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THE UNIVERSITY
OF ILLINOIS
LIBRARY
3^/
Return this book onfjJpDe Latest Date stamped b
University of Illinois
..,,,- '^aL
The Thirty-Eighth
ANNUAL REPORT
OF THK
Trade and Commerce
or
CHICAGO
For the Year Ending December 3i. i895.
COMPILED FOK THE
BOARD OF TRADE
By GEORGE E. STONE, Secretary.
CHICAGO:
The J. M, W. Jones Stationery and Printing Co.
1896.
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TABLE OF CONTENTS.
PAGE.
Executive officers of the Board of Trade, 1848 to 1896, inclusive ix
Officers of the Board of Trade, 1895 x
Officers of the Board of Trade, 1896 xi
Members of the Board of Trade who died during 1895 xii
Secretary's review xiii
Report of the Board of Directors Iv
Report of Treasurer Ixix
DETAILED STATISTICS OF CHICAGO FOR 1895 :
Statement showing the entire movement of flour and grain ... 2, 3
Flour manufactured in Chicago, for six years 4
Monthly stocks of flour in Chicago, for six years 4
Receipts and shipments of flour and wheat, by routes and by months 5
Receipts of flour and wheat at Chicago, by crops, since 1860 6
Weekly range of prices of flour 7
Weekly range of prices of wheat in store 8
Monthly range of prices of No. 2 wheat (cash) for a series of years 9
Receipts and shipments of corn and oats, by routes and by months 10
^- Weekly range of prices of corn and oats 11
^^ Monthly range of prices of No. 2 corn (cash) for a series of years . . 12
J Monthly range of prices of No. 2 oats (cash) for a series of years. . . 13 i Comparative statement of the current bi-monthly prices of flour
G and grain for seven years 14, 15
< Receipts and shipments of rye and barley, by routes and by months 16
^ Weekly range of prices of rye and barley 17
'* All-rail through business in flour and grain not passing through a
J Chicago warehouse 18, 19
Receipts of flour and grain for a series of years, and the volume of
> flour manufactured in the city 20
Shipments of flour and grain for a series of years 21
~ Weekly statement of grain in store at Chicago during the past
J two years 22, 23
Weekly receipts and shipments of flour and grain, as posted on the
bulletin of the Exchange 24, 25.
331097
,.--L..uw-- -J ISAAC HORNER AND B. A. ECKHART.
OTsr TTT AVtSTTTi'n iKsspwrTiOK " i NASH, C. G. HOLMBERG, F. E. WINANS, A.
VN fLAAi5l!.I!.UliNfePI!.C110IN -j M. HENDERSON AND T. M. HUNTER.
ON OTHER INSPECTION " FISH, JONES AND CARTER.
ON ARBITRATION ON GRASS AND I-------- -"'"- ''i'-Tr^t"-|.'Tfeifi"WTIigrr
XIV
CROPS OF THE UNITED STATES.
The final official estimates of the yield of the principal cereals, comprising wheat, corn, oats, rye and barley, aggregated 3,556,967,878 bushels, raised on 149,191,886 acres, valued at $987,856,839, as against 2,423,202,476 bushels, 129,603,640 acres and $1,035,067,710, respectively, in the year 1894. That which is most noticeable in these totals is, that while the yield was 1,133,765,402 bushels more in 1895 than in 1894, the valuation was ^47,210,871 less. There was an increase in the quantity of wheat raised of about 7,000,000 bushels; of corn, about 938,360,000 bushels and of oats, about 162,407,000 bushels. The barley acreage of 1895 exceeded that of any previous year, and with the largest yield per acre in a quarter of a century, produced a crop 11 per cent, above its highest predecessor that of 1889.
The yield of hay aggregated 47,078,541 tons, grown on 44,206,453 acres, valued at $393,185,615; the crop of 1894 was 54,874,408 tons, produced on 48,321,272 acres and valued at $468,578,321. The crop of potatoes in 1895 was 126,450,032 bushels greater than in 1894, aggregating 297,237,370 bushels; the valuation, however, was $12,541,886.00 less.
The following statement shows the wheat-producing portions of the world, and the months of their respective harvests:
January Australia, Argentine, Chili, and New Zealand.
February and March East India and Upper Egypt.
April Asia Minor, Cuba, Cyprus, India, Lower Egypt, Mex ico, Persia and Syria.
May Algeria, Central Asia, China, Florida, Japan, Morocco and Texas.
June Alabama, Arkansas, California, Carolina, Colorado, Oeorgia, Greece, Italy, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Oregon, Portugal, South of France, Spain, Tennessee, Turkey, Utah and Virginia.
July Austro-Hungary, Bulgaria, France, Germany, Illinois, Indiana, Iowa, Michigan, Minnesota, New York, Nebraska, Ohio, Roumania, South of Russia, Switzerland, South of England, Upper Canada and New England.
August Belgium, Columbia, Denmark, Great Britain, Holland, Lower Canada, Manitoba, Poland, North and South Dakota.
September and October Norway, North of Russia, Scotland and Sweden.
"- 'T;,15!Sp>J
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XV
November Peru iiad South Africa. December Burmah.
The foUowiDg report of the chief crops of the country is furnished bv the United States Affiicultural Department:
The average farm price of corn, rye, oats, barley, buckwheat and potatoes was lower in 1895 than in any of the other years covered by the table; and in no year since ISSO was corn so low as in 1895. The nearest approach to the last figure was reached in 1889, when a phenomenal crop followed the very large one of 1888, making the production for the two years over 4,100,000,000 bushels, a larger product than has ever been gathered in two consecutive years.
The price of wheat was 1.8 cents lower in 1894 and 2.9 cents higher in 1893 than in 1895, but the average for these three years is much lower than the price for any of the years from 1880 to 1892, inclusive. The high price (88.9 cents per bushel) for the phenomenal crop-year 1891, is explained by the coincidence of the great harvest of the United States that year with a marked defi- ciency in Europe. It will be noticed that the price of rye that year was much higher than in any other year covered by the table, as might have been expected in view of the scanty crops in large rye-consuming countries, such as Germany and Russia. The latter country has usually an ample surplus of this grain, which may be drawn upon to supply deficiencies throughout Europe, but in 1891 the supply had to be sought elsewhere.
The difference between the prices of oats in 1895 and 1894 is 12| cents, a decline of nearly 39 per cent. This is not accounted for by the increased harvest in 1895, for the crop of 1894, amount- ing to 662,086,928 bushels, had been exceeded only three times in our previous history ; but in that year the large crop of oats coin- cided with the smallest corn crop since 1881 ; and since the two grains are to a considerable extent mutually supplementary, the scarcity of the one had a great effect in keeping up the price of the other.
The low price of barley coincides with a crop exceeding the largest previous record that of 1893 by 17,203,249 bushels. The crops for the years from 1889 to 1892, inclusive, were not estimated by the department, but that of 1889, as reported in the Abstract of the Eleventh Census, was next in magnitude to that of 1895, amounting to 78,332,976 bushels ; and the price for that
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XVIII
WINTER WHEAT, CROP OF 1896.
Accordino; to the preliminary returns made December 1, the area sown in winter wheat exceeds that of 1895 by 4.6 per cent. There is a general increase in the Lake States and the Eastern Mis- sissippi Valley, also in Kansas, amounting to 20 per cent. There is a slight decline along the Atlantic and Gulf coasts. Utah and Oregon show a decrease of one-fourth, while Idaho, Washington and California show additions of 8, 12 and 3 per cent, respect- ively, to last year's area.
The increase of area in New York is explained by a sowing of wheat on land where grass had failed. In the newer Western States the progress of settlement, although not mentioned by cor- respondents, has probably figured to a greater or less extent as a cause of the increased winter wheat area in Kansas and some of the other Western States this season ; but in some counties a favor- able condition of the soil has encouraged the sowing of increased areas, while in others an unpromising appearance in the part first sown has led to additional sowing when more favorable conditions were presented.
Drought at sowing times, the low price of wheat, chinch bugs, and in some cases scarcity of seed, or the substitution of spring for winter wheat, are among the causes assigned where a diminished acreage is reported.
The general average of condition on December 1 was 81.4, against 89 in 1894 and 91.5 in 1893.
The lowest previous average within the ten years, 1886-1895, was 85.3 in 1891 a figure which was followed by a total crop of nearly 516,000,000 bushels in 1892, the largest but one in our agricultural history. The figures on average condition for the principal winter-wheat States are 92 in New York, 84 in Pennsyl- vania, Y4 in Maryland, 73 in Virginia, 93 in Texas, 91 in Tennes- see, 80 in Kentucky, 74 in Ohio, 79 in Michigan, 80 in Indiana, 79 in Illinois, 76 in Missouri and 80 in Kansas.
This exceptionally low condition is chiefly due to the wide- spread drought, which postponed the sowing on a large part of the winter-wheat area and retarded the germination and growth of much that was sown earlier. On a considerable area the crop was practically a failure, though a part of this area was afterwards
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XX
PRODUCTION AND EXPORTS OF WHEAT SINCE 1880.
Year.
Total
area of
crop.
1880
1881
1882
1883 ;
1884
1885
1886
188"
1888
1889
1890
1891
1892
1893
1894
1895
Average for 10 years from 1870 to 1879 ....
Average for 10| years from 1880 to 1889 ....
Average fort! years from 1890 to 1895 ....
Acres. 37.98t).71 37.709,020 37.067,194 36,455,593 39,475,885 34.189.246 36,806,184 37,641,7ffi 37.336,138 38,123.859 36,087,1.54 39,916,897 38,554.430 34,629.418 34.882,4:^6 34,047.332
25,187,414
37,279.162
36.352.945
Total pro- duction.
