commercial year in our history.

ON what grounds of public policy should the United States protect Ameri

can

investors in foreign countries? Nothing could be more against a sound American policy. If the protective tariff is of any value whatever to the nation, it is to encourage capital to invest in the development of industry in the United States, not to encourage capital to invest in foreign countries and bring the products to this country in competition with our domestic products. This is exactly what should be prevented. If there is any application of the tariff which should make this impossible, it should be made to the fullest extent.Gunton's Magazine.

Gunton's Magazine gives this striking example of free trade "consistency": During the Cuban revolution, when it was proposed that the United States help the revolutionists in their struggle, conspicuous free trade papers in New York were violent in their opposition, declaring that the Cubans were a worthless lot; that they were incapable of self-government, and that it was no part of our business or duty to concern ourselves about Cuban freedom or Cuban industries. Now, when there is an opportunity to strike at the tariff, they tell us that it is a Christian duty, a moral obligation, to take off the duty from sugar in order to help the poor Cubans."

IT was intended to have the annual dinner of the Home Market Club during the winter, but the impossibility of getting Mechanics' Building caused it to be delayed. Then it was hoped that the dinner might be given May 7, the earliest date when the building could be had, but that time proves inconvenient to the speakers who had promised to come. Owing to the advanced season, the Executive Committee has decided that it will be better to postpone the dinner until next fall or winter, when it is expected that one of the Club's customary great events may be given.

WE are in receipt of a postal card from Uruguay, South America, which is printed in the Spanish language, but the "English of it" is that the "Home Market is the best on earth for us."

RECENT statistics show that the average yearly earnings of operatives in the textile industry in Germany is $230 per capita, as against $343 per capita in the United States.

GUNTON'S MAGAZINE truly remarks: "There is no economic, political or moral obligation for one nation to sacrifice its own industries for the interests of another."

In his speech on the ship subsidy bill in the Senate, on March 6, Senator Hanna quoted freely from the article entitled "Our South American Trade," written by Walter J. Ballard of Schnectady, N. Y., which appeared in our December issue.

AFTER prolonged debate, the Senate, on March 17, passed the Frye ship subsidy bill by a vote of 42 yeas to 31 nays, after the adoption of amendments limiting the operation of the law to eighteen years and the amount. of subsidy to $8,000,000 annually.

A LARGE majority of the free trade newspapers of the country appear to be opposed to the irrigation scheme. They are evidently opposed to any plan to increase the internal trade of the country, but do not object to the national government expending millions to secure foreign trade.

to ACCORDING the preliminary table just issued by the census bureau on tobacco production in 1899 in the North Atlantic and Western