Business Administration: Theory, Practice and Application. [Vol. 1] Business Economics

by Unknown

Year.	Production of				Iron and steel Manufactures.
	Natural gas.[C]	Iron ore.[C]	Pig iron.[C]	Steel.[C]	Imports.	Exports (domestic)
	Dollars.	Long tons.	Long tons.	Long tons.	Dollars.	Dollars.
1800	…	…	…	…	…	52,144
1810	…	…	53,908	…	…	91,914
1820	…	…	20,000	…	…	46,552
1830	…	…	165,000	…	6,346,287	322,747
1840	…	…	286,903	…	8,157,923	1,127,877
1850	…	…	563,755	…	20,145,067	1,953,702
1851	…	…	…	…	22,439,297	2,336,587
1852	…	…	…	…	23,568,649	2,368,384
1853	…	…	…	…	34,944,002	2,541,554
1855	…	…	700,159	…	28,693,979	3,803,706
1856	…	…	788,515	…	29,050,101	4,256,613
1857	…	…	712,640	…	30,743,649	4,959,238
1858	…	…	629,548	…	20,171,007	4,843,592
1859	…	…	750,560	…	22,379,743	5,577,748
1860	…	…	821,223	…	26,158,235	5,870,114
1861	…	…	653,164	…	21,160,235	6,039,149
1862	…	…	703,270	…	11,451,707	4,732,348
1863	…	…	846,075	…	16,152,843	6,681,417
1864	…	…	1,014,282	…	23,822,876	7,541,967
1865	…	…	831,770	…	16,660,991	11,227,294
1866	…	…	1,205,663	…	25,598,147	4,006,180
1867	…	…	1,305,023	19,643	31,630,519	9,351,062
1868	…	…	1,431,250	26,786	30,346,768	10,950,275
1869	…	…	1,711,287	31,250	38,213,717	10,938,492
1870	…	3,031,891	1,665,179	68,750	40,273,682	13,483,163
1871	…	…	1,706,793	73,214	53,024,075	21,189,692
1872	…	…	2,548,713	142,954	67,852,616	11,463,880
1873	…	…	2,560,963	198,796	74,302,102	13,655,087
1874	…	…	2,023,733	389,799	31,432,380	19,534,215
1876	…	…	1,868,961	533,191	23,197,417	15,449,846
1877	…	…	2,066,594	569,618	19,320,927	16,501,638
1878	…	…	2,301,215	731,977	18,987,130	16,053,571
1879	…	…	2,741,853	935,273	19,594,608	15,133,493
1880	…	7,120,362	3,835,191	1,247,335	71,266,699	14,716,524
1881	…	…	4,144,254	1,588,314	60,604,477	16,608,767
1882	215,000	…	4,623,323	1,736,692	67,976,897	20,748,206
1883	475,000	…	4,595,510	1,673,535	58,495,246	22,826,528
1884	1,460,000	…	4,097,868	1,550,879	40,147,053	21,909,881
1885	4,857,200	…	4,044,526	1,711,920	33,610,093	16,592,155
1886	10,012,000	…	5,683,329	2,562,503	37,534,078	15,745,569
1887	15,817,500	…	6,417,148	3,339,071	49,203,164	15,958,502
1888	22,629,875	…	6,489,738	2,899,440	48,992,757	17,763,034
1889	21,097,099	14,518,041	7,603,642	3,385,732	42,377,793	21,156,077
1890	18,792,725	16,036,043	9,202,703	4,277,071	41,679,591	25,542,208
1891	15,500,084	14,591,178	8,279,876	3,904,240	53,544,372	28,909,614
1892	14,870,714	16,296,666	9,157,000	4,927,581	28,928,103	28,800,930
1893	14,346,250	11,587,629	7,124,502	4,019,995	34,937,974	30,106,482
1894	13,954,400	11,879,679	6,657,888	4,412,032	20,925,769	29,220,264
1895	13,006,650	15,957,614	9,446,308	6,114,834	23,048,515	32,000,989
1896	13,002,512	16,005,449	8,623,127	5,281,689	25,338,103	41,160,877
1897	13,826,422	17,518,046	9,652,680	7,156,957	16,094,557	57,497,872
1898	15,296,813	19,433,716	11,773,934	8,932,857	12,626,431	70,406,885
1899	20,074,873	24,683,173	13,620,703	10,639,857	12,100,440	93,716,031
1900	23,698,674	27,553,161	13,789,242	10,188,329	20,478,728	121,913,548
1901	27,066,077	28,887,479	15,878,354	13,473,595	17,874,789	117,319,320
1902	30,867,863	35,554,135	17,821,307	14,947,250	27,180,247	98,552,562
1903	35,807,860	35,019,308	18,009,252	14,534,978	51,617,312	96,642,467
1904	38,496,760	27,644,330	16,497,033	13,859,887	27,028,312	111,948,586
1905	41,562,855	42,526,133	22,992,380	20,023,947	23,510,164	134,728,363
1906	46,873,932	47,749,728	25,307,191	23,398,136	29,053,987	160,984,985
1907	52,866,835	51,720,619	25,781,361	23,362,594	40,587,865	181,530,871
1908	…	…	15,936,018	…	27,607,909	183,982,182