Total
value of
crop.
Bushels.
498,549.8(58
383.280.0JK)
504.185.470
421.086.160
512.765,000
3.57.112.000
457,218.000
456.329.000
41o.868.CX)0
490.560.000
393,262.000
fill.780.000
515.949,000
396.131.725
460.267.416
467,102.947
S474.201.850 456.880.42 444.602,125 383,649.27; 330.862.260 275,320,390 314.226.020 310.612.960 385,248.030 342.491.707 334,773.678 513.472,711 322,111.881 213,171,381 225.902.025 237,938,998
Aver- age
value
per
bushel
Aver- age
yield per
acre.
312.152,728 ; 327,407.258 449,695.359 : 371,809,504
Cents 95.1 119.2 88.2 91.1 64.5 77.1 68.7 68.1 92.6 69.8 83.8 83.9 62.4 53.8 49.1 50.9
Bush's 13.1 10.2 13.6 11. 6 13 10.4 12.4 13.1 11.1 12.9 II. 1 15.3 13.4 11.4 13.3 13.7
Aver- age
value per
acre.
E.xports for fis- cal years toegin- ning July 1.
104.9
82.7
475,082.181 307.895,112 64.8
12.4 12.1 13.1
$13.48
12.13
11.99
10.52
8.38
8.05
8.54
8.25
10.32
8.98
9.38
13.86
8.35
6.16
6.48
6.99
Bushels
186.321.514
131,892.389
147,811.316
111,534:182
133.570,367
94.,565,794 153,804,970 119.625,344
88.600.743 109,430;46' 106,18i;316 225.665.812 191.912,635 164.383.129 144,813,718
13
9.97
8.47
84,592,977
126,615,709
*166.571.122
Per cent. 37.4 31.8 29.3 26.5 25.^ 26.5 33.6 26.3 21.3 22.3 26.6 36.9 37.2 41.5 31.5
27.1
28.^ *34.9
Average for five years, from 1890 to 1894, inclusive.
In the tables of production and exports of corn and wheat, the fiscal year to which the figures on exports relate are those begin- ning on July 1, in the years indicated. Thus, the exports set opposite the year 1S94 are not for the calendar year 1894, nor for the fiscal year ending June 30, 1894, but for the fiscal year begin- ning July 1, 1894, and ending June 30, 1895, In this way the exports are placed on the same line with the crop out of which they are mainly drawn. As the fiscal year beginning July 1, 1895, is incomplete, the corresponding space in the column of exports is necessarily left blank. The official figures on exports have, how- ever, been issued for the six months ending on December 31, 1895^ and it appears that the corn exported during that period amounted to 38,331,098 bushels, while the wheat, including flour reduced to its wheat equivalent at the rate of 4^ bushels to the barrel, amounted to 65,029,819 bushels. The exports of these two cereals for the corresponding months of the preceding year amounted to 5,904,025 bushels of corn and 76,988,386 bushels of wheat. It will be seen that the exports of corn for the first six months of the current fiscal year amounted to nearly ten million bushels more than those for the whole of the fiscal year preceding. During December, 1895, they amounted to 9,907,570 bushels. It thus-
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appears that the low price is stimulating the foreign demand, which in turn has a tendency to stiffen the price.
Corn, wheat and oats are by far the most important of our cereal crops. The production and exports of the two former have been given year by year from 1880 to 1895, inclusive. The crop of 1895 is the largest yet gathered, the area being larger than in any preceding year, and the rate of yield exceeding that of any year since 1879.
Our exports of oats (including oatmeal reduced at the rate of 18 pounds to the bushel) rarely exceed 1 per cent, of the total crop, the highest ratio, 2 per cent, for the fiscal year 1889-90, having followed a crop of 751,515,000 bushels in 1889, the largest record until 1895. The export of oatmeal during the six months ending December, 1895, exceeded that of any entire fiscal year since 1886.
DISPOSAL OF THE WHEAT CEOP OF 1895.
States and Territories.
Maine
New Hampshire
Vermont
New York
New Jersey
Pennsylvania . .
Delaware
Maryland
Virginia
North Carolina. South Carolina.
Georgia
Alabama
Mississippi
Texas
Arkansas
Tennessee
West Virginia...
Kentucky
Ohio
Michigan
Indiana
Illinois
Wisconsin
Minnesota
Iowa
Missouri
Kansas
Nebraska
South Dakota
North Dakota
Montana
Wyoming
Colorado
New Me.xico... .
Arizona
Utah
Nevada
Idaho
Washington ,
Oregon
California
Oklahoma
Total
Crop of 1895.
Bushels.
84.000
48,000
185.000
7.301,000
1,341.000
20,456.000
1.069,000
7.801,000
6.506.000
4.748.000
859.000
1,331.000
373.000
37,000
2.082.000
1,452.000
o,767:000
4,304.000
9,501.000
32,216.000
15.238,000
20.294,000
19,061,000
8,616,000
65.584.000
13,655,000
18.500.000
22,919,000
14.787,000
29,261.000
61.058,000
1.065.000
193.000
2,808,000
809,000
251,000
2,443,000
128,000
1.232.0L0
7.196,000
11,86.3,000
40.098.000
2.593.000
Stock on hand Mar. 1, 1896.
Bushels.
Perct.
37,800
45
14.400
30
64,750
35
2.920.400
40
402.30J
80
7.568.720
37
299,:0
28
1.716.220
22
1.756.620
27
1.471.880
31
197,570
23
252.890
19
41.030
11
9.2.50
25
291.480
14
450.120
81
1.211,070
21
1.291.200
30
2.185.230
23
10.309,120
32
4,419,020
29
5.073.500
25
4.193,420
22
3,791,040
44
19,675,200
80
6.008,200
44
4,810.000
26
4..583,800
20
5,619.060
38
6.730.030
23
12,822,180
21
426,000
40
.59,400
30
.53:3,520
19
242.700
30
65,260
26
879,480
86
49.200
40
366,600
30
1,583.120
*.7
3.203.010
27
5.212.740
13
207,440
8
Consumed in
county where
grown.
Bushels.
84.000
48.000
185.000
4.818.660
1.086,210
12,478.160
694,850
2.964.380
3.448.180
4..5;58.080
850,410
1.277.760
361,810
36.260
1.519.860
1.118.040
3.575.540
3.a57.120
5.130.340
16.752,320
7,161,860
9.33:5.240
7,815,010
6,462,000
17.0.51,840
8,739.200
8,325,000
11.001.120
7.984.980
8.485,690
10.379.860
1.065.000
178.200
1.945,600
728.100
223,390
1,.587.950
111.930
574.340
2,158,800
4.863.830
11,227,440
1.970,680
467.103.000 i 123.045.290 i 26.3 I 193.742,240
Per ct. 100 100 100 66 81 61 65 38 53 96 99 96 97 98 73 77 62 78 .54 52 47 46 41 75 26 64 45 48 54 29 17 100 90 70 90 89 65 91 47 30 41 28 76
Shipped out of
county where
grown.
Bushels. Perct.
41.5
2.482.340
254,790
7.977.840
374;i50
4,886,630
3.ft57,820
189.920
8.590
53,240
11.190
740
562.140
3.33,960
2,191.460
946.880
4.370.460
15.463.680
8,076.140
10.958,760
11.245.990
2,154,000
48..532,160
4.915,800
10,175,000
11.917.880
6.802.020
20.775..310
50,678.140
" " 19,866
842.400
80.900
27.610
&55:050
11.070
647,660
5,037,200
6.999.170
28.870.560
622,320
34 19 39 35 63 47 4 1 4 3 3 37 23 : 22 46 48 .53 54 .59 35 74 36 55 52 46 71 83
16 30 10 11
a5
9
.53 70 59
72 24
273.360,760 58.5
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XXII
DISPOSAL OF THE CORN CROP OF 1895.
States and Terri- tories.
Crop of 1895.
Maine
New Hampsiiire . . .
Vermont
Massachusetts .
Rliode Island
Connecticut
New Yoric ...
New Jersey
Pennsylvania
Delaware
Maryland
Virginia
North Carolina . . South Carolina ..
Georfria
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
West Virjrinia . ..
Kentucky
Ohio
Michigan
Indiana
Illinois
AVisconsin
Minnesota
Iowa
Missouri
Kansas
Nebraska
Soutli Dakota
North Dakota . ..
Montana
Wyomiiiii:
Colorado
New Mexico
Arizona
Utah
Idaho
Washinston
Oresron
California
Total
Bushels.
597,000
1.080,000
2,153.000
1,847.0110
285.000
l,768,OuO
18.014,000
9,2:i3,000
4:S,513,000
4,281,000
16,531,000
32,607.000
36,378.000
19.861.000
42.173,000
6.187,000
44.376.000
35.977.000
22..574.000
107.906,000
.50.360,000
83.133.000
16.663.000
93.939.000
92,783.000
:i3.600.000
121.4:J0
202.9!.040
180.934.720
iri3.570.000
94.263,75'
11.304.9:
645.820
33.01 10
68.000
3,617,180
689.(i20
113,0
175..570
51.0
81.840
346.920
1.805.600
Per ct
100
100
100
100
100
100
96
89
85
fO
68
85
92
!)6
93
88
89
95
97
88
94
80
95
85
76
94
75
64
94
89
68
76
75
75
91
(>S
100
100
98
94 :
85 !
97
100
88
Bushels.
720.560
1,015.630
6,526,950
1,712.400
5,289,920
4.891,0.50
2.910,240
794.440
2,952.110
742.440
4.881.360
1,798,8.50
677.220
12.948.730
3.021,600
16.636,600
833.1.50
14.090.850
22.367.920
2,016.000
30,359.000
91.849.320
l,9a5.640
3.955.370
95.520.960
57,137,280
.51.190.000
31,431.250
1.118,070
13.180
Per ct.
