Gambar halaman

owing to general contraction and economy. bars alone is still large, and will long remain The extreine western country has made great so. The railroad construction for the last four progress in wool-growing. Oregon produced years, 1874–77, has been at the rate of 2,224 5,000,000 pounds in 1877, against 3,000,000 miles per annum. This demand is now satispounds in 1876. The Terr ry wools, those fied altogether by the native product. In the of Verada, L'tal, Idaho, and Montana, show a year 1872, in which $350,000,000 were invested marked improvement each year botlı in quan- in new railroads, and 5,720 miles of track laid

, tity and quality ; they possess a long staple, the production of rails in the american mills and are without burr. The Colorado product was a million tons, and the imports from Euhas been so increased that the carpet-makers rope about half a million. In 1877 the conrely entirely on that State for the softer kinds, sumption had diminished 60 per cent., and the instead of on Spanish, Mediterranean, and East total supply had decreased 50 per cent.; but Indian sorts; Colorado produces combing and that portion of the supply which came from filling wools at 35c. per pound, scoured. The abroad had ceased altogether, while that from Southern wools, Virginia South Down, Geor- American works had declined less than 25 per gia, Lake, etc., are also improving in quality cent. The falling off in the imports of iron and and increasing in quantity. It is well adapted steel rails between 1873 and 1877 amounted to from the length of its staple for medium grades about $20,000,000; the import is now as good of cloth, and commanded 55c. per scoured as nothing. The railroad network is likely to pound in 1877. The Texas wool increases in be extended in its smaller ramifications for quantity, but shows a sad lack of improvement many years to come, and it is probable that the in blood, and is only adapted for the poorest 25 per cent. decrease in the native production work, owing not only to its underbred quality will be recovered, and the demand will be conbut to the pernicious practice of shearing twice stantly equal to or greater than the supply of a year which obtains in that State. The price the year of largest production. The rapidity for washed Ohio fleeces at the beginning of with which foreign rails have been displaced 1877 was 45c. for fine wool. In the summer by the American product, after the domestic the price rose to 50c., but weakened later, and works had been increased sufficiently to satisfy at the close of the year there were large stocks the demand, can be seen from the following of IX Ohio in dealers' hands and no buyers at table, which gives the number of miles of rail44 to 45c. per pound. The price for American road constructed and the number of tons of XX at the beginning of January, 1878, in New rails produced for the eleven calendar years York, was 38 to 45c.; in February, 37 to 45c.; 1867–77 and the number of tons imported for in March, 3.5 to 4:36.; in April, 31 to 42c. ; in the eleven fiscal years 1868–78: May, the same; in June, 32 to 38c.; in July, 30 to 37c.; in August, 30 to 386. ; in Septem- 'ear ending Dober, 33 to 38c. ; in October, the same; in No

imported vember, 30 to 366. In the iron industry, the means of production 1stin

266,228 have been enlarged within a few years to a greater extent relatively than in any other branch. The extraordinary demand during the rapid ex

1,000,000 | 1573... tension of the railroad network of the i'nited

$90,077 States gave the principal impetus to the movement. The high price of iron which prevailed 17.


761,709 made it profitable to work furnaces and forges whose location and facilities would be exceer Simultaneously with the displacement of for ingly (lisadvantageous in times of ordinary de- eign rails by Imerican in the home market

, mand. Since the demand for railroad iron con the old iron rail has been rapidly supplanted siderably declined, the prices, owing to the ex- by steel rails converted by the Bessemer proc'essive increase in the exceedingly expensive cess. The rate at which this change has taken works necessary for iron production, and to the place can be seen in the following statement

, large accumulation of stocks to be disposed giving the relative quantities of iron and Besof, declined in a far gre:iter ratio ; so that no semer steel rails, which each year made up the branch has been in a worse financial position total annual product stated above: for a year or two back than the iron trade. The rapid growth of the iron and steel industries has been much inore beneficial to the nation, however, than the large losses of capital


459,558 sunk in useless works by over-sanguine under


583,986 takers las proved detrimental. The iron in

086,000 dustry is now, and will remain, the largest in the country, not counting agriculture. The

761,062 American consumption is entirely emancipated ist from its former dependence on the English 1976.

