by an increase in the dividend on Atchison preferred, by easy money, and by good crop reports, and, though gold exports continued, they seemed to have little effect upon the stock speculation. Toward the middle of the month, though the share market was irregular with wide fluctuations, there was notably good buying of railroad mortgages at advancing prices. The irregular movement in stocks continued for the greater part of the remainder of the month, though there was a substantial advance in high-grade railroad shares. The industrial stocks were, however, generally lower, indicating an oversupply. The development of political tension between Great Britain and the Transvaal Government caused higher discounts in London, and there was some selling of securities for European account. In the closing days of the month the approval by the directors of the New York Central and of the Boston and Albany Railroads of the terms of a lease by the former of the latter had a favorable influence, and the improvement was aided by encouraging crop prospects, but the gain was in only a comparatively few specialties. notable feature of the situation was the greatly augmented railroad earnings, due not only to increased traffic but to better rates.

One

The market opened in July with a good demand for railway stocks, and one feature was a well-sustained advance in Pennsylvania, while Louisville and Nashville sold at the highest price in seven years. The general market was strong for a few days, after which it irregularly yielded to realizing sales. Later material changes in the condition of the banks, as disclosed by the weekly statement, caused some apprehensions of activity in money, and this fear was taken advantage of by the bears to attack the market; but the firstclass railroad properties were well sustained, and especially New York Central, Pennsylvania, Chicago and Northwestern, and Northern Pacific. Toward the middle of the month labor troubles on the Brooklyn Rapid Transit lines, encouraged, as was alleged, for speculative purposes, made these stocks temporarily weak, and after their recovery the market became quite dull. There was, however, a good demand for railroad bonds, and Western railway shares were favorably affected by large traffic returns. One notable feature in the third week was a rise of 25 points in New York Air Brake stock, on news of a favorable decision in its suit with the Westinghouse, but this was followed by a decline of 40 points. In the closing week of the month the market was dull, though generally strong, with the Trunkline stocks, the Grangers, and shares of all properties directly or indirectly connected with the manufacture of iron and steel leading. General business activity, favorable crop prospects, large railroad earnings, and rumors of contemplated new railway combinations contributed to the improvement. The market was active and generally strong in August, influenced by the conditions above noted, and also by the assurance that the corn crop would be the largest on record. European purchases of stocks through the arbitrage houses were large; labor troubles at the West and the local gas war appeared to have no disturbing effect, and dividend announcements in Chesapeake and Ohio, Southern Pacific, and Union Pacific preferred stimulated buying of these properties. Among the notable movements were a rise in all the iron and coal stocks, and especially in Tennessee Coal and Iron. International Paper stock fell 123 points, and Brooklyn Rapid Transit declined on the publication of the annual report, but later there was a recovery.