73.820
43.980
19,9ii0
5,430
11.160
7.080
451.400
9 .s 1.679.2.58.200 i 78.1 : 471.880,800
4 11
15 40 32 15 8 4
r
13 11
5
3 13
6 20
5 15 24
6 25 36
6 11 33 24 25 25
9
3
2
6
15
3
12 30
21.9
FARM ANIMALS.
The number of animals on farms and ranches in the United States in January, 1S96, as estimated by the Department of Agri- culture, aggregated 146,767,540, including horses, mules, milch cows, oxen and other cattle, sheep and swine, as against 155,555,- 051 in 1895. The valuation of such animals in 1896 was $1,727,- 926,084, as against $1,819,446,306 upon the corresponding date in 1895. The average price for horses in January, 1896, was $33.07, as against $36.29 upon the corresponding date of 1895.
The decline is chiefly accounted for in the sales of very inferior stock, the demand for this description having materially dimin- ished in consequence of the introduction of more efficient and economical motive power in transportation. There has been a decline in values of all kinds, but the only fair prices obtained
i--.jE:-.^'i,HiiJ.-
XXIII
(
were for good roadsters and fancy stock. Very old and inferior
animals in some remote sections were killed and used for fertilizing
purposes. Even at the low price of grain it did not pay to keep
such grades of stock
NUMBER AND VALUE OF FARM ANIMALS IN THE UNITED STATES FOR THE YEARS 1868-1896.
January 1-
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
ism ....
1886
1887
1888
1889
1890
1891
laee
1893
1894
1895
1896
Horses.
Number. Viihu
5,756,940
6.332,793
8.248.800
8.702.000
8.990.900
9.322.470
9.3*3.800
9.504.200
9.735.300
10.155.403
10.329.70(1
10.938.700
n.201.800
11.429,626
10,521..t54
10.838.111
11.169.683
11.564,572
12,077.657
12.496,744
13.172.936
13.663.294
14.213,837
14.a56.750
15.498.140
16,206.802
16.081.139
15.893.318
15.134.057
$432,696,22(3 .533.0:^4.787 671.319.461 683.2.57:587 6.59.707.916 684.463.957 666.927.406 646.370.939 632.446.985 610.3(^6.631 600.813.681 573.2;54.808 613.296.611 667.954.325 615.824.914 765.041.308 833.734.41 8.53.282.947 860.823.20S 901.685.7.55 946,096.154 982.19-1.827 978.516..TB2 941.823.222 1.007,593.636 993.225.185 769.224.799 576,730.580 500.140.186
Mtiles.
Milch cows.
Number. Value. | umber.
855.685 921.663 1.179.500 1,242,300 1,276.300 1.310.000 1.339.a50 1,393.750 1,414.500 1,443..500 1.637..500 1.713.100 1.729.5011 1,720.731 1.8*5.166 1.871.079 1.914.126 1.972.569 2.ft53.593 2.117.141 2,191.727 2.257.574 2.331.027 2.296..532 2,314.699 2.331,128 2;352.231 3.363.108 3.278.946
S 66.415.769 38.386,3.59 128.584.79e 136. 1^7.786 121.027.316 124.658.085 119.501.859 111..502.713 106.5ft5.114 99.480.976 104.322.9:i9 96,033.971 105.948,319 120.096.164 130.945:378 148.732.390 161.214.976 162.497.097 163.381.096 167.057,.538 174,853.563 179.444.481 182.394,099 178.847.370 174.883.070 164.763.751 146.232.811 110.927.834 103.204.457
8.691,.568 9 347.714 1U.095.6U0 10.033.000 10.303..500 10.575.900 10.705.300 10,906.800 11,085.400 11.360.800 11.300,100 11.826.400 12.027.000 12.368,65;^ 12.611.632 13.125.685 13.501.206 13.904.722 14.2.3.5.388 14,532,083 14.856.414 15.298.625 15.952.883 16,019.591 16.416.3;il 16.424,087 16.487,400 16..504.629 16.137.586
Value.
S319.681,153 361.752,676 394.940.745 374.179,093 329.408.983 314.358.931 299.609,309 311.089.824 330.346.728 307.743.211 298.499.866 356.9.53,928 279,899,420 296,377,060 336,480,310 396.575,405 423.487,649 412.903.093 389.985.523 378.789,589 366.252.173 366.226,376 353.152,133 346.397.900 351.378.132 357.299.785 3,58.998.661 362.601.729 36^.955.545
Oxen and other cattle
Sheev).
Swine.
Total value
Jan. 1
of farm
Number.
Value.
Number.
Value.
Number.
Value.
animals.
1868....
11.942.484
8349.144.599
38,991.912
59^.407.809
24.317.258
$110,766,266
?1.277.111.822
1869....
12.185.3a5
306.311.473
37.724.279
82.139.979
23.316.476
146.188.7.55
1.527.704.029
1870....
15.388..500
346.936.440
40.a53.000
93.364.433
26.751.400
187.191 ..502
1.822.327.377
I8:i....
16.313.300
369.940.056
31.8.51.000
74.0:i5.837
29.457..500
183.603.353
1.810.142.711
1872....
16.389,800
331.563.693
31.679.300
88.771.197
31.796,300
138.733.838
l.ft59.21 1.933
1873 ..
16.413.800
339.298.7.55
33.002.400
97.922.350
32.632,050
133.739.615
1.684.431,693
1874...
16.218,100
310.649.803
33.928.200
88.690.569
30.860.900
134,565.526
1,619.944.472
1875....
16.313.400
304.&58.359
33.783.600
94.320.6,52
28.062.aK)
149.869.234
1.618.012.221
1876....
16.785.300
319.62 i.,509
35.935.300
93.(^6.318
2.5.726.8fO
175.070.484
1.647.719.138
1877....
17.956.100
:i07.105.386
a5.804.300
80.893.683
28.077.100
171.077.196
1.576.50(5.083
1878....
19.223.300
339..541.703
a5,74O..5O0
80.603.062
32.262.500
160.838.532
1..574.620.783
1879.. .
21.408,100
329.543,327
38.123.800
79.023.984
34.766.100
110.613.044
1.445.42:^.062
1890....
21.231.000
341.761.1.54
40.765.900
90.230.537
34.0:i4.100
145.781.515
1.576.917.5.56
1881 ....
20.937.703
362.861.509
43..576.899
104.070.759
36.247.603
170..535.4;:J5
1.721,795.253
1882....
23.280,238
46:^.069.499
45.016.224
106.594.954
44.122.200
263.,543.195
1.906.459.350
1883....
28.046.077
611..549.109
49.237.291
124.365.8*5
43.270.06
291.951.221
2.338.215.268
1884 ...
29.046.101
6S3.229.054
50.626.626
119.902.706
44.200.*-93
246.301.139
2,467.868.924
1885...
29.866.573
694.382.913
.50.360.243
107.960.630
45.142.657
226.401.683
2.456.428.380
1886....
31.275.242
661.9.56.274
48.323.:i31
92.44:^.867
46.092.04:}
196..569.894
2.365.1.59.863
1887...
33.511.7.50
663,137.926
44,7.59.314
89.872.839
44.612.836
300,04:i.291
2.400.586,938
1888....
34.378.363
611.7.50.520
43.544.755
89,279,936
44,346.5e5
2:.811.082
2.409.043.418
1889....
35.032.417
.597.236,812
42.599.079
90.640.369
.50.:i01.593
291.307.193
2..507.0.50,058
1890....
36,849.024
560.625.137
44.336.073
100.659,761
51.602.7.80
243.418.336
2,418.766.028
1891....
36.875.648
.544,137.908
43.431.136
108.397.447
50.625.10(1
210.193,923
2.339.787.770
1892....
37.6.51.339
570.749.155
44.938.365
116.121.290
52.39S.019
241.031,415
2.461.755.698
1893....
^5.9.54.196
547.882.304
47.273.553
125.909.264
46,094,807
295.426.492
2,483,.506.681
1894....
36.60-S.16S
.536.789,747
45,048.017
89.186,110
45,206.498
270,384.626
3.170,816.7.54
1895....
34,*)4,316
482.999.129
42,294,064
66.685.767
44.16.5,716
219,501.267
1.819,446,306
1896....
32.085,40.1
.508.928,416
38,29'*. 783
65.167.735
42.842.759
186.529,745
1,737.926.084
Mrtiiifrmffiiimifff-
smtm^/Sm^niii
.-.'.-.-i;^-ait--.aa;a'i>,\g-.jA3ti^:jj.-^i(^
tt5,831
1 9,951,912
$ 4,273,500
$
$ 3,709,9.51
$ 16,934,363
1861....
4,848,339
3,609,818
4,739,297
12,187,454
4,618,143
5,677,616
22,483,213
1863....
10,390,573
3,980,153
10,U04,.531
24,275,246
6,043,190
6,880,3: J6
37,198,672
1863....
18,658,280
4,3:J4,775
15,755,570
38,748,625
8,934,407
10,950,547
58,623,.579
1864....
13.323.327
5,838,030
11,260,728
29,412,085
9,338,378
936,384
11,793,554
51,379,801
1865....
10,536,608
6,850,808
9,134,858
26,522,274
8,334,6a5
142,683
19,036,199
54,015,841
1866....
6,369,796
4,788,484
5,970,651
17,028,931
5,2.55,038
65,083
7,304,679
29,653,730
1867.-...
3,291,176
3.597,690
6,634.556
13,523,423
4,474.968
147,968
9,077,903
27,224,060
1868....