501,619 producers. The American demand for railroad 1577



mileage constructed.

Ne: tons produced.

Year ending | Net tons

June 30.

cember 31.






2,149 2.979 1,615 6,070 7,605 6.720 1,003 2,303 1,735 2,037 2,177

729,413 1875..
792.312 1870.
$79.029 1877..

818,888 518,023 595,821 404.06 166,790 47.182 5,278 S 13



Iron rails,
net tons.

Steil rails, net toas.


9,660 84,000

1569 1569.. 1570 1571 172. 173.

787, 453

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94,070 129,015 114.944 290,868 412.461 482,160



In 1877, for the first time, the production of ber of completed furnaces, against 236 in Desteel rails exceeded that of iron rails. The cember, 1876, or less than one tlıird of the decrease in the production of the latter was nunber then existing; there was thus an in134,628 tons, while there was an increase of crease during the year of 3+ in the number of 19,708 tons in the production of Bessenier steel active furnaces. The consumption of pig iron rails. The total production of rails in 1877 was very much greater than in 1876, and the was 114,920 tons, or 13 per cent. less than in production also considerably greater; the esti1876. The manufacture of rails was carried mated consumption was 2,418,216 tons, against on in nineteen States and one Territory, Wyo- 2,172,503 tons in 1876; the stock remaining in ming, in 1877, Pennsylvania furnishing 45} per makers' hands was 642,351 tons on the 1st of cent. of the total product. In 1878 a plant January, 1878, against 686,793 the year before. was established in a new State, Colorado. The imports of pig iron in 1877 amounted to

The decrease in the imports of iron and steel 66,871 tons, and the exports to 7,687 tons. products in the six years from 1873 to 1878 The increase in the consumption of iron in amounted to $50,250,819; the total imports 1877 is explained by the decline in prices which in the former year having been $.39,308,152, continued in that year, and reached a level those of the ter $9,057,6:33. During this below which, it was thonglit, they could not period the imports of railroad bars, which further descend. The Philadelphia price of amounted to $19,750,000 in 1873, had ceased anthracite pig iron went down steadily from altogether; that of pig iron had <leclined from $20.75 per gross ton in January to $18 in No$13,847,281 to $1,250,057; that of bar, rod, vember and December, the average for the year sheet, and hoop iron from $7,477,556, to $1,- being $18.92 ; that of best iron rails from $38 630,707; that of raw steel from $1,153,231 to to $33, average $35.25; the price of refined bar $1,220,037; that of steel manufactures from iron féll from $18.72 in January to $44.80 in $10,492,779 to $4,035,512. Between the same April, and remained steady at that figure for dates there was an increase in the iron and the rest of the year. steelexports, amounting to $1,943,198, or nearly The total production of rolled iron, with that 22 per cent.; the esports of 1878 amounted to of iron rails and other varieties of rolled iron $12,084,043. The price of iron had declined given separately, is shown in the table below: about one half in this period; the average export price of pig iron per cwt. was $2.19 in 1873, $2.14 in 1874, $1.55 in 1875, $1.31 in 1870, $1.24 in 1877, and $1.21 in 1878. Tho change in the national balance in this class of

335,369 commodities was from $ 19,000,000 net imports in 1873 to $3,000,000 net exports in 1878, or over $32,000,000. The exports of all iron and steel products during the calendar year


1,291,000 1877 amounted to $16,659,675, an increase of about $5,000,000 over the exports of the pre


1,-37,130 ceding, half of which increaso was inade up of 1-7+. firearms alone.