Toward the end of the month the development of an acute situation in the Transvaal caused some selling of stocks for European account; but the offerings were promptly absorbed, and the market closed strong, though the higher rates for money served somewhat to check speculative operations, particularly in the industrial properties. Early in September the reduction in bank reserves foreshadowed activity in money; the Transvaal situation seemed to be more threatening; there was some apprehension of trouble in France growing out of the Dreyfus trial, which disturbance, it was thought, might be unfavorably reflected in our exchange market, and the outlook was unfavorable. Still, notwithstanding these conditions, the market was strong, and there was a quite general advance in all properties, even the industrial shares. In the second week, however, a further reduction in bank reserves, accompanied by the calling of loans, resulted in more active rates for money at the Stock Exchange, and the tendency of the market was downward, with more or less sharp declines in the industrial stocks. The death of Cornelius Vanderbilt on the 12th, it may be noted, had no influence upon the market. One feature, however, was a fall of over 17 points in Brooklyn Rapid Transit, and there were wide fluctuations in Tennessee Coal and Iron, Colorado Fuel and Iron, the Tobacco, and the iron and steel stocks. The tendency was downward in the early part of the third week, influenced by further losses in bank reserves, calling of loans, and still dearer rates for money on the Stock Exchange. There seemed, however, to be supporting orders in many of the specialties at the decline, and quite noticeable buying of Delaware, Lackawanna and Western and Brooklyn Rapid Transit. Though money continued stringent in the last week of the month, the stock market was not unfavorably influenced thereby, partly for the reason that the engagement of $2,350,000 gold in London for shipment hither was announced, and it was felt that the monetary situation might otherwise soon be relieved. The market was dull and irregular, however, and the most active stocks were Delaware, Lackawanna and Western, Tennessee Coal and Iron, American Sugar Refining, American Tobacco, Consolidated Gas, and Federal Steel. In the first week of October the disturbing influences were the double advance in the rate of discount by the Bank of England, a rise in the rate by the Imperial Bank of Germany, higher foreign exchange, and dear rates for money in our market. There was liberal selling of stocks for European account early in the week, and also large offerings by the commission houses and considerable bearish pressure, which at intervals had an unsettling effect, but good properties seemed to be well sustained, and the market closed at a substantial recovery, under the lead of the anthracite coal shares. The outbreak of war in the Transvaal in the second week of the month appeared to have no special influence upon our market, probably for the reason that the London security markets were not greatly affected. The local money rate was easier, and there was a better feeling, due to the offer of the Treasury to anticipate payment of the interest on the public debt. The stock market was irregular and lower after the middle of the week, with the traction stocks heavy and the iron and steel properties well supported. One feature was a rise in Pullman, on a rumor that control of the Wagner Palace Car Company had been obtained. There was a good demand for first-class railroad mortgages, which continued in the following week,

and then there was a more active and a stronger market than had been observed for nearly a month. One notable feature was a steady advance in Great Northern preferred, while Delaware, Lackawanna and Western and Chicago and Northwestern were higher. There was a broader market for stocks in the closing week of the month, influenced by favorable traffic returns, by the placing of large orders by several roads for rails and for equipment, by the consolidation of the Pullman and the Wagner Palace Car Companies, and by the announcement of the intended distribution of new shares of New York Central stock at par. The local traction stocks were quite strong, as also were the anthracite coal properties. Though money was active and higher on the Stock Exchange, the security market was generally strong, and it seemed to be favorably influenced early in the month by the result of the State elections, which indicated gains for the dominant political party, thus encouraging efforts which were expected to be made at the ensuing session of Congress for the radical reformation of the currency. Another favorable influence, it may be noted, was a fall in the rates for foreign exchange. The stock market soon grew irregular, however, in consequence of realizations, and the notably weak properties were the local traction issues and some of the recently organized industrials. The railroad shares were, however, well supported. The announcement on the 15th, by the Secretary of the Treasury, that he would purchase $25,000,000 4- and 5-per-cent. bonds, for the purpose of relieving the monetary situation, had a stimulating effect upon the security market, and the tone was buoyant and the advance in prices quite decided, due to rebuying to cover short contracts, and one prominent feature was a good demand for railroad mortgages. There was also exceptional strength in New York Central, caused by reports that the lease of the Boston and Albany road would be ratified by the stockholders. Gradually more settled monetary conditions and improved dividend prospects exerted a stimulating influence upon the market, and the tendency was generally upward for the remainder of the month. One feature toward the close was an advance in New York Central and in Pennsylvania, on reports of a contemplated union of interests with a view to the establishment of more stable and remunerative rates for trunk-line traffic. The market for the industrials was unfavorably influenced early in December by the decision of the United States Supreme Court in the Addyston Pipe Line case, which decision was interpreted as unfavorable to the combinations of capital known as trusts. The recommendation in the President's message favoring legislation by Congress, having for its object the regulation of trusts, also tended to have a depressing influence upon these properties, and the whole market declined. The fall in prices gradually grew more decided, in consequence of a bearish demonstration upon certain specialties, notably Brooklyn Rapid Transit, and in the week ending the 16th the tendency of the market was almost uninterruptedly downward, influenced by the selling of securities for European account; by the increasing tension in the London discount market, accompanied by movements by the Bank of England to attract gold from New York; and by the disturbed condition in Boston, resulting from the embarrassments of the Globe National and the Broadway National Banks of that city. On the 18th, during the panic in the New York money market, elsewhere noted, the selling of stocks was general, and in very many cases the

