The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-01
BUSINESS OF THE
CLOSING YEAR
Conditions in Iron and Steel Have
Been Very Sound.
COTTON GOODS TRADE FINE
This Has Revived tho Binding OF
Mills in the South-A Remark
ably satisfactory Year for
Farmers and Planters.
COTTON GOODS TRADE FINE

| NEW YORK. Dec 31.-Duns Review liz
| its summary, reviewing the business or
} the year just closed, Will say regarding
the leading markets:
Conditions in iron and steel during l9do
were much more sound than in the pre-
| ccding year when speculation was RTE
and prices inflated far beyond the bounds
OF reason Statistics of the weekly c2pac-
ity of furnaces in blast show that the
highest point on record was reached FEB
ruary LIST. while there was little diminu-
ton during the next few months, but
! with the collapse of speculation during
| the spring and realization OF the fact that
| operations had been overdone, there came
| a steady reduction in output. From ,29b
furnaces in blast on February LIST, there
followed Il continual shutting down until
! but 20l were in operation on November
| LIST. and the weekly production decreased
! So 10 tons. Even at this rapid rate OF de-
| clining output stocks accumulated with
| startling rapidity, and on October LIST the
| top was reached at 1881 tons.
! Business conditions were satisfactory,
| however and demand expanded, while eS-
| ports of finished products grew very
| heavy when prices reached level that
| made competition possible with British
| and German producers In two months
ending December list, furnace stocks OK
| pig iron decreased 1855 tons, and the
| tone was so much improved that many
| idle furnaces resumed
| MANUFACTURED ARTICLES.
| Manufactured articles have moved along
| similar lines Quotations of iron ana
| steel products at the beginning OF the
year were little below the level prevailing
! thirteen years previous and the fall was
| almost uninterrupted until October, when
| the average was but 63.6S per cent. of the
! figure prevailing January 1, 1887.
| The year 1900 opened with favorable
| conditions prevailing in nearly every
| branch of the dry goods trade. The home
| demand continued good for the first three
| months and then fell away until by June
the market had lapsed into pronounced
| dizziness, and from a steady upward
| course prices began to gradually decline
! again. The arrest of buying was remark
| able. In WooIlen goods stocks began TO
| accumulate again, and their course up to
| the close of the year has shown pro-
| nounced weakness i'll both rien's wear,
| fabrics and dress goods, with the result
! that the gain In prices made last year
! and in the early part of this has been lost
! in many directions. and where any re-
! manned at all is of limited extent
| COTTON.
| a sudden demand from China for heavy
| brown cottons in May, the first purchase
| made for that market IN several months,
| was unfortunately checked by the out
| break OF the HpSSr flSlNg, ana since tneil
/ there has been an entire suspension of
| buying tyr that country. in September
| another Stimulus was given TO cotton goods
! by the rapid advance in raw material,
| which followed the Galveston disaster and
| short crop predictions. Prices resumed
| their upward course and the market ruled
| strong again until the end of October, when
! there was another luIl in the demand
Stocks had, however, been we'll cleaned
up as a rule, and, although some Of tho
| staple lines have eased of slightly. a fair
| ~ steady tone has since prevailed.
| The prosperous condition OF the cotton
| goods trade last year and the early part
! OF this has had a marked effect upon the
cotton industry in the South. reviving the
boom in mill building which previous de-
| preston had checked. y number OF new
mills have been added and. many more are
in course OF erection. 1t is probable that
| when the. years statistics are complied
they will show the addition OF nearly 1906
go spindles to the productive capacity Of
the South.
After advancing from 1901 cents as the
average OF one hundred grades OF wool
reported by Coates and Brothers on May
Ist to 2i.70 in December. 1888, it was
only natural that the year 1850 should
witness severe reaction and return to a
more normal price. The decline was
| gradual and the year closed about z per
cent below the top price touched twelve
months previous.
FARMERS PROSPEROUS.
The closing year OF the century vas a
remarkably satisfactory one for farmers
and planters, Notwithstanding the fact
that some sections harvested smaller crops
than in preceding years While the South
produced less cotton than in the tsio pre-
yfous record-breaking seasons. prices We're
| the highest in ten years, and the net
| profits made on plantations were enor-
/ nous. Spring wheat States lost much
grain. but Kansas and other large winter
wheat growing States made big crops. and
the average price was high In fact. the
cereals were all abnorrnaly advanced until
thara occurred a natural loss in exports. so
that Russian ports were able to secure
n,I,ch foreign trade ttat had belonged to
American producers
Corn was put up II within fraction OF
"a cents here. and speculative manipula-
ton forced the Chicago price still higher.
These operations lad naturally deieter-
ious effect on expiration and foreign sur
from excessively inflated domestic mar
kets.
Marriage licenses have9 been issued to