5,476.998
3,267,6,53
9,437,831
18.172,481
5,236,238
76,710
7,593,169
31,078,598
1869....
7.483,060
3,433,928
7,443.948
18,348,936
4,793,987
181,140
7,003,718
30,326,781
1870....
6,123,113
3,3.53.137
5.933.397
15,309,647
5,7.54.639
313,757
9,614,263
30,993,305
1871...
8,126,6i-3
4,303.320
10,563,020
22,993,03:)
6,850,701
208.363
9,697,710
39,748,796
1873....
21.126,592
4,123,308
20,177,619
45,426,519
8,844,015
697 067
9,338,538
64,306,139
1873....
35,032,137
5,007,035
21,245,815
61,374,987
9,515.952
575,407
11,545,314
82,911,660
1874...
33,383,908
5,808,712
19,308,019
58,500,639
11,091,996
848,246
13,070,394
83,-511,275
1875....
28,612,613
5,671,495
23,900,522
57,184,630
9,890.169
735,113
15,290,164
83,100,165
1876. . . .
39,664,456
5,744,022
22,429,485
67,837,963
9,920,682
l,068,5a5
13,498,128
93,335.308
1877....
49.513,413
6.296.414
25,562,665
81,;^], 491
15,387,091
4,571,793
17,249,303
118,579,676
1878....
51,752.068
4,913,657
30.022.133
86.687,858
14,678,467
5,315,177
18,163,635
134,845,137
1879. ..
51,074,433
4,807,508
22,856,673 78,7.38,674
14,1.54,398
8.843.564
18,121,056
119,857,693
1880. . . .
50,987,623
5,930.252
27,920,367
84,838.343
18,012,197
10,654,342
18,983,430
1:33,488,301
1881....
61,161,205
8,272,285
35,236,575
104,660,065
19,336,673
10.047,360
22,775,743
156.809,840
1883 . . .
46,675,774
7,201,270
28,975,9('3
82.852,946
14,687,335
7,356,314
17,124,ia5
122,020,530
1883....
38,155,952
6,192,268
36,618,048
70,966,268
15,333462
9,311,993
13,605,690
109,217.119
1884 ...
39,684,845
4,762.715
35.305,953
69,753,513 ' 23,234506
5,758,377
15,617,492
114,353,788
1885....
37.083.948
5,203,943
33,595,319
64,883,110
33,429,788
5,710,319
14,309,339
107,332,456
1886....
31,640,211
5,133.411
20,361,786
.57.135,408
18,. 505,935
4,117,407
10,876,466
90,625,216
1887....
33,314.6',0
5,641,327
22,703,921
61,&59,918
15,517,883
5,768,194
9,837,302
92,783,296
1888....
33,175,633
4,373,114
22.751,105
59,399,853
18,440,694
4,403,141
10,916,018
' 93,058,705
1889....
34.651,847
4.735,077
27,329,173
66,716,097
23,860.341
3,837 080
10,719,026
104,122,444
1890....
47,a56.760
4,768,894
33,4,55.520
85,381,174
30.1.51,036
7,750,450
13,081,856
136.264,506
1891....
45,6,50.673
4,843,701
34,414,323
84,908.698
a5.088,315
9,156,678
9,863,780
139,017,471
1893....
47,093.650
4,833.395
33.201,631
85,116,566
;i4,436,169
10,450,531
10,358,893
140,362,159
1893. . ..
45.714,566
4,196,363
34,643.993
84,554.833
31.379.031
13,896,355
9.571,493
138,401,.59l
1894....
48,183,905
5,159,868
40,089,809
93,433,583
38,359,863
13,996,971
9,580,237
145,270,643
1895....
48,736.860
4.190,0;.0 36.821,503
89,757,438
27,478,651
9.765,443
6.6.32,8.-)7
1.3.3,6:34.379
The value of our articles of domestic manufactures exported during the fiscal year, amounted to $183,595,743, as against $168,927^315 during 1891. Our products of agriculture exported, amounted in value to $553,210,026 or 69.73 per cent, of the sum of our total exports. The value of our exports of raw cotton amounted to $204,900,990. as against $210,869,289 in 1894. The value of our exports of breadstuff^ during the year, amounted to
t-^i-^i^-ii^^
XXV
$114,604,780, as against $166,777,229 during 1894. Our exports of wheat aggregated 76,102,704 bushels and amounted in value to $43,805,663, as against 88,415,230 bushels and $59,407,041, respectively, in 1894. Our exports of wheat flour during the year aggregated 15,268,892 barrels and amounted in value to $51,651,928 as against 16,859,533 barrels and $69,271,770, respectively, in 1894. Of our volume of wheat exported during 1895, 54,373.341 bushels were shipped to the United Kingdom, 5,128,509 bushels to Belgium, 4,019,510 bushels to the Netherlands and 3,910,712 bushels to the Dominion of Canada. Of the number of barrels of flour exported, 8,825,277 barrels were shipped to the United Kingdom, 792,134 barrels to the Netherlands, 787,318 to Hong- kong and 775,425 to Brazil.
Of the total value of our exports for the fiscal year but 162,277,581 w-as exported in American vessels, while $695,357,830 was exported in foreign vessels. 11.7 per cent, of the total value of our foreign trade, including both imports and exports, w'as carried in American vessels; the value carried by foreign vessels being $1,285,896,192 and that carried in American vessels $170,507,196. 8.2 per cent, of the value of our exports and 15.5 per cent, of the value of our imports was carried in American vessels.
Consul Campbell, at Newcastle-on-Tyne, writes to the State Department that in connection with the discussion of the present small participation of the American flag in the carrying abroad of American products it may be of interest to note the experience of that consular district alone during the past year. At Newcastle and its agencies at Hartlepool, Sunderland and Carlisle, 437 consular bills of health were issued to foreign vessels bound to the United States, mostly in ballast and bound to ports all the way from Boston to Galveston in pursuit of American cargoes. Of these, 402 w^ere British, 35 were under various continental flags and, with the exception of eleven sailing vessels, all were steamers Averaging over 2,500 tons each. During the same period but a single American vessel, a sailing ship of 1,572 tons, arrived and departed in the Tyne consular district.
The exports of our manufactures during the past year have been the largest on record, and under commercial and financial conditions of an unfavorable character and in the face of a compe-
laaiswjyftf'^wjteafeiafcjielj^
XXVI
tition encouraged and sustained by special privileges and concessions.
As our exports of grain from the port of Newport News, Va. , are assuming a new importance not only with reference to the trade but have become of interest to transportation lines, I would state that for the fiscal year ended June 30, 1895, there was exported from that port 3,393,625 bushels of corn, valued at $1,751,781; 3,142 barrels of corn meal, valued at $7,945; 2,973,974 bushels of wheat, valued at $1,756,183, and 1,131,040 barrels of flour, valued at $3,732,696; and for the year ended December 31, 1895, 1,274,045 barrels of flour, 1,185,400 bushels of wheat, 4,866,335 bushels of corn, 104,982 bushels of oats and 49,535 bushels of barley.
The export trade of the United States will grow in value and importance as our exportation of manufactured articles, of superior quality, is increased. The exportation of raw material is not likely to materially increase the national wealth unless that material is peculiar to the exporting country, or unless it is a product whose supply is not equal to the demand. Most of the raw material exported from the United States is agricultural and is brought into competition with low priced and degraded labor, and is sold at a small profit. Manufactured goods, especially in a country whose citizenship is ambitious, whose educational privi- leges are superior, whose artisans and workmen are experienced and proficient, command a much higher relative price than does raw material, because not brought into competition with the products of an unintelligent and degraded labor, a labor without civilized requirements.
In view of many inquiries relating to the rates of customs duties leviable in trans-Atlantic coimtries on cereals and flour, it is deemed advisable to publish in the following tabular form the tariff rates that now obtain in European countries on these articles, both in the original measures and in their United States equivalents.
The conversion from foreign into United States measures has been made at the rate of 60 pounds per bushel of wheat, 56 pounds per bushel of rye and corn (maize); 48 pounds per bushel of barley, 32 pounds per bushel of oats, 196 pounds per barrel of wheat flour or corn meal.
V
. .^--:..^at;.-i
ji.; 'Oi.^'^ijl,. ,r ..'%atiHt\'.
.:kJ^iu^
'i^k^^k,
' '^ ij*X^*
xxvn TARIFF RATES IN EUROPEAN COUNTRIES.
Tariff Classification.
Foreign.
United States equiv- alents.
Unit.
Kate.
Unit.
Rate.
Umted Kingdom: Cereals of all kinds....
Flour and meal
Switzerland:
Wheat
100 kilos 100 " 100 " 100 " 100 " 100 " 100 " 100 " 100 "
100 " 100 " 100 " 100 " 100 " 100 " 100 "
100 "
100 kilos
100 " Prohibit ditions an ation is al
lOO kilos 100 " 100 " 100 " 100 " 100 "
100 okes 100 " 100 " 100 " 100 " 1.0 " 100 "
100 " 100 " 100 " 100 " 100 " 100 " 100 "
100 kilos 100 " 100 " 100 " 100 " 100 '
100 " 100 " 100 "
Pood.
it
100 kilos 100 " 100 " 100 " 100 " 100 100 -
Free.
Free.
Francs.
0.30
0.30
0.30
0.30
0.30
2.50
2.00
2.50
3.00
Liras.
7.00
1.15
4.00
1.15
1.15
11.60
2.80
Francs.
3.00
Free.
Francs.
4.00
2.00
ed, except
d restrictit
lowed the i
Milreis.
