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THE UNIVERSITY

OF ILLINOIS

LIBRARY

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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.

:P

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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

;? ^'S. - -,-

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

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- %"-' 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

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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

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''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

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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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LI

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