s of new schemes and the pioneers in
industry. Among the additional factors which will stimulate trade and
business during 1890 are the following: The construction of fifty per
cent more railway mileage than was built last year; a very great
increase in lake tonnage; a large increase in inland water-way tonnage;
a very great increase in rolling-stock; a greater increase in locomotive
capacity than has been made during any one year in our history; greater
activity in house-building, and greater activity in the building of
shops and factories. Several other interesting features also deserve
mention, among them the very strong probability of the establishment of
a larger number of banks daring 1890 than were established during 1889
or any previous year; the more rapid expansion of the building and loan
association system, particularly in the newer States; the increase in
the output of the gold and silver mines of the West and Southwest; the
opening-up of valuable coal-beds in many localities, which will tend to
the establishment of little industries; a great increase in the area of
land devoted to agriculture. Speaking generally, the agricultural
interests will be stimulated. Speaking prophetically, it is very
probable that prices will continue to advance, but by infinitesimal
degrees. Speaking conservatively and in the light of recent experience,
it is safe to assume and assert that production will be evenly gauged to
consumptive requirements. Those who have kept a close eye upon the
operations of manufacturers in all the leading channels recognize one
very gratifying feature, and that is, that they are protecting
themselves against unwarranted and unexpected advances in the cost of
their raw material by making purchases for future requirements, ranging
from three to six months. Users of cotton and wool are largely doing
this; so are users of iron ore and iron and steel, as well as users of
lumber, stone, cement and building material generally. This general
policy of providing for legitimate future requirements is one of those
instincts which safely guide the commercial world out of danger into
safety. One fruitful source of panics in former periods of activity was
the failure of consuming interests to supply themselves with raw
material to complete their contracts. The business world has learned
wisdom from its experience, and is now quietly turning a corner and
wheeling into line safely early in 1890. The tanning interest