2.000
1.600
1.600
1.600
1.800
2.200
Drachmas 7.35 5.02 5.02 5.02 5.02 11.95 8.77
4.11 3.02 3.02 3.02 3 02 6.50 4.77 Francs. 7.00 3.00 3.00 300 3 00 5.00
11.00
13-50
16.00
Roubles.
Free.
.20
.20
Pesetas.
8.00
4.40
4.40
4.40
4.40
13.20
7.15
Free.
Free.
Bushel.
it u ft u
Barrel.
M
W
w
Bushel.
M
it
Barrel.
M
Bushel.
Barrel.
(t
Free. Free. Cents. 1 58
Kye
Oats
1.47
.84
Barley
1.26
Maize (corn) :
1.47
Wheat flour (general tariff)
42.9
Wheat flour (conventional tariff)
34.32
Maize meal (general tariff)
42.9
Maize meal (conventional tariff)
34.32
Italy:
Wheat
36.77
Kye
5.64
Oats
11.21
Barley
4.83
Maize (corn)
5.64
Wheat flour
197.32
Maize meal
48.04
Belgium:
Oats
8.40
Other cereals
Free.
Flour and meal
Ofoats
Of other cereals
68.63 34.32
Portugal: Wheat
under certain con-
jns. Wher ate is :
Bushel.
M
t
Barrel. Buphel.
Barrel. Bushel.
u it
Barrel. Bushel.
it It
Barrel.
u
it
Barrel. It
Bushel.
it u ti
Barrel.
3 import- Cents. 58.79 43.89
Oats
25.08
Barley
37.62
Maize (corn)
Maize meal
Wheat flour*
Greece: A. General duty- Wheat
Rye
49.38 211.24
30.16 19.23
Oats
10.99
Barley
16 48
Maize (corn)
Wheat flour
19.23 160.19
B. Conventional duty-
117.56
16.86
Rye
11.57
6.61
Barley
9.91
11.57
Wheat flour
87.13
Corn meal
France:
Wheat ...
63.94
36.77
Rve
14.71
Oats
8.40
Barley
12 61
Maize (corn)
14.71
Maize meal
85.79
Rate of e.vtraction
70 per cent, or over
60 to 70 per cent
60 per cent or less
188.75 231.64 274.54
Russia:
Cereals
Free.
Wheat flour
83.8
Maize meal
Spain:
Wheat
83.8 42.02
Kye
Oats
21.57 12.33
Barley
18.49
Maize (corn)
21.57
Wheat flour
226.49
Maize meal
122.68
Netherlands: All cereals
Free.
Flour and meal
Free.
Prohibited, except unaer certain conditions and restriction>
Lit3ii-etz-i?i*-J?i;&.v^s:i:.i?!6^'>-_.
;ir.?iT-^-^' .'--.
^^"^/'^^'\' 'T-r.--,.'
XXVIII TAEIFF KATES IN EUROPEAN COUNTRIES- Continued.
Foreign.
Tariff classification.
Unit.
Rate.
Denmark:
All cereals
Flour and meal Eoumania:
Cereals
Wheat flour ' 100 kilos
Maize meal 100 "
Germany:
A. General duty- Wheat* 100 "
Rye 100 "
Oats 100 "
Barley 100 "
Maize (corn) 100 "
Wheat flour 100 "
Maizemeal 100 "
B. Conventional duty- Wheat I 100 "
Rye t 100 "
Oats 100 "
Barley J 100 "
Maize (corn) 100 "
Wheat flour 100 "
Maizemeal 100 "
Austria-Hungary :
Wheat i 100 "
Rye I 100 "
Oats 100 "
Barley i 100 '
Maize (corn) i 100 "
Wheat flour 100 "
Maize meal 100 "
Servia:
Wheat i 100 "
Rye : 100 "
Oats 100 "
Barley I 100 '
Maize (corn) I 100 "
Wheat flour (general duty) ; 100 '
Wheat flour (conventional duty^ 100 "
Maize meal (general duty) KK) "
Maize meal (conventional duty) 100 "
Bulgaria:
A.-General duty- Wheat 100 "
Rye ! 100 "
Oats 100 "
Barley 100 "
Maize (corn) 100 "
Maizemeal 100 '
Wheat flour, bolted 100 "
Wheat flour, unbolted 100 "
B. Conventional duty
Cereals
Flour and meal
Sweden:
Wheat 100
100
kilos
Ry
100 100 100 100
100 100
Oats
Barley
Maize (corn)
Flour, meal and groats, all kinds
Norway:
Wheat
Rye
Oats
Barley 100
Maize (corn) . 100
Wheat flour 100
Maizemeal 100
Turkey:
Cereals and flour
kilos
Free. Free. Leis. Free .
13.00 5.00
Marks. 5.00 5.00 4.00 2.25 2.00 10.50 10.50
3.50 3.50 2.80 2.00 1.(50 7.30 7.30 Florins. l.rjO 1.50
.75 75
..W 3.75 3.75 Dinars. 3.00 2.00 1.00 1.00
.75 6.00 1.50 6.00 1.50
Levs.
.80
.80
.40
.40
.80
2.40
6.40
2.40
Si percent ad valor'm
u
Kroner.
3 70
3.70
3.70
3.70
3.70
6.50
Kroner.
.22
.22
Free.
.23
.22
\ l!25
.50
8 per cent ! ad valo- I rem .
United States equiv- alents.
Unit.
Rate.
Free.
Free.
Free.
Cents. Barrel. 205.9
J 85.79
Bushel.
a
u
(I
Barrel .
u
Bushel.
u u ti u
Barrel.
w
Busliel.
a
u
Barrel.
u
Bushel.
n
Barrel.
it
u
Bushel. Barrel.
a u
Bushel.
tt *s
Barrel. Bushel.
Bushel.
u
Barrel.
32.39 30.23
13.82
11.66
12.09
223 17
*23;i7
22,67
21.16
9.67
10.:^
9.67
1.54.46
1.54,46
16.57
15.47
6.63
4.42
5.16
i:.36
135.36
10.51
9.81
2.80
4.30
3.68
102.95
25.74
102.95
25.74
4.20 3 92 1.12 1.68 3.92
41.18 109.83
41.18
8i percent ad valor'm
26.99
25.19
14. :
I 21.59
! 25.19
154.87
1.6 1.5
Free . ; 1.28
1.5
29.78 11.91
8 per cent ad valo- rem .
...,i,'J^'j,'ifc(rj*;,'..Tj
*^'S^fe'iM3iit'frfyiii(ii(>"fiRI
iiitt
mis^
XXIX
IMMIGRATION.
The number of immigrants arrived during the year was 279,948, of which 31,948 came from England, 47,972 from Ireland, 36,961 from Italy, 36,351 from Germany, 33,462 from Austria-Hungary, 32,053 from Russia, 15,683 from Sweden, 5,888 from Scotland. In the official immigration statistics published after July 1, 1895, arrivals from British North America and Mexico are not included. Upon page 151 of this volume may be found a statement of the number of alien passengers arrived in the United States from 1820 to 1895, inclusive.
The subject of imuiigration is properly receiving the thoughtful attention of congress; and the country is beginning to realize that many of the disturbances, especially in our large cities, which have threatened the public peace and endangered human life, have been caused by a class who never should have been admitted to the privileges of American citizenship a debased and constitutionally riotous class, with crude and barbarous conceptions of liberty under a republican form of government a lawless, improyident and indolent class, impatient of all restrictions and breeders of discontent and mischief. The public attention has also been directed to the special importance of not admitting to our shores the contagiously diseased, the imbecile, the insane and the pauper. Contract laborers also should be excluded, for not only must the physical and moral quality of citizenship be maintained but the requirements of civilized labor must not be in any manner curtailed.
No one who can not and will not contribute, in some measure, to the public welfare should be landed here. Our immigration laws should not be of such a character as to increase the number of the non-productive or of those who would deteriorate the quality of citizenship, tend to subvert the national security, or to impair the body politic. This Board has deemed this subject of sufficient importance to introduce a resolution at the annual meeting of the National Board of Trade urging upon congress such legislation as will exclude all undesirable persons from participation in the unequaled advantages of American citizenship.
During the year ended June 30, 1895, there were debarred from entering the United States, 3 idiots, 5 insane persons, 1,701 paupers, 3 convicts, 682 contract laborers, comprising 2,282 males and 112 females.
The receipts of grain, and of flour in its grain equivalent,
'mlhii^Ail&':^^^^-^i^''i''-:-Z.:^-^.\z^i-Z^^^^ ^-r:.
XXX
during the year 1895 aggregated 189,432,819 bushels, against 187,553,469 bushels in 1894, 246,972,966 bushels in 1893, and 255,832,556 bushels in 1892; the shipments during the year aggre- gated 171,464,137 bushels, against 148,638,822 bushels in 1894, 198,791,216 bushels in 1893, and 216,182,008 bushels in 1892.
The receipts of wheat daring the year aggregated 20,637,642 bushels, against 25,665,902 bushels in 1894, 35,355,101 bushels in 1893 and 50,234,556 bushels in 1892; the shipments during the year aggregated 22,775,780 bushels, against 18,213,443 in 1894, 24,715,738 bushels in 1893 and 43,838,795 bushels in 1892. Of the quantity *shipped during the year 1895, 13,258,440 bushels went by the lakes. A significant feature of the wheat shipments during the past year was that 1,112,000 bushels were shipped via the Chicago & Alton Railroad, showing that an unusual demand existed throughout the year from winter wheat milling regions and emphasizing the fact that reserves of wintet- wheat in farmers' hands were and are excedingly small. Our yield of winter wheat during 1895 was 261,242,134 bushels, against 329,290,230 bushels in 1894. The crop of spring wheat during the year aggregated 205,860,873 bushels, which was by far the largest crop in eleven years, excepting that raised in 1891.