Year.	Prices of staple commodities.
	Per ton.[C]		Middling cotton per pound.[C]	Standard sheetings per yard.[C]	Washed Ohio fleece wool, per lb., in eastern m’k’ts, July 1. Medium.
	Pig iron No. 1, foundry.	Steel rails, standard sections
	Dollars.	Dollars.	Cents.	Cents.	Cents.
1800	…	…	…	…	…
1810	…	…	…	…	…
1820	…	…	…	…	…
1830	…	…	…	…	50.0
1840	27.88	…	…	…	39.0
1850	20.88	…	12.34	7.87	37.0
1851	21.38	…	12.14	7.08	42.0
1852	22.63	…	.50	6.96	38.0
1853	36.13	…	11.02	7.92	53.0
1854	36.88	…	10.97	7.96	37.0
1855	27.75	…	10.39	7.64	40.0
1856	27.18	…	10.30	7.50	42.0
1857	26.34	…	13.51	8.90	50.0
1858	22.19	…	12.23	8.25	37.0
1859	23.33	…	12.08	8.50	40.0
1860	22.70	…	11.00	8.73	50.0
1861	20.26	…	13.01	10.00	30.0
1862	23.92	…	31.29	18.55	47.0
1863	35.24	…	67.21	36.04	70.0
1864	59.22	…	101.50	52.07	100.0
1865	46.08	…	83.38	38.04	73.0
1866	46.84	…	43.20	24.31	67.0
1867	44.08	166.00	31.59	18.28	49.0
1868	39.25	158.46	24.85	16.79	45.0
1869	40.61	132.19	29.01	16.19	48.0
1870	33.23	106.79	23.98	14.58	45.0
1871	35.08	102.52	16.95	13.00	60.0
1872	48.94	111.94	22.19	14.27	70.0
1873	42.79	120.58	20.14	13.31	48.0
1874	30.19	94.28	17.95	11.42	53.0
1875	25.53	68.75	15.46	10.41	49.0
1876	22.19	59.25	12.98	8.85	35.0
1877	18.92	45.58	11.82	8.46	44.0
1878	17.67	42.21	11.22	7.80	36.0
1879	21.72	48.21	10.84	7.97	38.0
1880	28.48	67.52	11.51	8.51	48.0
1881	25.17	61.08	12.03	8.51	44.0
1882	25.77	48.50	11.56	8.45	45.0
1883	22.42	37.75	11.88	8.32	41.0
1884	19.81	30.75	10.88	7.28	34.0
1885	17.99	28.52	10.45	6.75	31.0
1886	18.71	34.52	9.28	6.75	33.0
1887	20.93	37.08	10.21	7.15	37.0
1888	18.88	29.83	10.03	7.00	39.0
1889	17.76	29.25	10.65	7.00	39.0
1890	18.41	31.78	11.07	7.00	37.0
1891	17.52	29.92	8.60	6.83	35.0
1892	15.75	30.00	7.71	6.50	34.0
1893	14.52	28.12	8.56	5.90	26.0
1894	12.66	24.00	6.94	5.11	21.0
1895	13.10	24.33	7.44	5.74	21.0
1896	12.95	28.00	7.93	5.45	18.0
1897	12.10	18.75	7.00	4.73	23½
1898	11.66	17.62	5.94	4.20	29.0
1899	19.36	28.12	6.88	5.28	31½
1900	19.98	32.29	9.25	6.05	31½
1901	15.87	27.33	8.75	5.54	26.0
1902	22.19	28.00	9.00	5.48	26¾
1903	19.92	28.00	11.18	6.25	31½
1904	15.57	28.00	11.75	7.13	32½
1905	17.88	28.00	9.80	7.00	39.0
1906	20.98	28.00	11.50	7.25	37.0
1907	23.89	28.00	12.10	7.62	36.0
1908	17.70	28.00	10.62	6.75	38.0

