In addition to these domestic developments, there were happenings of historic significance in other parts of the world, such as the proc lamation of a Republic in China, a revolution in Mexico, and a war between the Balkan States and Turkey. This last development created an international crisis which put a severe strain upon the money markets of the world.

Naturally there was some slowing up of trade and industrial activity in the United States during the second quarter of 1913; and while the volume of transactions was still large, and while the early crop prospects were so auspicuous as to inspire continued confidence in the west, the Eastern financial markets were more or less depressed pending the determination of the uncertain features of the situation.

The following table, giving the the total bank exchanges of the New York Clearing House for the calendar years ending December 31st, from 1906 to 1912 inclusive, presents a statistical picture of the state of business activity in this city during these years:

In view of the fact that there was great speculative activity in 1906, in contrast with speculative dullness in 1912, these figures show that business in New York last year, was, outside of the transactions of the speculative markets, on a larger scale than six years ago during the height of the boom.

It is instructive to continue this comparison by showing the bank clearings for the four months ending April 30, 1913 as compared with those of the corresponding months in the five preceding years:

The volume of clearings, it will be seen, was maintained at a high figure notwithstanding the conditions which have developed during the early part of this year.

Reference has been made in this connection to the speculative depression. During 1912, the total sales of stocks on the New York. Stock Exchange were 131,128,425 shares, 131,128,425 shares, as compared with 127,208,250 shares in 1911, 164,051,061 in 1910, 214, 632,194 in 1909, and 197,206,346 in 1908. The total market value of the stocks sold were $11,562,129,835 in 1912, against $11,003,600,829 in 1911, $14,124,875,896 in 1910, $19,142,339,184 in 1909, and $15,319,491,797 in 1908.

During the first four months of 1913 there was a sharp decline in stock market activity, the sales being 31,986,802 shares with a total value of $2,874,408,450 against 50,657,676 shares in 1912, with a value of $4,476,637,200. The bond sales were $202,999,500 against $305,997,000 in the first four months of 1912.

Prices still continue on a high level both for commodities and labor, although there has been a slight decline in the commodity price average since a year ago, as is shown by the following record of index price numbers as computed by BRADSTREET'S.

The continued expansion of the foreign commerce of the United States is one of the most gratifying features of the business situation, as it has created a big balance of trade in favor of this country, which has enabled us to give substantial aid in gold to European markets during the strain of the Balkan crisis. The total foreign commerce amounted to $4,075,793,075 during the year ending June 30, 1912, as compared with $3,783,350,177 in 1911 and $3,564,339,325 in

1910. The increase in 1912 was $292,442,898 and in 1911, $219,010,852. The excess of domestic exports over imports in 1912 reached the great sum of $533,086,022. It is a satisfaction to note that New York's share of the foreign commerce of the country amounted to 46.99 per cent. in 1912 against 46.12 in 1911. New York's total commerce is rapidly nearing the $2,000,000,000 a year mark.

The growth in foreign trade has continued since the close of the last fiscal year. The following table gives the record of merchandise exports and imports for the ten months ending April 30, 1913, as compared with four preceding ten months periods:

All possible pains have been taken in making the trade and statistical part of this annual report comprehensive and accurate. Many additional tables of statistical information have been added in this volume; and the exhibit as a whole is the most complete record existing of the commercial progress of the Port of New York.

ACKNOWLEDG

MENT OF

The Secretary acknowledges with thanks the assistance he has received in the preparation of ASSISTANCE. the reviews and statistics contained in this volume from MR. CHARLES T. GWYNNE, Assistant Secretary of the Chamber, the Honorable A. H. BALDWIN, Chief of the Bureau of Foreign and Domestic Commerce of the Department of Commerce; the Honorable WILLIAM SOHMER, Comptroller of the State; the Honorable GEORGE C. VAN TUYL, JR., Superintendent of Banking; the Honorable EDWARD M. MORGAN, Postmaster of New York; the Honorable WILLIAM A. PRENDERGAST, Comptroller of the City; the Honorable ROBERT A. C. SMITH, Commissioner of Docks and Ferries; the Honorable HENRY S. THOMPSON, Commissioner of Water Supply, Gas and Electricity; the Honorable E. J. LEDERLE, Commissioner

of Health; A. EMERSON PALMER, Secretary, Department of Education; the Honorable RHINELANDER WALDO, Commissioner of Police; the Honorable DANIEL P. KINGSFORD, Superintendent of the New York Assay Office; the Honorable WILLIAM WILLIAMS, Commissioner of Immigration at New York; the Honorable DUNCAN W. PECK, State Superintendent of Public Works; the Board of Pilot Commissioners; MR. J. S. KNAPP, Auditor of the New York Custom House; MR. WILLIAM SHERER, Manager, and MR. WILLIAM GILPIN, Assistant Manager, of the New York Clearing House; MR. ANTON A. RAVEN, President of the Atlantic Mutual Insurance Company; the WILLIAM B. DANA Company (for review of the cotton crop ;) MESSRS. J. & W. SELIGMAN & Co.; MR. H. C. FOLGER, JR.; MR. F. E. SAWARD; MR. WILLIAM C. HESS; MR. J. W. SCHOPP; MR. E. E. WENCK; the URNER-BARRY COMPANY; Mr. A. I. FINDLEY, of the Iron Age; MR. J. J. MANNING; The Financial and Commercial Chronicle; the Journal of Commerce and Commercial Bulletin; the Honorable E. DANA DURAND, Director of the Census; MR. U. N. BETHELL, President of the New York Telephone Company; MR. GEORGE R. PHILLIPS, Editor of the Whalemen's Shipping List; MR. WILLIAM V. KING, Superintendent of the New York Cotton Exchange; MESSRS. R. G. DUN & COMPANY, and BRADSTREET'S. The Secretary also acknowledges the assistance received from the New York Produce Exchange and the New York Public Library.