1,599,516 The total product of pig iron in the calendar

332,510 year 1877 was 2,314,585 tons, against 2,093,236 tons in 1876, 2,266,581 in 1875, 2,689,413 The production of iron rails was about the in 1874, 2,868,278'in 1873, and 2,854,558 in same as that thirteen years before, while that 1872; there has therefore been a decrease in of all other iron products taken together had the production of raw iron of about 5-10,000 more than doubled. The decrease in the total) tons, or not quite 19 per cent., since 1972. The iron since 1872, the year of greatest production, total production of rails during the same pe- was 371,000 tons; int that of iron rails during Tiod decreased over 235,000 tons; while that the same period was 573,000 tons, so that there of every other class of products shows a con- has been an increase of 202,000 tons, or nearl siderablo increase. The number of furnaces 214 per cent., in other iron products. The proin working order in the l’nited States at the Quetion of cnt nails and spikes was 4,828.018 close of the year 1877 was 916, against 512 kegs in 1877, against 4,065,322 ker's in 1872. at the close of 1876. The number of furnaces In blast at the end of December, 1877, was steel and the total steel product for the past

The production of the different classes of 2270, about three eightlis of the total num

six calendar years were as follows:



Iron rails,
net tons.

Other rolled

iron, net tons.

Total, net tous.

1 61 1965. 1 06. 1507 165, 1569 170. 1571. 1972. 1573.



536,310 1,026,099 1,039,396 1,097.775 1,226,336



7:37,7-3 905,930 761,002 3-4,419 501,649 407,103



1575. 1876. 1577.

1,509,209 1,176,759



1972. Net tons,

1873. Yet t. ns.

1874. Yet tons.

1875). Yet tons.

1876. Yet tons.

1877. Vet tons.

Crucible cast steel..
Open-hearth steel.
All other steel except Bessemer.
Besseiner steel ingots..

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This great increase in the production of steel in foreign trade. The largest quantity went has been attended by an increase in the exports to France, 2,500,000 tons, Germany taking over of steel and its manufactures, exclusive of fire- 1,500,000 of the rest, Russia 1,000,000, Sweden arms, between the fiscal years 1873 and 1878, and Norway neariy as much, Italy also nearly of $181,613, or since the fiscal year 1872 of a million. $489,472, and a decrease in the imports of steel Toward the end of the year 1876 speculativo and steel manufactures of $9,392,464 since operations drove up the price of petroleum to 1873, of which amount $6,457,267 was the de a high figure ; 30c. a gallon was paid for large crease in the imports of finished steel manufac- lots on December, and $4.22per barrel for tures. There has occurred a great decline in crude oil at the wells. In the beginning of the prices of steel products during this terın of 1877, with a stock of 3,000,000 barrels at the years.

wells and large quantities of fine oil ice-bound The production of Bessemer steel has been on the route, and no opportunity to slip developed faster than other branches of this abroad, there was a remarkable fall in prices

, great industry, owing to the preference which 176. being the usual price in February. Then is given to Bessemer steel rails for railway the spring opened, and for the rest of the tracks. In 1867 there were only 2,550 tons of year, the prices ran lower still, 13c. to 15c. Bessemer rails made in the l'united States. In being the usual range of quotations for stand1875 the product had increased to 290,863 tons ard white oil in barrels from May to Decemand in 1877 to +32,169 tons of rails. The quan- ber. The average price for the year 1877 was tity of pig and spiegeleisen converted into Bes- 15:92c., against 19:12c. in 1870, 12.99c. in semer steel in 1877 was 562,227 tons, against 1875, and 13:09c. in 187+; that of crude oil 539,474 tons in 1876, and 395, 956 tons in 1875; in bulk was 9.12c. per gallon, against 10-50c, in the consumption of spiegeleisen alone was 1876, 6:59c. in 1875, and 9.12c. in 1874. The 48,229 tons in 1877, 45,980 tons in 1876, and low prices of freiglıt and of oil excited an 33,245 tons in 1875. The quantity of Besse- unprecedented foreign demand. The orders mer steel ingots produced in 1877 was 560,587 for export commenced early in the spring and net tons; in 1876,.525,996 tons; in 1875, 375,- continued until the end of the year; the total 517 tons; in 1874, 191,9333 tons. The Besse- shipments were 8,731,173 bbls. against 6,384,mer industry was first established in the United 310 bbls. in 1870, and 5,810,293 übls. in 1873. States in 1867, and during its eleven years' ex The largest increase was in the exports to the istence up to the end of 1877 the total produet far East and the Levant; the shipments in of steel rails amounted to 1,395,197 tons. Be cases, in which form the oil for the Oriental sides the consumption of Bessemer ingots for trade is pui uj, increased over 100 per cent. rolling rails, there is a quantity, which is al- for the year. ready considerable, used is a substitute for The exports of petroleum from all ports wrought iron and for other varieties of steel; from the 1st of January till the beginning of this use of Bessemer steel is rapidly increasing. December, 1878, were 302,823,588 gallons