Year.	Production of
	Natural gas.[C]	Iron ore.[C]
	Dollars.	Long tons.
1800	…	…
1810	…	…
1820	…	…
1830	…	…
1840	…	…
1850	…	…
1851	…	…
1852	…	…
1853	…	…
1855	…	…
1856	…	…
1857	…	…
1858	…	…
1859	…	…
1860	…	…
1861	…	…
1862	…	…
1863	…	…
1864	…	…
1865	…	…
1866	…	…
1867	…	…
1868	…	…
1869	…	…
1870	…	3,031,891
1871	…	…
1872	…	…
1873	…	…
1874	…	…
1876	…	…
1877	…	…
1878	…	…
1879	…	…
1880	…	7,120,362
1881	…	…
1882	215,000	…
1883	475,000	…
1884	1,460,000	…
1885	4,857,200	…
1886	10,012,000	…
1887	15,817,500	…
1888	22,629,875	…
1889	21,097,099	14,518,041
1890	18,792,725	16,036,043
1891	15,500,084	14,591,178
1892	14,870,714	16,296,666
1893	14,346,250	11,587,629
1894	13,954,400	11,879,679
1895	13,006,650	15,957,614
1896	13,002,512	16,005,449
1897	13,826,422	17,518,046
1898	15,296,813	19,433,716
1899	20,074,873	24,683,173
1900	23,698,674	27,553,161
1901	27,066,077	28,887,479
1902	30,867,863	35,554,135
1903	35,807,860	35,019,308
1904	38,496,760	27,644,330
1905	41,562,855	42,526,133
1906	46,873,932	47,749,728
1907	52,866,835	51,720,619
1908	…	…

Year.	Production of
	Pig iron.[C]	Steel.[C]
	Long tons.	Long tons.
1800	…	…
1810	53,908	…
1820	20,000	…
1830	165,000	…
1840	286,903	…
1850	563,755	…
1851	…	…
1852	…	…
1853	…	…
1855	700,159	…
1856	788,515	…
1857	712,640	…
1858	629,548	…
1859	750,560	…
1860	821,223	…
1861	653,164	…
1862	703,270	…
1863	846,075	…
1864	1,014,282	…
1865	831,770	…
1866	1,205,663	…
1867	1,305,023	19,643
1868	1,431,250	26,786
1869	1,711,287	31,250
1870	1,665,179	68,750
1871	1,706,793	73,214
1872	2,548,713	142,954
1873	2,560,963	198,796
1874	2,023,733	389,799
1876	1,868,961	533,191
1877	2,066,594	569,618
1878	2,301,215	731,977
1879	2,741,853	935,273
1880	3,835,191	1,247,335
1881	4,144,254	1,588,314
1882	4,623,323	1,736,692
1883	4,595,510	1,673,535
1884	4,097,868	1,550,879
1885	4,044,526	1,711,920
1886	5,683,329	2,562,503
1887	6,417,148	3,339,071
1888	6,489,738	2,899,440
1889	7,603,642	3,385,732
1890	9,202,703	4,277,071
1891	8,279,876	3,904,240
1892	9,157,000	4,927,581
1893	7,124,502	4,019,995
1894	6,657,888	4,412,032
1895	9,446,308	6,114,834
1896	8,623,127	5,281,689
1897	9,652,680	7,156,957
1898	11,773,934	8,932,857
1899	13,620,703	10,639,857
1900	13,789,242	10,188,329
1901	15,878,354	13,473,595
1902	17,821,307	14,947,250
1903	18,009,252	14,534,978
1904	16,497,033	13,859,887
1905	22,992,380	20,023,947
1906	25,307,191	23,398,136
1907	25,781,361	23,362,594
1908	15,936,018	…