lowest prices of the year were recorded. There was a partial recovery following the restoration of confidence in the monetary situation, but the stock market was more or less feverish thereafter until the last week in the year, when there was quite a general recovery in prices of leading properties, with good buying of investment stocks as the feature, and the market was strong at the close.

Total sales of stocks at the New York Stock Exchange for 1899 were 172,882,462 shares, against 112,699,957 in 1898; 77,324,172 in 1897; 54,490,643 in 1896; 66,583,232 in 1895; 49,075,032 in 1894; 80,977,839 in 1893; 85,875,092 in 1892; 69,031,689 in 1891; 71,282,885 in 1890; and 72,014,600 in 1889.

The following shows the highest prices of a few of the speculative stocks in 1898 and the highest and lowest prices in 1899:

The Crops. The early indications pointed to a smaller yield of winter wheat, owing to unfavorable conditions resulting from extremely cold weather in February, and the outlook for spring wheat was far from satisfactory until June, when prospects improved. The Russian crop of wheat was said to be deficient, and, as this report seemed to indicate the probability of a continued demand by Europe upon our supplies of grain, prices advanced at the distributing centers, stimulating the liberal marketing of reserves from the previous year's crop. Corn made good progress in July and in the later summer months, and the expectations then of an unprecedented yield of this cereal were fully realized. As the harvest of spring wheat progressed there seemed to be good evidence that the yield would be fully as great as that of the previous year, and the prospects for oats were regarded as excellent. The cotton crop made good progress, and early in the picking season there appeared to be assurance of a yield nearly as large as that of the last year. When the crop began to come into the market from the plantations, however,

The

it was seen that the yield was not likely to be as large as was expected, and the revised esti mates placed the crop at not exceeding 9,500,000 bales. The most striking feature of the year was the steady advance in the price of cotton. English spinners, influenced by the conviction that there would be a large yield of the staple, refrained from buying early in the season. price advanced in response to liberal purchases by Southern and Northern spinners, and this fact also seemed to deter buying by English manufacturers, though the Continental spinners bought largely. Toward November, however, the British manufacturers appeared to realize the fact that the crop would be below their early expectations, and then their purchases contributed to maintain the advance in the price of the staple to the end of the year. It is noteworthy that the exports of cotton to Great Britain for four months of the cotton year ending Dec. 31 were only 518,410,203 pounds, against 1,166,756,962 pounds for the same time in 1898, while exports to France were 223,140,120 pounds for the four months in 1899, against 252,127,048 pounds for the same period in 1898, and exports to Germany were 363,544,165 pounds for four months in 1899 and 550,868,410 pounds for the same time in 1898. Exports to Japan increased from 12,094,822 pounds in the cotton year 1898 to 49,660,787 pounds in the cotton year 1899. Another factor which more or less influenced the export movement not only for cotton, but for breadstuffs and for all exportable products, was the high ocean freight rates, which were caused by the withdrawal from the regular transportation lines of large numbers of steamers which were employed by the British Government for the transport of troops and military supplies to the seat of war in South Africa. The dearth of transportation facilities also materially checked the export movement in other commodities. The following shows the yield and the value of the crops for the years 1898 and 1899 on the basis of the price at New York at the beginning of the years 1899 and 1900:

The

later by an inquiry for sterling for remittance against securities sold for European account. Toward the end of the month, however, the investment inquiry relaxed, commercial bills became smaller in volume, and the marketing of maturing investment drafts caused a slight recession in rates for short sterling. The tone was firm at the close of the month, with rates for sixty day, $4.823 to $4.83; for sight, $4.84 to $4.85; and for cables, $4.851 to $4.851. tone was strong in February, with a good demand to remit for securities bought in London for New York account, and there was a dearth of commercial bills. The market opened with sixtyday sterling, $4.831 to $4.831; sight, $4.851 to $4.85; and cables, $4.85 to $4.86. The highest and the closing rates for the month were $4.841 to $4.84 for long, $4.86 to $4.86 for short, and $4.87 to $4.87 for cables. The Bank of England reduced its discount rate from 31 per cent. to 3 per cent. on Feb. 2, and the Imperial Bank of Germany on Feb. 21 reduced its rate from 5 to 4 per cent. The market opened weak in March, influenced by higher rates for money, and also by free offerings of bills against the Central Pacific readjustment scheme, and rates were $4.841 to $4.84 for sixty-day, $4.861 to $4.864 for sight, and $4.863 to $4.87 for cables. Later easier rates for money in our market and a firmer tone for discounts in London caused a slight advance in sterling, after which the market grew dull, and it was without special feature until toward the end of the month. Then there was a very strong tone, influenced by rumors that preparations were being made for the remittance of the Philippine indemnity, it being assumed that when the money was paid by the United States Government it would be remitted through exchange, thus causing more or less of an urgent inquiry for sterling. The market was also influenced by a demand to remit for securities sold for European account, and there was a notable absence of all kinds of bills. The tone was easier at the close, at a recession of one quar

Foreign Exchange.-The exports of domestic and foreign merchandise for the year ending Dec. 31, 1899, were $19,953,405 above those of 1898, and the imports of merchandise were $163,881,123 greater. The excess of merchandise exports over imports for the year was $476,654,100, against $620,581,818 for 1898. The excess of exports over imports of merchandise and gold and silver coin and bullion for 1899 was $493,455,303, against $503,278,544 in 1898. Gold imports were $5,815,553 in excess of exports in 1899, against $141,968,

998 in 1898.

The rates for exchange were low at the beginning of the year, influenced by liberal supplies of commercial bills, and imports of gold from London to the amount of $1,500,000 were announced in the first week. Sixty-day sterling was quoted at the opening of January at $4.81 to $4.82, while sight sterling was $4.84 to $4.841, and cables were $4.851 to $4.851. Gradually the market grew stronger, influenced by a demand for seventy-day bills for investment, and

$1,720,358,042

$1,631,464,856

ter of a cent from the highest rates to $4.841 to $4.84 for sixty-day, $4.861 to $4.863 for sight, and $4.871 to $4.87 for cables. High rates for money during the first week in April tended slightly to depress exchange, which, after opening at the figures above noted, fell to $4.83 to $4.833 for long, $4.853 to $4.86 for short, and $4.863 to $4.87 for cables. Toward the middle of the month there was a recovery, due to buying, which was supposed to be connected with preparations to remit the Philippine indemnity when it should be paid. The tendency was upward to the end of the month, when rates were $4.851 to $4.85 for sixty-day, $4.871 to $4.871 for sight, and $4.873 to $4.88 for cables, the rate for sight, it may be noted, being close to the gold-exporting point. When the fact appeared that the remittance of the Philippine indemnity would be made through exchange, which had already been accumulated, the market for sterling, after opening strong at $4.853 to $4.86 for sixty-day, $4.873 to $4.88 for sight, and $4.88}

