house of a city represent the actual banking transactions of that city. Deducting therefore the value of materials purchased in a partially manufactured form, $4,641,717,228, the net value of products is $8,388,409,055. The intrinsic or net value of the manufactured products of the country consists of the value of the raw materials as they are originally received from the farm, the forest, the mine, or the sea, and the value added to these crude materials by the different processes of manufacture through which they have passed in their various stages to the final finished products, ready for the consumer. The total may be further subdivided into $2,393,856,629, the sum paid for the crude materials of manufacture; $322,669,636 for fuel, freight, etc.; and $5,671,902,790, the value added to materials by the various processes of manufacture. The gross value fairly represents the volume of the internal trade of the United States in manufactured articles, exclusive of the retailing of the products of manufacture, which represents transactions involving an amount at least as great, and consists of the re-selling of these products as they pass into the possession of the ultimate consumer. The total money value of the wholesale and retail transactions in the manufactured products of the United States is unquestionably greater, the report says, than the volume of the international trade of the principal countries of the world, which equals the sum of $20,005,884,354 (exports and imports added together), and which also consists very largely of twice or thrice sold articles in various stages of manu facture. The manufacturing statistics of the censuses prior to 1850, the report says, were too imperfect and fragmentary in character to make it proper to reproduce them in comparison with the statistics presented, as a measure of industrial growth in the first half of the century. The United States had only 123,025 establishments in manufacturing 1850; in 1900 the aggregate had swollen to 512,726. The steady advance in the amount of capital invested is shown by these impressive figures: In 1850 it footed up $533,245,351; it had barely passed the billion mark when, in 1860, the record shows a manufacturing investment of $1,009,855,715; it was $2,118,208,769 in 1870; $2,790,272,606 in 1880; $6,525,156,486 in 1890; and in 1900 the grand total of capital invested in our manufactures was $9,874,664,087! In the matter of wage earners in manufacturing we had in 1850 only 957,059 of them; after that their numbers increased in this order: In 1860, 1,311,246; in 1870, 2,053,996; in 1880, 2,732,595; in 1890, 4,251,613; and in 1900, 5,321,087. We paid them in wages an aggregate of $236,755,464 in 1850, and ran the amount up in each succeeding dec The report thus notes the ratio of progress: "In comparison with the figures of the census of 1850, there has been an increase in capital invested approximating 19-fold; in the average number of wage earners, about five and one-half fold; in amount of wages paid, about 10-fold; and in value of products, about 13fold. The population of the country has in the mean while increased two and one-quarter fold. While these comparisons must be made with many reservations, they nevertheless afford, in all the items except that of capital invested, an approximate exhibit of the enormous increase in manufactures which occurred in the United States in the last half of the nineteenth century. They are particularly suggestive as an indication of the increasing productive capacity of labor, due chiefly to the increased effectiveness of machinery and the largely increased investment of capital. The apparent value of products per wage earner has increased from $1,065 in 1850 to $2,451 in 1900." The second table in the bulletin gives the statistics for establishments reporting a product valued at less than $500 annually, and also the statistics for governmental establishments and educational, eleemosynary and penal institutions. These establishments were not uniformly reported at prior censuses, and therefore no comparison can be made with the returns of 1900. For convenience, we copy the principal items in this form: Hand Trades-Number of establish ments 215,607; capital $393,997,796; proprietors and firm members, number, 244,376; average number of wage earners 560,384; total wages $288,658,806; miscellaneous expenses $124,763,014; total cost of materials used $483,723,995; value of product $1,186,201,455. Governmental establishments-Number 145; capital $70,071,349; average number of wage earners 17,072; wages $12,619,686; miscellaneous expenses $338,113; cost of materials $6,671,019; value of product $21,452,079. Educational, eleemosynary and penal institutions-Number 402; capital $12,952,776; average number of wage earners 8,355; wages $1,266,159; miscellaneous expenses $212,862; cost of materials $4,109,318; value of product $10,573,785. Establishments with product of less than $500-Number 127,419; capital $44,388,065; number of proprietors, etc., 136,127; average number of wage earners 55,128; wages $2,122,126; miscellaneous expenses $2,527,607; cost of ma terials, $8,903,249; value of product $29,724,643. All other establishments - Number 296,651; capital $9,463,014,181; number of proprietors and firm members 328,692; average number wage earners 4,752,307; wages $2,035,256,838; miscellaneous expenses $903,812,739; cost of materials $6,874,499,498; value of product $11,843,924,828. Summary for all establishmentsNumber 640,607; capital $9,984,424,167; proprietors and firm members 709,326; average number wage earners 5,393,246; wages $2,339,923,615; miscellaneous expenses $1,031,654,335; cost of materials $7,377,907,079; value of product $13,091,876,790. The third table in the bulletin shows the totals for certain selected industries which comprise most of the great basic industries of the United States, but do not include many great branches of manufacture like foundry and machine shop products, the statistics of which are not ready for publication. For the selected industries mentioned the leading comparisons between 1900 and 1890 are the following: the value of the product. So it appears that there has been a larger investment of capital per employee and a larger amount in proportion to the product. The increased return has been proportionately rather more to labor than to capital. Table four gives a comparative summary of about thirty selected industries, censuses of 1890 and 1900; and table five gives the totals for selected industries in 1900. We have space only for some of the principal statistics: Textiles, totals-Number of establishments 4,608; capital $1,066,032,937; number wage earners 682,978; total wages $219,229,265; cost of materials $4,044,059,827; value of product $966,924,835. Wool Manufacturers-Number of establishments 2,636; capital $415,075; number of wage earners 682,978; wages While the