The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-02
IRON AND STEEL IN LEAD
Output of Coal and Coke Surpasses
Former Records.
BETTER De MAhD FOR FARM PRODUCTS
though Drought CuriaiLd the Corn Crop !,
Was Not anUrmiMd Evil, Stree With
righ Prices farmers Returns
Were larger Tran Usual.
.(By the Assoeiated Press. }

New York, Dec. 31.-Dun's Review will
say on January q:
Most marvellous of all the phenom-
email evidences of advancement in bust
ness during the year was the progress
made in manufacturing. 1t is impossi-
Bile to be too extravagant in delineating
the movements of the Industrial world.
Never in the history of this or any other
nation has such development occurred
within this space Of a twelve-month.
The expansion of productive capacity was
enormous, the improved methods of work
and organization were conspicuous, wise
economies were introduced, but more than
all other factors. that made for perma-
nent prosperity was the conservative re-
sistance to price imitation.
IRON AND STEEL.--After the reaction
of 1900 the level of prices remained de-
pressed for, some months, but gradually
responded to the increasing demand as
excessive accumulations We're absorbed.
From condition of glut there arose al
Eiost famine, greatly exaggerated by the
stubborn strike. Some idea of the changes
in size of supplies may be found in the
comparison of furnace stocks of pig iron
as published in the Iron Age which
amounted to 54S,663 tons on January /.
The figures steadily dec lined throughout
the year until only 223, 462 tons were held
on December l.
Aside from the slight fall during the
period affected by the strike there APP
pears almost a steady gain in production,
closing with the maximum quantity on
record. Judging by the amount of bust
ness already placed for 1902, the current
years yield may not unreasonably be
expected to surpass seventeen million
tons. Output of rails was beyond all
records, yet contracts for 1902 already as
sure another high water mark of probably
three million tons.
COAL AND COKE.--All records of out
put for hard and soft coal were sufpa ssed
during 1901, despite the scarcity of cars
that retarded operations. A feature of
great advantage was the expanding ex-
port movement, which reached more en-
couraging proportions than in earlier
years. In ten months the value of ship
ments was $19,OS7,s 1853, against $17,S20, 1854
the year previous. Coke ovens made a
Phenomenal record establishing a new
high water mark of weekly output at
244.529 tons late in November.
THE PRODUCE Misunderstanding
1900 was the best year ever experienced
by domestic agricultural interests, the
opening year of the new century was in
many ways more profitable, and the two
together have put the farming popula-
tfon in much the most satisfactory posi-
ton in the nations history. Formerly
ihe season of harvesting and crop moving
brought heavy borrowing of funds at the
east, but interior conditions have changed
to such an extent that western banks
are lenders at New York and Chicago,
and while there is still a large move
ment Of money away from the East dur
ing the fall months it is of funds that
were held here for the account of interior
correspondents. There is a steady ten
dency to enlarge the acreage South in
the leading crops, yet supplies do not
increase, owing to the better demand
both for home consumption and export.
Heat and drouth caused serious cur
taiment of the corn crop, which proved
the most important event of the year.
While this influence naturally induced an
advance in price that practically prohibit
ted exports and thus seriously affected
foreign commerce, it was by no means
an unmixed evil, since the return to
growers was even larger than in year
of normal production, while the enormous
yield of wheat was absorbed by stock
feeding and foreign consumers in place of
corn. Hence, instead of low price for
wheat in proportion to the heavy crop.
there was maintained an even higher
average quotation than in the short crop
year preceding.
Meats naturally reflected the expen-
sivc position of fodder, and it was graft
flying to notice that exports were not ma
terially reduced by the high level. Cot
ton passed season of wide variations, in
the early months attaining the highest
price of the decade, but falling back
sharply MS the spinning situation was rem
dered unfavorable by exorbitant raw
material. Crop estimates were also far
apart, causing irregularity and ten
dency to await more definite inforfna
tion. The outlook grew much more
cheerful from the producers point of view
when the closing month brought higher
rrice than cents. Expanding crops of
sugar had the effect of lowering prices,
while competition of refiners caused a
still larger fall in the finished product,
to the great benefit of consumers. Petro-
leum was less fuctuating, the extremes
of the year being $50 and 7.65 cents for
refined in barrel cargoes. Extensive
fields in the South were developed, when
tended to hold prices down. Exports OF
the staple products reached new high
record, notwithstanding the lower average
prices of oil and cotton, and the scarcity
OF corn. The crop year opened with q