to $4.88 for cables, suddenly developed weakness, and rates fell by the 10th to $4.84 to $4.85 for long, $4.863 to $4.87 for short, and $4.87 to $4.87 for cables. There was a gradual recovery, however, followed by an irregular movement, and the tone closed firm at $4.853 to $4.86 for long, $4.88 to $4.88 for short, and $4.883 to $4.89 for cables. These rates clearly foreshadowed gold exports, and early in June there was a demand to remit for securities sold for European account, and during the month $17,050,000 gold was shipped. The opening rates for exchange were the same as those at the close of May. The offerings of sterling against gold exports caused an irregular recession in rates until after the middle of the month, when there was a more decided decline, and the market closed easy at $4.851 to $4.85 for sixty-day, $4.871 to $4.87 for sight, and $4.88 to $4.881 for cables, these rates being the lowest of the month. Gold exports ceased after the shipment of $2,250,000 early in July. The exchange market opened at the figures ruling at the end of June, and there was a steady decline, influenced by dearer rates for money, until the 13th, when an advance in the Bank of England minimum to 3 per cent. caused a temporary recovery. Later, however, the market grew easier, and it closed weak at $4.831 to $4.833 for long, $4.86 to $4.863 for short, and $4.87 to $4.873 for cables. Liberal offerings of long sterling, in the expectation of covering with grain and cotton bills later in the season, made exchange weak during the early part of August, and, after opening at $4.83 to $4.83 for long, $4.861 to $4.863 for short, and $4.863 to $4.87 for cables, there was a decline by the 10th to $4.82 to $4.82 for sixty-day, $4.86 to $4.861 for sight, and $4.86 to $4.863 for cables. Then the Imperial Bank of Germany advanced its rate of discount to 5 per cent., in consequence of increasing tension at Berlin, and there was some expectation that the Bank of England would likewise advance its rate. Sterling grew firmer, so continuing until the 17th, when, there being no change in the Bank of England rate, the tone grew easier. Though irregular thereafter, the market closed heavy, with rates for sight sterling $4.86 to $4.861, while those for long sterling and for cables were unchanged compared with the rates at the opening of the month. Higher rates for money dominated the foreign-exchange market in September, and the tendency was almost uninterruptedly downward. After opening at $4.83 to $4.83 for long, $4.86 to $4.86 for short, and $4.863 to $4.87 for cables, the market advanced one quarter of a cent and then gradually declined to $4.81 to $4.81 for sixty-day, $4.843 to $4.85 for sight, and $4.85 to $4.853 for cables by the close of the month. Gold to the amount of $2,350,000 was shipped hither from London, the open market discount rates at that center advanced, and by the end of the month it was expected that the Bank of England would be forced to raise its rate because of the increasing tension in discounts in London. One feature of our exchange market was the negotiation of sterling loans as a measure of relief to the money market. On Oct. 3 the Bank of England advanced its rate of discount from 3 to 4 per cent., immediately following a rise by the Imperial Bank of Germany from 5 per cent. to 6 per cent., and on the 5th the Bank of England further advanced its rate to 5 per cent. The almost unprecedented occurrence of two advances in the rate of discount in one week by the Bank of England indicated extreme tension, which was clearly due to the rap