Year.	Iron and steel Manufactures.
	Imports.	Exports (domestic)
	Dollars.	Dollars.
1800	…	52,144
1810	…	91,914
1820	…	46,552
1830	6,346,287	322,747
1840	8,157,923	1,127,877
1850	20,145,067	1,953,702
1851	22,439,297	2,336,587
1852	23,568,649	2,368,384
1853	34,944,002	2,541,554
1855	28,693,979	3,803,706
1856	29,050,101	4,256,613
1857	30,743,649	4,959,238
1858	20,171,007	4,843,592
1859	22,379,743	5,577,748
1860	26,158,235	5,870,114
1861	21,160,235	6,039,149
1862	11,451,707	4,732,348
1863	16,152,843	6,681,417
1864	23,822,876	7,541,967
1865	16,660,991	11,227,294
1866	25,598,147	4,006,180
1867	31,630,519	9,351,062
1868	30,346,768	10,950,275
1869	38,213,717	10,938,492
1870	40,273,682	13,483,163
1871	53,024,075	21,189,692
1872	67,852,616	11,463,880
1873	74,302,102	13,655,087
1874	31,432,380	19,534,215
1876	23,197,417	15,449,846
1877	19,320,927	16,501,638
1878	18,987,130	16,053,571
1879	19,594,608	15,133,493
1880	71,266,699	14,716,524
1881	60,604,477	16,608,767
1882	67,976,897	20,748,206
1883	40,147,053	21,909,881
1885	33,610,093	16,592,155
1886	37,534,078	15,745,569
1887	49,203,164	15,958,502
1888	48,992,757	17,763,034
1889	42,377,793	21,156,077
1890	41,679,591	25,542,208
1891	53,544,372	28,909,614
1892	28,928,103	28,800,930
1893	34,937,974	30,106,482
1894	20,925,769	29,220,264
1895	23,048,515	32,000,989
1896	25,338,103	41,160,877
1897	16,094,557	57,497,872
1898	12,626,431	70,406,885
1899	12,100,440	93,716,031
1900	20,478,728	121,913,548
1901	17,874,789	117,319,320
1902	27,180,247	98,552,562
1903	51,617,312	96,642,467
1904	27,028,312	111,948,586
1905	23,510,164	134,728,363
1906	29,053,987	160,984,985
1907	40,587,865	181,530,871
1908	27,607,909	183,982,182

Year.	Prices of staple commodities.
	Per ton.[C]
	Pig iron No. 1, foundry.	Steel rails, standard sections
	Dollars.	Dollars.
1800	…	…
1810	…	…
1820	…	…
1830	…	…
1840	27.88	…
1850	20.88	…
1851	21.38	…
1852	22.63	…
1853	36.13	…
1854	36.88	…
1855	27.75	…
1856	27.18	…
1857	26.34	…
1858	22.19	…
1859	23.33	…
1860	22.70	…
1861	20.26	…
1862	23.92	…
1863	35.24	…
1864	59.22	…
1865	46.08	…
1866	46.84	…
1867	44.08	166.00
1868	39.25	158.46
1869	40.61	132.19
1870	33.23	106.79
1871	35.08	102.52
1872	48.94	111.94
1873	42.79	120.58
1874	30.19	94.28
1875	25.53	68.75
1876	22.19	59.25
1877	18.92	45.58
1878	17.67	42.21
1879	21.72	48.21
1880	28.48	67.52
1881	25.17	61.08
1882	25.77	48.50
1883	22.42	37.75
1884	19.81	30.75
1885	17.99	28.52
1886	18.71	34.52
1887	20.93	37.08
1888	18.88	29.83
1889	17.76	29.25
1890	18.41	31.78
1891	17.52	29.92
1892	15.75	30.00
1893	14.52	28.12
1894	12.66	24.00
1895	13.10	24.33
1896	12.95	28.00
1897	12.10	18.75
1898	11.66	17.62
1899	19.36	28.12
1900	19.98	32.29
1901	15.87	27.33
1902	22.19	28.00
1903	19.92	28.00
1904	15.57	28.00
1905	17.88	28.00
1906	20.98	28.00
1907	23.89	28.00
1908	17.70	28.00