aggregate figures show $219,229,265; cost of materials $539, some slight reduction in average wages, these figures for the leading industries show an increase, the gain in number of wage earners being 19.9, and that in wages paid 23.8 per cent. Whatever reduction has occurred has been in the hand shops and the small factories. In these selected industries there was a gain of 27.3 per cent in the number of establishments, 43.7 per cent in the capital, 24.6 per cent in the number of salaried officials, 51.6 per cent in their compensation and 32.9 per cent in the value of the product. The capitalization of each establishment increased; and the capital invested increased much more rapidly than the number of persons employed and 919,428; value of product $966,924,835. Cotton Manufactures- Number of es tablishments 1,051; capital $467,240,157; wage earners 302,861; wages $86,689,752; cost of materials $176,551,527; value of product $359,198,619. Silk and Silk Goods-Establishments 483; capital $81,082,201; wage earners 65,416; wages $20,982,194; cost of materials $62,406,665; value of product $107,256,258. Cordage and Twine-Establishments 105; capital $29,275,470; wage earners 13,114; wages $4,113,112; cost of materials $26,632,006; value of product $37,$49,651. Linen Goods - Establishments 18; capital $5,688,999; wage earners 3,283; wages $1,036,839; cost fo materials $2,550,517; value of product $4,368,159. Iron and Steel-Establishments 725; capital $580,041,710; wage earners 226, 161; wages $122,710,193; cost of materials $549,127,082; value of product $835,759,034. Lumber and Timber Products-Establishments 33,035; capital $611,611,524; wage earners 283,260; wages $104,640,591; cost of materials $317,923,548; value of product $566,832,984. Flour and Grist Mill Products-Establishments 25,258; capital $218,714,104; wage earners 37,073; wages $17,703,418; cost of materials $475,826,345; value of product $560,719,063. Boots and Shoes, factory productEstablishments 1,600; capital $101,795,233; wage earners 142,922; wages $59,175,883; cost of materials $169,604,054; value of product $261,028,580. Chemical Manufactures - Establishments 1,740; capital $238,529,641; wage earners 46,765; wages $21,799,251; cost of materials $124,043,837; value of product $202,582,396. Dairy Products (factory)-Establishments 9,351; capital $36,491,799; wage earners 12,860; wages $6,169,060; cost of materials $109,139,801; value of product $131,183,338. Paper and Wood Pulp - Establishments 763; capital $167,507,713; wage earners 49,646; wages $20,746,426; cost of materials $70,530,236; value of product $127,286,162. Carriages and Wagons - Establishments 7,632; capital $118,187,838; wage earners 62,540; wages $29,814,911; cost of materials $56,676,073; value of product $101,207,428. Agricultural Implements-Establishments 715; capital $157,707,951; wage earners 46, 582; wages $22,450,880; cost of materials $43,944,628; value of product $101,207,428. The following figures show the value of many of the products of industries not specifically mentioned in the foregoing summary: A review of the circumstances which usually influence prices for wool shows that nearly all of them make for higher values, while only two show the reverse; yet, for the moment, the negative influences are most potent. Among those influences which ordinarily cause advancing prices are the hardening foreign markets, making it no longer possible to profitably import wool that can compare with domestic in point of cheapness. Wool consumption, not only here, but the world over, has been progressing for months at a rate almost beyond previous experience, with reasonable prospects of its continuance. Wool supplies in the seaboard markets of the United States are lighter than at any time since the passage of the tariff act in 1897, and this, with the greater consumption now than then, is certainly cause for encouragement for those who, owing to the strike, are now able to buy at prices not above the lowest that were paid for last year's clip. Improvements in values seem inevitable as soon as the labor troubles are settled. There is no doubt of the fact that those who sell their wools early will offer an unusual opportunity for profit to those who have the courage to buy; for indications seem to point to profitable resale later on when the market feels the price-lifting influences enumerated above. A WHAT IS REPUBLICAN RECIPROCITY? SMALL pamphlet on this subject, published some time ago, quotes the reciprocity plank adopted by the Republican National Convention in 1900, which confined and defined reciprocity as follows: We favor the associated policy of reciprocity so directed as to open our markets on favorable terms for what we do not ourselves produce in return for free foreign markets. And thus comments: "There is no escape from this language. Men may study the matter in favor of special interests as long as they please; our manufacturers may be ready and willing to sacrifice every agricultural or other interest except their own to secure some real or fancied advantage, but every Republican in and out of Congress is bound by the Republican platform." The platform definition of Republican reciprocity seems plain enough. The free traders declare that "full reciprocity is free trade," and that "partial reciprocity is a step toward free trade." We concede that this is true if reciprocity means larger imports of articles that directly compete with the products of our own industries; but this is not Republican reciprocity as it is commonly interpreted, and even the most liberal utterances of prominent Republican advocates of reciprocity cannot be con strued as a practical indorsement of the free trade view. No advocate of a broad application of the reciprocity principle has ventured to specify the particular articles upon which tariff protection can be abolished or limited without detriment to the manufacturers of such articles or to the interests of labor. The free traders have suggested that some industries can stand a reduction of ten or twenty per cent, and still be left with sufficient protection; but this is a mere assumption for the reason that the free traders possess no actual knowledge of the condition and needs of these industries. Of course if the proposed reductions did not increase the importation of competitive articles, then our manufacturers would suffer no injury by making the concessions; but, on the other hand, if lowering the duties did not stimulate importations, then such reductions would be of no value to the foreign producers. The foreign manufacturer has interest in any scheme of reciprocity that does not afford him a freer entrance into our rich market. no The pretence for the kind of reciprocity embodied in the Kasson treaties is that it was fully warranted by the reciprocity declaration in the Republican national platform of 1896, and that the provision in the |