for

idly developing acuteness in the relations between England and the Transvaal Government. The above-noted action by the Bank of England had a' direct influence upon the exchange market, causing a fall in long and a rise in short sterling, rates being adjusted to conform to the higher discounts in London. After opening at $4.81 to $4.81 for long, $4.851 to $4.85 for short, and $4.86 to $4.86 for cables, rates for long declined to $4.803 to $4.81, while those for short advanced to $4.85% to $4.86, and those for cables to $4.86 to $4.87. From these figures the whole market rose, and by the 19th rates had advanced to $4.83 to $4.833 for long, $4.871 to $4.87% for short, and $4.884 to $4.883 for cables. The rise, it may be noted, was directly due to the invasion of Natal by the Boers on the 11th. This news caused a sharp demand for exchange to cover bills previously sold. Moreover, the market was reported to be largely overdrawn, and hence the urgency of the inquiry for bills. After this demand subsided rates gradually fell off to the close of the month, when they were $4.82} to $4.83 for long. $4.861 to $4.863 for short, and $4.87 to $4.873 for cables. The exchange market was influenced at the beginning of November by high rates for money, and later by the prospect of a less strained monetary situation through relief by the Treasury, and also by some relaxation in the tension of the discount market in London. Rates opened at $4.83 to $4.83 sixty-day, $4.863 to $4.87 for sight, and $4.87 to $4.88 for cables. Then there was a rapid fall until the 13th, due to dear money in this market, and rates on that date were $4.803 to $4.81 for long, $4.843 to $4.85 for short, and $4.86 to $4.861 for cables. The market was further influenced by liberal offerings of commercial bills against cotton and breadstuffs, and also by drafts against sterling loans. After the announcement by the Treasury Department of the offer to buy $25,000,000 bonds the exchange market sharply recovered, rates rising by the 17th to $4.813 to $4.82 for long, $4.86 to $4.861 for short, and $4.87 to $4.87 for cables. A noteworthy feature was the movement in one week from rates almost low enough to permit gold imports to those which were almost high enough to justify gold exports. The market gradually grew weaker after the above-named date, affected by continued activity in money and by offerings of bills against purchases of stocks for European account, but it closed with a slight recovery at $4.81 to $4.814 for long, $4.86 to $4.861 for short, and $4.87 to $4.871 for cables, influenced by the advance on the 30th of the Bank of England rate to 6 per cent. The tone was firm at the opening in December, with long unchanged at the above-noted figures, while short was higher at $4.861 to $4.861, and cables were advanced to $4.87 to $4.871. The Bank of France moved its rate of discount up to 3 per cent. on the 7th, and the open-market rate at London grew firmer, more or less influencing our exchange market, which advanced with a firm tone. The news of the disastrous repulse of Gen. Buller by the Boers at Tugela river, near Chieveley, on the 15th, following the defeat of Gen. Gatacre at Stormberg on the 10th and of Gen. Methuen at Magersfontein on the 12th, caused consternation in England, and there was a security panic in London. The open-market discount rate consequently rose sharply, the Bank of England advanced the bid price for bar gold and for American eagles, and also offered to make advances on gold while in transit from New York. Influenced by these inducements, $2,450,000 gold was

shipped hence to London on the 16th. Exchange grew firm, with figures adjusted to conform to the higher open-market rates in London, and the tone was strong. The Bank of France, it may be noted, advanced its rate of discount on the 21st to 4 per cent., while on the 19th the Imperial Bank of Germany advanced its rate from 6 per cent. to 7 per cent. Moreover, the Bank of France raised the premium on gold to rates which prohibited withdrawals of the metal from the bank for export. The crisis in money at this center on the 18th had a temporarily unsettling effect upon exchange. Offerings were, however, restricted, because of the almost entire absence of demand, and therefore rates did not show material declines. Later supplies of bankers' bills for remittance came largely from those drawn against gold exports, and, while there was a good supply of commercial drafts, they were promptly absorbed at full prices. The higher discount rates at London caused a gradual fall in long sterling in the third week of the month to $4.80% to $4.81, while short sterling advanced to $4.87 to $4.871, and cables to $4.88 to $4.883. Gold to the amount of $5,425,000 was shipped to London in the week ending the 20th, and in the last week of the year the shipment to London was $3,350,000. The exchange market closed quite strong at $4.813 to $4.82 for sixty-day, $4.871 to $4.87 for sight, and $4.883 to $4.89 for cables.