Year.	Prices of staple commodities.
	Middling cotton per pound.[C]	Standard sheetings per yard.[C]	Washed Ohio fleece wool, per lb., in eastern m’k’ts, July 1. Medium.
	Cents.	Cents.	Cents.
1800	…	…	…
1810	…	…	…
1820	…	…	…
1830	…	…	50..0
1840	…	…	39..0
1850	12.34	7.87	37..0
1851	12.14	7.08	42..0
1852	.50	6.96	38..0
1853	11.02	7.92	53..0
1854	10.97	7.96	37..0
1855	10.39	7.64	40..0
1856	10.30	7.50	42..0
1857	13.51	8.90	50..0
1858	12.23	8.25	37..0
1859	12.08	8.50	40..0
1860	11.00	8.73	50..0
1861	13.01	10.00	30..0
1862	31.29	18.55	47..0
1863	67.21	36.04	70..0
1864	101.50	52.07	100..0
1865	83.38	38.04	73..0
1866	43.20	24.31	67..0
1867	31.59	18.28	49..0
1868	24.85	16.79	45..0
1869	29.01	16.19	48..0
1870	23.98	14.58	45..0
1871	16.95	13.00	60..0
1872	22.19	14.27	70..0
1873	20.14	13.31	48..0
1874	17.95	11.42	53..0
1875	15.46	10.41	49..0
1876	12.98	8.85	35..0
1877	11.82	8.46	44..0
1878	11.22	7.80	36..0
1879	10.84	7.97	38..0
1880	11.51	8.51	48..0
1881	12.03	8.51	44..0
1882	11.56	8.45	45..0
1883	11.88	8.32	41..0
1884	10.88	7.28	34..0
1885	10.45	6.75	31..0
1886	9.28	6.75	33..0
1887	10.21	7.15	37..0
1888	10.03	7.00	39..0
1889	10.65	7.00	39..0
1890	11.07	7.00	37..0
1891	8.60	6.83	35..0
1892	7.71	6.50	34..0
1893	8.56	5.90	26..0
1894	6.94	5.11	21..0
1895	7.44	5.74	21..0
1896	7.93	5.45	18..0
1897	7.00	4.73	23½
1898	5.94	4.20	29..0
1899	6.88	5.28	31½
1900	9.25	6.05	31½
1901	8.75	5.54	26..0
1902	9.00	5.48	26¾
1903	11.18	6.25	31½
1904	11.75	7.13	32½
1905	9.80	7.00	39..0
1906	11.50	7.25	37..0
1907	12.10	7.62	36..0
1908	10.62	6.75	38..0

[C] Calendar year.

The arguments in favor of bimetallism are as various as the motives of its advocates, but two or three of the more

important ones may be briefly stated. It is urged because it would give a more stable measure of value than either silver or gold alone could do; and the evil effects of fluctuations in the value of gold since 1873 are pointed out to illustrate this contention. Monometallists answer this by asserting that most of the price changes can be accounted for by improvements in production; that even if they were caused by a contraction of the currency, this was simply one of the risks of business; and finally, that the evil effects of falling prices are offset by a corresponding reduction in interest rates. A second argument of the bimetallists was the alleged insufficiency of gold on which to do the world’s business. As this has been practically met by the phenomenal increase in gold production in the last decade, especially since the gold discoveries in Alaska, it is not necessary to dwell upon this argument. On February 1, 1909, the per capita circulation of money in the United States reached $35.00, the highest point in our history. A final argument of the bimetallists concerns foreign trade: it would facilitate this by establishing a fixed par-of-exchange between all countries. While the weight of this may be admitted, it has been practically deprived of all force by the adoption of the gold standard by virtually all the industrially developed nations of the world. This last fact shows that the question has now been actually settled by the logic of events and today the issue of bimetallism has only an academic interest.