, The number of converters in operation within against about 329,500,000 gallons during the the year 1877 was 22; there are altogether ten same months in 1877, and 219,500,000 in 1876. companies engaged in the production of Besse- Of this, 199,000,000 gallons were sent from mer steel in the United States. There was a New York, against 234,000,000 in 1877 and marked decline in the prices of Bessemer rails 125,000,000 in 1876; nearly 64,000,000 galduring the year 1878, the price sinking from lons from Philadelphia, against 42,000,000 in $19 per gross ton at the works, which was the 1876 and 59,000,000 in 1876; and 31,000,000 rate for the first four months, to $10,50 in No. gallows from Baltimore, against 42,500,000 the vember and December, the average rate for year before and 33,750,000 in 1875. the year being $13.58. In 1878, although the The tobucro crop of the United States in prices remained low, an improved business Wils 1876 averaged very poorly in quality; yet the reported by most of the makers.

large requirements of the European govern: At the montlıly auction sales of coul in 1878 ment monopolies in 1877, and a considerable the prices brought were as follows per ton: speculative ciemand for export to Germany on


the prospect of the establishinent of a monop

oly or a high tariff in that empire, drew off January 3.), $:3 10 *3 124 $311

the larger part of the surplus, so that the February 27

3 113
3 1.1

market for the year closed quito firm. The

3.699 May 1..


year's business in 1877 was feeblo and de May 29..

: 42

3 30$

3 70 pressed on account of the low quality of the

33 July 31

stock and the general mercantile timidity

. August 2

3 521

39S The prospects of an unusually fine crop in 1877, September 25.


which was estimated at 10,000 hogsheads in 3 573 3 677 3 20° | 3 23

Virginia and 60,000 in Maryland and Ohio

the best crop since 1866—increased the caution The esports of coal in the first ten months of the buyers. The operations of the European of 1878 aggregated 13,250,000 tons besides régies were thus a great relief to the market

. 3,345,000 tons furnished to steamers engaged The exports of leaf tobacco in 1877 from New




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June 26.

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October 30.
November 26.

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York were, in hogsheads, 92,798, against 100,- eign tobacco worked up into cigars in 1877 685 in 1876, 54,831 in 1875, 74,026 in 1874, was about 7 million pounds, against about 7, and 94,865 in 1873. The receipts at the sea- 71, 92, and 103 million pounds in 1876, "75, ports from the crop of 1877 were estimated at 174, and '73 respectively. The number of cigars 155,000 logsheads. The crop turned out leafy and cheroots stamped for the internal revenue and sound, but with less heavy leaf than was in 1877 was 1,800,009 mille, of which 44,100 expected. The exports of seed-leaf tobacco in mille were of foreign make, against 48,410 1877 were 33,950 cases, against 51,426 in mille in 1876, 57,345 in 1875, 65,060 in 1874, 1876, 35,015 in 1875, and 81,301 in 1874. The and 75,018 in 1873; and 1,755,909 mille were jobbing trade in seed-leaf tobacco at New of domestic manufacture, against 1,780,397 in York has been much injured by the growth of 1876, 1,869,317 in 1875, 1,792,789 in 1874, and the large cigar factories, which purchase sup- 1,699,732 in 1873. It is thus seen that the plies on the spot where they are grown, and consumption of cigars has decreased since 1875, by the extension of the traveling system. The owing partly to the deficiency of the crops and trade was arrested by the strike of the cigar- partly to the impaired consumptive capacity makers in 1877, but the sm:illness of the stock of the people. The business in manufactured of old crops prevented the decline of prices. tobacco has been large and profitable for the The old stock remaining on hand nuary 1, Eastern factories uring the last iple of 1878, was for the whole country about 56,000 years. The quantity of manufactured tobacco cases, and the new crop of 1877 was about on which the internal revenue tax was paid 130,000 cases of fair average quality. The during the year ending June 30, 1877, was quantity of domestic seed leaf manufactured 112,722,054 lbs., the number of cigars and cheinto cigars in the year ending June 30, 1877, roots 1,799,412 mille. The prices in the New was 33,702,834 lbs., or 88,692 cases, against York warket in the year 1878 at or near the 68,789 cases in 1876, 71,785 in 1875, 89,140 in beginning of the months designated was for 1874, and 80,659 in 1873. The quantity of for- the following varieties, per pound, as follows:

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There was an active speculative movement ing of the year. The total imports of foreign in sugar in the early part of 1877, on account raw cane sugar in the United States during of its exceptionally strong statistical position, the calendar year 1877, not including the imthe stocks carried over in all countries being portations from the Pacific islands and Asia, 130,000 tons less than those of the previous were 616,499 tons, against 592,153 tons in 1876, year, and the crop in cane and beet sugar of being an increase of 54,346 tons, or: 9:17 per 1876-?77 falling short of that of the season cent., and against 662,672 tons in 1875. The before about 300,000. Acting on the strength consumption of foreign unrefined sugar, deof these facts, the American sugarmen im- ducting reëxports of raw and manufactured, ported very largely, not taking into account was, in 1873, 592,725 tons; in 1874, 661,809 sufficiently the influence of high prices to di- tons; in 1875, 621,852 tons; in 1876, 581,369 minish consumption in the depressed state of tons; in 1877, 577,194 tons, being a decline of industry. The prices ranged excessively high 4,175 tons, or 71 per mille. The total conin May, June, and July, drawing into the suinption of cane sugar, foreign and domestic, American market quantities of the Oriental increased from 209,466 tons in 1850 to 415,product, which had never been seen there be. 281 tons in 1860, and to 530,692 tons in 1870, fore, and even cargoes of West Indian sugar 633,314 tons in 1871, 637,373 tons in 1872, reshipped from England. At the same time 652,025 tons in 1873, 710,369 tons in 1874, consumption rapidly declined, until toward 685,353 tons in 1875, 658,369 tons in 1876, the close of the year there was a breakdown 666,194 tons in 1877. There were 29,556 tons in prices, and the heavy stocks were nearly received at San Francisco in 1877, the largest worked off at the year's end with great loss. importations coming from IIawaii and Manila, The importations, notwithstanding the short and smaller quantities from Batavia, China, yield in all countries, exceeded those of 1876 and Calcutta. The consumption of sugar of by 54,364 tons, and the stock held over till all kinds in the United States was 745,250 1878 was 25,362 tons, being one third greater tons in the calendar year 1877, against 745,than the stock remaining on hand at the open- 269 tons in 1876, being a decrease of 19 tons;

Vol. XVIII.–9 A

this was composed of 35,500 tons made from nearly one half. A proposed change in the molasses, 12,000 tons of maple sugar, and 2,000 tariff on raw sugars, the abolition of the color tons of native beet-root and sorghum sugar, standard by which the grades have hitherto besides the importations above mentioned on been distinguished, and the imposition of a both seaboards. The proportion of the import uniform specific duty on all raw sorts, have trade coming to the port of New York was caused much uneasiness among the refiners