Railroads. The business of the railroads showed almost uninterrupted gains during the year. Tariffs were well maintained from the beginning to the end of the year, and the railroad traffic was so great in the fall that, notwithstanding large additions to the equipment of the principal lines, there was a remarkable dearth of transportation facilities. Among the notable events of the year was the successful readjustment scheme of the Central Pacific Railroad Company providing for the payment in full of the claims of the Government, amounting to $58,812,175; the lease by the Southern Railway of important lines, including the Mobile and Birmingham, the Northern Alabama, and the South Carolina and Georgia; the purchase by a syndicate of the Chicago and Alton; an increase of $15,000,000 in Great Northern stock; the sale by the Delaware and Hudson of its canal; the lease of the Boston and Albany by the New York Central; the purchase by the Baltimore and Ohio of the Baltimore and Ohio Southwestern; an increase in the capital of the Southern Pacific from $150,000,000 to $200,000,000 to acquire the Central Pacific; the consolidation of the Pullman and the Wagner Palace Car Companies; the increase of $15,000,000 in the stock of the New York Central to provide for 15,000 additional cars; the purchase by a syndicate of the interests of the Crocker and of the Stanford estates in the Southern Pacific; the authorization by the Pennsylvania Railroad Company of an allotment of $13,000,000 stock to provide for new equipment and construction; and the acquirement by the Hocking Valley of control of the Toledo and Ohio Central. Dividends were increased by the Burlington, Cedar Rapids and Northern, the St. Paul and Omaha, the Louisville and Nashville, the Union Pacific, the New York Central, the Chicago and Northwestern, the Boston and Maine, and by other more or less important roads. Dividends were declared for the first time by the Iowa Central on its preferred stock; by the Chicago, Indianapolis and Louisville on its preferred stock; by the Chesapeake and Ohio; by the Evansville and Terre Haute; by the Hocking Valley: by the Pittsburg, Bessemer and Lake Erie; and by the

Flint and Père Marquette. One notable event was the acquirement by parties interested in the New York, Ontario and Western of the coal properties of the Lackawanna Iron and Steel Company in the vicinity of Scranton, Pa., estimated to contain from 25,000,000 to 30,000,000 tons of anthracite coal. It is noteworthy that very few foreclosure proceedings were instituted during the year, indicating the prevalence of prosperous conditions throughout the country. The Baltimore and Ohio receivership was terminated June 30, and later large purchases of the stock by the president of the Great Northern gave some color to a rumor that a close alliance between the two roads was contemplated.

The listings of railroad bonds on the Stock Exchange during the year amounted to $446,634,000, and of new railroad stocks to $410,716,630. Of the $525,384,240 of bonds of all companies listed, $154,304,760 represented new issues, $22,908,000 old issues newly listed, and $346,171,480 for replacing old securities. Of the $704,172,605 stocks listed, including railroad and miscellaneous companies, $311,420,285 represented new issues and $392,752,320 for replacing old securities. The above-noted total of stocks listed was greater by $175,918,609 than the total listings in 1898, and larger than the listings in ten years. The stocks placed on the "unlisted" department of the Stock Exchange, including those of 11 industrial corporations, those of the Brooklyn Rapid Transit Company, and of the Wagner Palace Car Company, amounted to $286,313,650 common and $142,187,400 preferred, a total of $428,501,050. The following shows gross and net earnings of the trunk lines:

Manufacturing Industries.-The most notable feature of the year was the enormous increase in the organization of industrial concerns, elsewhere referred to. There was marvelous improvement in the iron and steel industry during 1899. Production of iron steadily increased, the demand was urgent, unsold stocks were depleted, and prices were more than doubled. At the end of the year the pig-iron production was 296,959 tons per week, or at the rate of 15,500,000 tons per annum, against an output of 11,773,934 tons in 1898. The price of Bessemer pig iron at Pittsburg at the end of 1898 was $10.64 per ton, while at the close of 1899 it was $25 per ton. Steel billets advanced from $15.90 per ton in December, 1898, to $36.37 in the same month of 1899. Steel rails and, indeed, all manufactures of steel were in urgent request, particularly in the latter part of the year, and the principal railroads bought largely of rails and equipment, while the export demand for iron and steel products was entirely unprecedented. There was also a great expansion in the cotton-manufacturing industry not only at the South, but in New England. Standard print cloths at Fall River advanced from 2 to 3 cents per yard, and, under the influence of the improved condition of the industry, wages of opera