On page 200 may be seen a statement of spring and winter wheat crops for a seriefe of years, as estimated by the United States Agricultural Department. The .diversification of farming industries, the increase of manufacturing and of mechanical employments, incident to regions where the density of population has increased, account in part for the reduction in the volume of the crop of winter wheat. The acreage sown to winter wheat in 1895 was about 1,000,000 acres less than that in 1894. The diversification of crops is much less in those regions which have but recently been occupied than in the comparatively older farming communities. As the farmer becomes prosperous, his wants increase and his ability to supply those wants gives rise to an increase in the variety of employments and a larger division of labor. Large belts of our winter wheat regions are becoming and have become so prosperous that they are not so much shut up to wheat-raising as formerly; and when wheat-growing does not yield a reasonable profit, attention and eflfort are turned in other
* Note. Commercial usajfe has applied this word to the outward movement of grain, both by water and by rail.
'J-^'W'--1 f'^i'-'''i',v''-^--.-v.f "; :' V -I -^"'I'l' /"'iii^ii''ffV;;^i^l-tf'^^;-f-ViT \: n^;-'-' -^'i- N^^ i --,>' ;lr^ll^l^i^J".r^^^^^i^^W^flt n^TlitiriT-itT.Vfi'iri: mi fi^-^
XXXI
directions: a wider market is now at hand, and new enterprises call for new efforts and a grq^ater division of labor.
The receipt of corn during the year aggregated 59,527,718 bushels, against 64,951,815 bushels in 1894, 91,255,154 bushels in 1893, and 78,510,385 bushels in 1892. The largest quantity brought in by any railroad was by the Chicago, Rock Island & Pacific Railway, and was 18,380,150 bushels. The Chicago, Burlington & Quincy and the Chicago & Alton each delivered in Chicago about 9,000,000 bushels.
The sections of the country into which these great traffic systems run, 'substantially define the location of the great corn belt in which is included the great states of Iowa, Illinois, Missouri, Kansas and Nebraska. Our receipts from these states during the coming year are likely to be enormous, as last year their combined corn production aggregated about 1,122 million bushels, or more than one-half the entire crop of the United States. Our corn receipts were many times greater than those of any other market. Peoria is the next largest corn market, having received last year 15,596,695 bushels. St. Louis received 8,779,290 bushels and Toledo 6,645,204 bushels. Our stock in store at the close of the year, was 911,612 bushels, as against 2,383,912 bushels the year previous. Detailed statement by months and by routes may be seen on page 10 of my report.
The shipments during the year aggregated 59,964,265 bushels, against 54,528,482 bushels in 1894, 78,919,781 bushels in 1893 and 66,104,220 bushels in 1892.
The receipts of oats during the year aggregated 79,890,792 bushels, against 63,144,885 bushels in 1894, 84,289,886 bushels in 1893 and 79,827,985 bushels in 1892; the shipments during the year aggregated 66,839,596 bushels, against 50,376,089 bushels in 1894, 67,129,119 bushels in 1893 and 67,332,322 bushels in 1892. On pages 20 and 21 may be seen statements showing receipts and shipments for a long series of years.
The number of cars of grain inspected during the year amounted to 222,960, against 204,408 in 1894; the quantity of grain inspected, received by lake and canal, was 4,294,138 bushels, against 2,270,931 bushels iii 1894; the largest number of cars of grain inspected in any month was 33,942, inspected in October and consisted chiefly of corn.
The week of the largest receipts of flour and grain was that
-"i. vi^ .!.->T-.W.ifta?fMlMt ti I'V- i iriWTrilaii .
- %"-' fp^'y"*i^''^:fiz^^'^^9;r'*^'^!^^^'^^3H
XXXIV
a capacity for 50,000 cattle, 200,000 hogs, 30,000 sheep and 5,000 horses.
During the year Chicago received 109,351,714 pounds of dressed beef, and shipped 910,339,175 pounds, as against 136,476,- 783 pounds and 1,080,053,993 pounds, respectively, during the year 1894.
The population of Chicago is about 1,800,000; its bonded debt, $17,188,950; its valuation of personal property, $50,977,983; its assessed real estatie valuation, $192,498,842; the amount of its sinking fund, $1,090,672.21. During the year 1895, 8,633 buildings were erected, vahied at 1^35,010,043.
The number of vessels arrived during the year at the port of Chicago was 9,212, representing a tonnage of 6,329,702 tons, and the number cleared, 9,363, representing 4i tonnage of 6,392,497 tons. Upon pages 133 to 137, inclusive, of this report may be seen statistics upon this subject in a variety of forms with respect to the principal ports of entry of this and of other countries.
WHEAT.
The wheat market during the year was of so irregular, excep- tional and eccentric u character as renders it quite impossible to present any accurately comparative statement of prices. The lowest price during the year, obtained in the month of January, when the range was from 48| to 55 cents for the regular contract quality. The market during the early months of the year was uneventful. In the month of April was realized, that supplies both foreign and domestic had become materially reduced, which im- parted confidence to the market.
Soon thereafter there were serious apprehensions of damage ta winter wheat caused by dry weather. Under such circumstances, a report that the weather in France was exceedingly unfavorable imparled to the market a very decided strength, and to "shorts," a nervousness which found expression in many and heavy purchas- ing orders. This was soon followed by numerous orders to buy from the country. The market responded to these unaccustomed intluences and prices rallied from 53f to 63^ cents per bushel duiing the month. During the month of April sales were made for May delivery at 64| cents per Ijushel.
The reports of damage to wunter wheat were confirmed and an anxiety on the part of millers in the winter wheat region became
XXXV
very forcibly apparent in the general market; this gave an impetus to the country buying and the market was intensely active. Commission houses were actually overrun with orders and many firms were obliged to organize a night force to take care of their business. Under these conditions the market was extremely sen- sitive to bull news, and reports of damage from whatever cause were credibly received. The month of May was wild with excite- ment and with hardly a reaction Prices during that month steadily and rapidly advanced to 81|^ cents for cash No. 2, and some buying was done at 82 cents to close up short sales. As was natural, the market daring the month of June was a reac- tionary one.
It was inevitable that such intense excitement as prevailed in the month of May should in some degree subside, but prices were steadily maintained until about the middle of the month, from which time they declined uniformly, though not violently, through- out the remainder of the month. Upon the 29th of June sales were made at from 69^ to 70|^ cents. July brought no reviving influences to the market, for while the damage to winter wheat was serious the crop of spring wheat was enormous. The market during July was devoid of animation, and without any sustaining elements prices declined until sales were made at 61^ cents; from this point prices improved steadily and reached 71^ cents on the 29th; from this date prices sagged off to 69 cents on the 31st.
During the month of August prices fluctuated between 59 and 67f cents. The trade during the entire month was dull and abso- lutely without any new developments. September sales were made at still lower prices, touching 55|- cents on the 12th. Towards the close a slight reaction set in, and on the 30th sales were effected at 62^ cents per bushel. The business during October was sd inactive that the range of prices was almost unprecedentedly narrow. Dur- ing the month prices ranged from 5S^ to 6 If, and with the excep- tion of the first three days of that month the range of prices was only from 58f to 59f cents.
The market in November was a declininof one and without anv accession of the buying interest.
Sales were made as low as 55f cents and as high as 5SJ cents. The demand during December, largely from winter wheat regions, gave some animation to the cash market, and a fair business was transacted at from 54 to 59| cents per bushel. The main features
iifefi;^:AJ3ittfii^i'''-as^faa^^fe^
;:_. '.-".-'.^v y^f^.^'7-u^-:
XXXVIil
aggregated 59,527,718 bushels, a.^ against 64,951,815 bushels in 1894, and 91,255,154 bushels in 1893.
Shipments during the year aggregated 59,964,265 bushels, as against 54,528,482 bushels in 1894, and 78,919,781 bushels in 1893. The visiible supply of corn in the United States and Canada on January 5th, 1895, was 10,672,000 bushels, and on December 28th following 5,817,000 bushels, as against 9,526,000 bushels and 9,630,000 bushels, respectively, in 1894.
The following table shows the extreme prices in each year for thirty-ono years, indicating the month in which such prices were obtained :
Year.
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873
1874.
1875
1376.
1877
1S78.
1879.
1S80
1881.
1882.
1883
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895 .
Months the lowest prices were reached.
December
February
March
December
January
December
December
October
June
January
December
February
Marcli
December
January
April
February
December
October
December
January
October
February
December
December
February
December
January
December
February
December
Range for the entire year.
38 @ 333^@1 56M@1 52 @1
44 @
45 @ 39^@
29M@ 27 @ 49 @,
38%@ 31 %(^ 29r8@
35% @
79M
46 @
34>4@
33^8 33 @
33 K
29M(c^
27)4 3914 @ 371^01
24>8()
88 00 12 021^
9VA 94^ 56 Ji 48% 54):| 86
76K 49 " 58 435.^ 49
^3H
76%
8\H
70
87
49
45
51 J^
60
60
54M
80
00
44Jg
59 >4
.54^-
Months the hijjhest prices were reached.
January and February.
November.
October.
August.
August.
May.
March and May.
May.
December
September.
May aid July.
May.
April.
March.
October.
November.
October.
July.
Janviary.
September.
April and May.
July.
December.
May.
November.
November.
November.
May.
May.
August.
Mav.
OATS.