, over 72 per cent. of the whole in 1876, but The change has been advocated on the grounds only 69.15 per cent. in 1877; the trade 'of of the greater simplicity of such a duty, the inBaltimore, on the other hand, was 61.59 per adequacy of the color standard in distinguishing cent. greater in 1877 than in 1876, and of Bos- qualities, the encouragement of the importation ton 43•64 per cent., while the receipts at Port- of finer qualities of raw sugar, and the prevenland and the other New England ports, at tion of losses to the revenue from the supposed Philadelphia, and New Orleans, show a falling frequent fraudulent artificial coloration of suoff. The Auctuations in price were great dur- gars. Its opponents fear that it will so ening 1877, the general course being a decline courage the introduction of the high grades from January till March, an increase till the and of half-refined sugars as to greatly injure highest range in June, and then a steady and if not nearly destroy the American refining great falling off till the end of the year. The industry, in which a vast capital is embarked, mean price of brown IIavana, for example, was and in which many thousands of laborers, in January, 9?C.; February, 9. c.; March, Ojc.; skilled and unskilled, receive employment, and April, 9, c. ; 'May, 10%;c.; June, 10,'ac.; July, whose appliances and machinery hare been 9&c. ; August, 8, c.; September, 87.c.; Oeto- perfected for refining and clarifying the dark ber, 83c.; November, 77.C.; December, 7c. grades, producing from them a good article. The average prices for the year were 41c. per The receipts of coffee at all Atlantic ports in cwt. higher than in 1876, and 92c. higher than 1877 were 341,214,138 lbs.; stock on hand, in 1875, for Cuba Muscovado, 43c. higher than January 1, 1877, 4,022,852 lbs. Of the total in 1876 for Porto Rico, 42c. for llavana browns, supply, 31,529,620 lbs. remained over January 30c. for Manila, and 33c. for Brazil.

1, 1878. The consumption of the year was The Louisiana cane crop was larger in 1876, therefore 304,430,145 lbs., against 302,530,219 977 than it had been in any year since the lbs. in 1876, 307,601,088 lbs. in 1875, 282,688.Southern war. The average prices of New 622 lbs. in 1874, and 269,138,160 lbs. in 1873. Orleans molasses ruled lower in 1877 than in The importations in that year were larger than the preceding year by 4:96c. Of molasses for in any previous year except 1875, and the dehousehold use the Louisiana product is the liveries for consumption were only exceeded most esteemed, and the large crop of 1877 by the years 1875 and 1871, although the compensated for the short foreign supply. prices ranged higher than in the previous year. But the refineries can not use the native sorts The receipts at San Francisco during the year on account of their high prico; so the cessa were 16,179,220 lbs., and the consumption of tion of the refining industry explains the small the Pacific States 11,203,265 lbs. The remarkconsumption of 39,965,906 gallons in 1877, the able_increase in the consumption of coffee in smallest in twelve years. The molasses crop the United States, at a period when & reducof Louisiana and the other Southern States in tion in all luxuries is observable, is in contrast 1876–77, the main part of which was con- to the consumption of coffee in Europe, which sumed in 1977, was altogether about 12,900,000 declined in 1877 from 321,250 to 287,685 gallons. The total consumption of molasses in tons, while the total consumption of the Unitthe United States in 1877 was not quite 40,- ed States increased from 139,685 tons in 1876 000,000 gallons, being about 9,000,000 gallons to 140,907 tuns, 0.87 per cent. more. The Ïess than in 1876. The consumption of foreign Brazil coffees were more largely used than in molasses was 27,065,906 gallons, that of the former years, the imports froni Hayti, Porto previous year 9,393,598 gallons greater. Rico, Java, Sumatra, Europe, and Ceylon de

The molasses refining industry labored under clining. The average gold price for the Rio great difficulties in 1877. The whole product berry for the year 1877, at New York, Tas for the year from molasses received at the At- 19.720. per 15., against 17.97c. in 1876, and lantic ports was abont 35,500 tons, against 19.10. in 1875. New York's share in the cof43,600 tons the previous year. The deficient fee trade is increasing; 64.38 per cent. of the crop in the West Indies diminished greatly the imports came to that port in 1877, 61 per cent. supply of molasses, and the retiners stopped in 1876, and 59 per cent. in 1875. The extent their works at an early part of the season. of the fluctuations in price was 310. per lb. for The sugar refineries have suffered from various Brazil and Maracaibo, and 2fc. for Java and depressing causes. Carrying light stocks, they San Domingo. The year 1877 was not a prosreceived no benefit from the rise of prices in perous one for the trade. the early part of 1877. The reduction of the The tea trade in the United States has been rate of drawbacks allowed by the Government undergoing a considerable revolution of late, on importations to be improved and reëxported and the principal importing houses, once firmly discouraged the export, and at the close of the sented in New York, have seen their trade diyear 1877 the manufacture Lad been reduced verted into other channels. Closer communi

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