The market for oats was without any special feature during the first half of the year. Abundant stocks and large holdings pre- vented enterprise in the market and the movement was simply one of daily demand and supply. Prices indeed were low, but there was
f^^W^^--^-^'
:'--' XXXIX
a constant liability that two or three million bushels might be thrown upon the market at once, and consequently no intelligent forecast of the future market could be made. Under these circumstances speculation to any considerable extent was impossible. In the month of May large shipments went out by lake at presumably low rates of freight. This relieved the situation and materially changed the general conditions. At this time many who had realized substantial profits in wheat turned their attention to oats. Unfavorable crop prospects in Indiana, Ohio and Illinois stimulated general buying and brought about an advance of about 3 cents per bushel. Soon, however, the great State of Iowa announced a crop of about 183,000,000 bushels, and the total crop of the country promised to be about 825,000,000 bushels, by far the largest crop recorded. This very abundant prospective supply did not drive buyers from the market. The enterprise of the trade soon found expression in obtaining such rates of freight as made liberal ship- ments by lake to Buffalo possible, and heavy lines were moved at from f of a cent to 1 cent a bushel.
The quantity in store at the beginning of the year was 1,350,265 bushels, as against 648,335 bushels upon the corresponding date in 1894. The quantity in store at the close of the year was 544.268 bushels, as against 1,676 006 bushels upon the corresponding date in 1894. The quantity of oats received during the year aggregated 79,890,792 bushels, and the quantity shipped 66,839,596 bushels, as against 63,144,885 bushels and 50,376,089 bushels, respect- ively, during 1894.
The market during the latter part of the year admitted of some export business, notably from the port of Newport News. Our receipts during the month of October reached nearly 14,000,000 bushels. Of the quantity received during the year 21,084, luO bushels came in over the Chicago & Northwestern Railway. On page 13 may be seen a statement of the range of prices for No. 2 oats, by months, from 1879 to 1895, inclusive.
Prices during the month of January varied but a trifle; indeed the market was almost nominal; the lowest price was 27^^ and the highest 28f cents per bushel. February market was without material change either in prices or conditions. The March market was very much the same as that of February, showing at its close a slight improvement. In April this improvement was not sus- tained, but in May there came a substantial rally and No. 2 cash
ii!i^^t^s^^Siim^iUiiiiia;^ii,^!,iii,i^^
^4r ,^^)'''-i^-i-' i^^st^T^.^'W^w^sTi^^-s '\^^'*\^'*
XL
sold at 301 cents per bushel. This advance held until about the middle of June when weakness set in and prices receded, sales at the close being made at 25 cents per bushel.
In July a very decided apathy settled upon the market and speculation withdrew, leaving the bear influence to hold undisputed sway. The price of No. 2 at the close of the month ranged from 22f to 23 cents per bushel. In August this depression deepened and prices declined to 1S|^ cents per bushel. Both buyers and holders became discouraged.
In September the market recovered from its stagnation and a very fair trade came to cheer the hearts of holders. Prices during this month ran along very evenly from about 19 cents to 19^ cents per liu!?hel, but in October the strength of the market van- ished and prices limped along from 17^ to 18 cents per bushel. The market stiffened at the close of the month and 18f cents was realized. A few cheering influences came into the mar- ket with the month of November, but these were dispelled about the middle of the month and 17^ cents was enough to buy 32 pounds of No. 2 oats on the 30th. The December market was the sickest market in the whole sick year, and 16f cents bought a bushel of No. 2 oats near the close of the month.
. :'^^.
XLI
The following is the statement of the extreme prices each year for thirty-one years, indicating the month in which such prices were realized:
Year.
1865.
1866.
1867.
1868.
1869.
1870
1871.
1872.
1873.
1874
1875.
1876
1877.
1878.
1879.
1880
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
Months the lowest prices were readied.
December ,
February .
August
October
October
September
August
October and Novemb'i
April
August
December
July
August
October
Janutiry
August
February
September
September
December
September
October
March and April
September ..
October
February
October
January
July
January ....
December
Ran?e for the entire year.
25 @66
38^0^90 41ii(a74 35^^(a'7I
Ti (a)d 1 H
37^^71
293^(q)64K
27 (a35
22 @4.5^ 18 (a)72i^ 19^(*36^ 223^(^35
30^(g'62
25 (a)43K
23 @34i|
22^8Ca)35
23i^C^3l3^
231^(0)38
17M(^26M 19H@4o
26 (diyQli
28 (dM%
26 (doO
Montlis the highest prices were reached.
January
November.
June.
May.
July.
May.
March and April.
June.
December.
July.
May.
September.
Mav.
July.
December.
January and May.
October.
July.
March.
April.
April.
January.
December.
May.
February.
November.
April.
August.
May.
June.
June.
RYE.
The opening prices of rye were from 48 to 50 cents per bushel. Tlie stock in store on the 5th of January was 148,232 bushels, as against 238,017 bushels one year ago. Prices gradually improved under the influence of a uniform demand and a steadily diminishing supply, until 70 cents per bushel was reached in the month of June, while the stock in store ran down to 27,000 bushels. Re- ports of damage to Russian and German crops imparted a nervousness to the market and sent September rye to 73^ cents per bushel. Prices, however, soon weakened and we had a steadily declining market throughout the remainder of the year,, closing on December 31st at 32|^ cents per bushel. Buying- on the part of millers and distillers was moderate and not influenced by unfa-
-V^75'^Pv^^
593^
46
39
37
37
3531
32
49
Februar}^
jSIarch
April
May
June
51.5
53
60.3
64.8
64.8
July
52
August
42
September
October
November
38.5
39
36.3
December
33.9
Year
1894
1893
1892
46 40 40
463^
48.8
46.56
44.77
68
BARLEY.
The market for barley was, throughout the year, under depress- ing influences. The proportion of thin and inferior grades was such as to affect materially the sales of good and superior samples. The low prices which prevailed for oats, prevented favorable sales of ^ the thin and undesirable lots of barley not good enough for malt- ing purposes, and the market was quite at the mercy of the buyer. The most desirable samples came from Minnesota, though a very good quality was raised in Wisconsin. That which was shipped from Iowa was varied in quality and much of it was light in weight and very ordinary. Receipts during the year aggregated 14,194,- 881 bushels and shipments 9,322,244 bushels, as against 13,418,391 bushels and 7,707,218 bushels, respectively, in 1894. The vol- ume of exports for the fiscal year ended June 30, 1895, aggregated 1,563,754 bushels, valued at $767,228, as against 5,219,405 in
^Mi^i^f:!.-'.^
- --Tn-Ti'iSr ^l^lWf^i^-1r''l;n^^iiln^^A'h1l^^
1894 and 3,035,267 bushels in 1893, The quantity exported during the calendar year aggregated 3,540,921 bushels, valued at $1,485,038.
Prices at the beginning of the year were from 55 to 56 cents per bushel for No. 2, which were fairly maintained until about the middle of March, from which time they gradually declined until the new crop began to arrive freely, when buyers controlleil the market and prices dropped down to 44 cents and subsequent]}' to 38 cents, closing on the 27th of December with sales of the con- tract grade at 38 cents per bushel.
SEEDS.
The market for timothy seed was quite variable. The supply of seed during the early months of the year was limited, owing to the small crop of 1894; and the high prices which prevailed, curtailed trading so that dealers were disappointed in the spring demand. In April the market became animated and quite a speculative feel- ing was apparent, which advanced prices to $6.00 per cental for tim- othy seed of prime quality. This was the highest price of the year, and was brought about bj"^ anxiety, caused by dry weather, and by fears that the new crop would be deficient in volume and of inferior quality. This advance proved too great for the good of the trade, as it caused buyers to hold off to a large extent and made quota- tions in some degree nominal. Besides, it induced farmers to market their entire supply of seed and to exercise great care that none of the crop should be wasted; hence the supply soon became excessive and prices receded. The production turned out much larger than was expected, though the quality was inferior, much of it being discolored by copious rains during harvest time. The receipts of timothy seed during the year iaggrega ted 51,608,519 pounds, as against 34,487,440 pounds in 1894; the shipments aggre- gated 50,853,572 pounds, as against 43,243,193 pounds in 1894, The receipts of clover seed during the year aggregated 5,688,860 pounds, as against 8,945,217 pounds in 1894", ^the shipments aggre- gated 7,460,214 pounds, as against 13,922,328 pounds in 1894. The total receipts of grass seeds aggregated 63,868,526 pounds, as against 47,524,961 pounds during 1894; the shipments aggregated 65,567,528 pounds, as against 66,207,092 pounds durins; 1894, 72,139,009 pounds during 1893, and 60,670,735 pounds during 1892. At the close of the year prices ranged from $3.15 to ^3.60 per bushel, covering common to prime. Some poor samples sold at
JfiiiiBfe^fa-'rii i ii-Mf ri. '*^-^^'^-'>-''"'''^'^-^'^-'=i#Mia^
''yi-y-''':^"-' "'-i^silsf-l^-r i^^^^
XLIV
$1.50 per cental. From the fact that there is but a comparatively small supply in the hands of dealers, a good spring trade is expected. There was but a limited business transacted in hungarian and millet seed. There was an increased acreage devoted to the growth of these varieties in view of the anticipated short crop of timothy seed. At the time when the market was unusually high for timothy seed, old hungarian sold at $2.75 per bushel; the new seed, however, commanded only from 70 to 85 cents, and millet broke from a range of $1.00 to $3.50 to one from 60 to 70 cents per bushel.
The exports of timothy seed for the fiscal year ended June 30th, 1895, aggregated 4,939,237 pounds, valued at $277,160; of this quantity 2,011,953 pounds were shipped to the United King- dom, 1,101,820 pounds to Germany, and 1,549,428 pounds to the Dominion of Canada.
FLAXSEED.
The receipts of flaxseed during the year aggregated 8,525,237 bushels, and shipments 4,726,818 bushels, as against 5,102,668 bushels and 2,353,757 bushels, respectively, during 1894. The principal features of this trade during the year were a largely increased acreage, an increased supply in central markets and importations from Russia, India and Argentine. Fears of a diminished yield, created by a severe drought, account for prices during the months of May and June, ranging from $1.44 to $1.52^ per bushel. The northwestern crop was a very liberal one. Daily prices for cash and for future delivery may be seen on pages 84, 85 and 86 of this volume. During the fiscal year we imported 4,166,122 bushels, valued at $4,554,484.
The market for clover seed was witho\it special animation and prices averaged lower than in 1894. The quality of our crop was inferior to that of the foreign crop and the quantity exported was very small. But a small proportion of our crop was good enough to inspect "prime," and the trade throughout the year was dull.
HAY.
The business in hay was satisfactory in all respects The quality of the hay was unusually good and the demand was uniform throughout the year. Through the intelligent and con- certed efforts of our merchants and of the National Hay Associa- tion, shippers and farmers have realized the great importance and
i^aJki r ^^-'?3SLJ'it>
f" T-k''^-'^ if-nrVih^'- 1
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XLIX
During the first part of the year our receipts included a large proportion of light-weight hogs, which was the result of high prices for corn and low prices for hogs. During the months of February and March, the prices of corn, in view of flattering crop prospects, became cheaper, while the prices of hogs improved. These conditions induced many feeders to withhold their ship- ments from the market. Many of them, however, pursued this policy for too long a time, and were obliged to accept lower prices. The receipts of hogs in this market for the year show a gratifying increase over such receipts during the year 1894. While Chicago's receipts of hogs materially increased, those of Kansas City, St. Louis and Omaha decreased. The prevalence of hog cholera car- ried away a multitude of pigs and caused the marketing of a large number of young hogs. High prices of corn at the beginning of the year, followed by low prices of hogs and an excessive corn crop, contributed to render the market a generally unprofitable one to country dealers and shippers.
Through the kindness of Mr. J. C. Denison, the Secretary of the Stock Yards, the following table, showing receipts of live stock for each year from 1880 to 1895, inclusive, is submitted:
Year,
Cattle and
Calves. Number.
Hogs.
Sheep.
1
Horses.
Aggregate
Number.
Number.
Number.
value.
1880
1,382,477
7,059,355
335,810
10,398
$148,057,626
1881
1,547,498
6,474,844
493,624
12,909
183,003,^ai)
1882
1,607,495
5,817,504
620,887
13,856
196,670,221
1863
1,909,167
5,640,625
749,917
15,255
201,252,772
1884
1,870,050
5,351,967
801,630
18,602
187,387.680
1885
1,964,018
6.937,535
1 .003,598
19,356
173,598,002
1886
2,015,100
6,718,761
1.008,790
27,599
166,741,754
1887
2,447,867
5,470,852
1,360,862
46,404
176,644,597
1888
2,707,629
4,921,712
1,515,014
55,333
182,202,789
1889
3,146,249
5,998,526
1,832.469
79,926
203,321,924
1890
3,659,305
7,663.828
2,182,667
101,566
231.344,879
1891
3,455,742
8,600,805
2,153,537
94,396
239,434,777
1892
3,769,372
7,714,435
2,145,079
86,998
253,836,502
1893
3,343,963
6,057,278
3,031,174
82,492
249,542,375
1894
3.135,312
7,483,228
3,099,725
97,415
228,153,029
1895
2,757,298
7,885,283
3.406,739
113.193
200,584.380
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The estimated number of hogs on farms and ranches in the United States on January 1st, 1896, was 42,842,759, valued at $186,529,745, and the average price $4.35. In the state of Iowa, there were 4,854,507; in Missouri, 3,169,411; in Texas, 3,035,119; in Ohio, 2,450,626, and in Illinois, 2,392,980. Upon page 203 may be seen a statement of the number of hogs in the country, by states and territories; also the number of sheep, milch cows, and oxen and other cattle. The number of hogs exported during the 3'ear ended December 31st, 1895, was 11,352, of which 8,105 were exported to Mexico. The number exported during the fiscal year ended June 30th, 1895, was 7,130, valued at $72,424. Of this number exported, 4,388 were shipped to Mexico and 1,736 to the Hawaiian Islands.
The United States annually consumes 4,800,000 tons of meat. Great Britain 1,800,000 tons, Germany 1,500,000 tons,and France 1,300,000 tons. The consumption of meat in the United States is estimated at 150 pounds per capita. Great Britain 118, France 71, Germany 64, Russia, 51, and Italy 26. The annual consump- tion of meat in all European countries averages 61 pounds per capita.
The trade in mess pork was not altogether favorable to packers, especially as compared with trade in this commodity during previous years. The increase in the number of hogs raised in the southern states, also the increase in the number of packing houses in those states, account in a large measure for the unfavor- able character of the provision trade in Chicago and the west. Receipts of hogs were much larger than anticipated. Under these circumstances there was little or no inducement for specula- tion and the market was under the exclusive control of the packing interests, and was devoid of that animation which specula- tion imparts. It may be remarked, however, in this con- nection, that animation in a market is primarily caused by condi- tions, and that speculation is the active commercial expression, in the form of buying and selling, of the effect of such conditions upon prospective values, according to the views of operators.
Probably there was less speculation in this market during the past year than ever before in the history of the trade. It was diffi- cult for our packers to so manage their business as to obtain a fair return for their investments in their extensive packing establish-
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ments. In the early part of the year a fair profit was realized, but durins: its closing: months the business was in some instances prosecuted at a loss.
The aggregate number of hogs slaughtered during the year was about 5,730,000. A fair amount of prime mess pork was made to meet an export demand, but a comparatively small amount was kept in stock. Other cuts of pork were made quite freely, such as "Clear," "Back and Short Cut," to supply domestic markets. The price of mess pork opened at from $11.30 to $11.40 per barrel. From this time, with slight variations, prices declined to $9.65 on the last day of January; the highest price obtained in February was $10.50 per barrel and the lowest $9.42^. March brought an improvement, the market responding in a general way to an advance in other articles of food; this improvement continued until $12.87^ per barrel was reached in the month of May. No very marked change in prices occurred until July, when sales were made at $12.00 per barrel on the 6th of that month. From that date the market ruled decidedly weak and was dull at $11.00 on the 13th. After vacillating around that price during the remainder of the month, prices struck $9.90 on the 1st of August. Even then the decline was not arrested and on the Yth sales were made at $9.30 per barrel. At this decline there was no revival of a demand, and prices again settled. Sales were made during the last days of August at $9.00 per barrel. The trade in September was most indifferent, and to a large extent quotations were nominal, ranging at from $8.00 to $9.00 per barrel. During October prices ranged from $8.00 to $8.50 per barrel. The November market held about the same until the last of the month, when $7.75 per barrel was all that could be obtained.
The December market was a dull one, though on the 28th sales were made at $8.75 per barrel. On the last day of the year sales were made at ^7.81^, as against $11.45 on the corresponding day of 1894. The average price of mess pork for the year was $10.23^ per barrel, as against $12.58J in 1894 and $17.18 in 1893.
Lard was in good demand throughout the year at from $5.15 to $7.17J per 100 pounds, as against $6.62f to $8.52| in 1894. The highest price obtained in March and the lowest in December. Leaf lard was in fair request by oleo -margarine manufacturers. Detailed statements of prices for the year 1895 and for previous years ma}'
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LIT
be found on pages io and 48 of this volume, and daily prices for cash and for future delivery on pages from 60 to 83, inclusive. The United States exports of lard for the fiscal year, aggregated 474,895,274 pounds, valued at $36,821,508; and of pork, including fresh and pickled, 59,085,474 pounds, valued at $4,199,060.
TRANSPORTATION.
From the advance report of the Interstate Commerce Commis- sion and from other sources it is ascertained that the average charge for sending a ton of freight one mile on thirteen of the most proriiinent railroads in the United States during 1865, was 3.08 cents; in 1870, 1.80 cents; 1875, 1.36 cents; in 1880, 1.01 cents; in 1885, 0.83 cents; in 1890, 0.77 cents; in 1893, 0.76 cents. Thus it appears that 0.76 cents bought as much transportation in 1893 as 3.08 cents bought in 1865. In the year 1895, these railroads carried one-third of the traffic of the country.
The total amount of railroad capital in this country on June 30th, 1894, was $11,124,930,551, or $62,458 per mile of line. The net earnings for the last fiscal year amounted to $322,539,276; the amount received from freight was $700,477,409, and from passengers $276,031,571; dividends paid amounted to $85,278, 669. The number of passengers carried was 583,248,007, equiva- lent to carrying 13,600,531,635 passengers one mile. The average receipts per passenger per mile was 2.03 cents. Of the 1,400,000,000 tons carried 100 miles in 1894 on the railways of the world, 800,000,000 tons were carried on the railways of the United States. Add to the 600,000,000 tons carried 100 miles on the railways of the world outside of the United States, 140,000,000 tons carried on the ocean in the commerce of the world, we have in the 800,000,000 tons carried on the railways of the United States, 60,000,000 tons more than on all the railways of the world outside of the United States and in all the ocean commerce of the world put together. This traffic is carried by the American rail- ways at an average of eight mills per ton per mile, while the railways of Great Britain charge two cents and eight mills, France, two cents and two mills, Germany, two cents and six mills, Italy, two cents and five mills and Russia, two cents and four mills.
The Supreme Court of the United States has rendered an important decision relating to the Interstate Commerce Law, viz: the decision in the case of Theodore F. Brown. Brown was
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LXI
millions of pe