The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-01-01
PHENOMENAL.
Advancement Made in Manu-
features During 1901.
Has Never Been Equalled in Any
Country.
ALL RECORDS BROKEN.
In the Output Of Hard and Soft
Coal.
Best Year Ever Experienced in
Agriculture.
ALL RECORDS BROKEN

New York, Jan. 1-Dun's Review will
say on January 4:
Most marvellous of all the phenomenal
evidences of advancement in business
! during the year was the progress made
in manufacturing. 1t is impossible 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 oc-
CURED within the space of Il months.
The expansion of productive capacity
was enormous, the improved meth
DDS OF work and organization were
conspicuous, wise economies were in
troduced, but more than all other fac
tors that made for permanent prosper
ity was the conservative resistance to
price imitation.
After the reaction of 1900, the level
of price remained depressed for some
months but generally responded to the
increasing demand as excessive accunl-
ulations were absorbed. From a condi-
tion of glut there arose almost fam
inc, greatly exaggerated by the stub
born strike. Some idea of the changes
in size of supplies may be found from
the comparison of furnace stocks of
pig iron, as published in the Iron Age,
which amounted to 54S, ,663 tons on jan
uary 1. These figures steadily declined
throughout the year until only 223, 1852
tons were held on December 1.
Aside from the slight fall during the
period affected by the strike there ap-
pears almost a steady gain in produc-
ton, closing with the maximum guam
tity on record While the output on
December 1 was at the unparalleled
rate of 10,SS7, 572 tons yearly, it is OBJ
vious that the actual production for
the year was much smaller, although
quite sufficient to establish new rec
ord, and judging by the amount of
business already placed for 1902 the
current years yield may not unreaSon-
ably be expected to surpass 1900, 900
of 10xY
all records yet and contracts for 1902
already indicate another high water
mark of probably three million tons.
Readjustment of quotations was Sc
cured during December after a year of
unreasonable inflated prices. Copper
was stubbornly held at II cents most
of the time, but when the reaction be-
gan there was a fall of four cents with
ia. q few days. Tin was advanced to
2S3z cents in June, but fell to 2z cents in
December. Similarly with lead the
nominal price of AS cents was cut to
cents. Tin plates closed the year where
they opened, but in the interim there
was an advance of 81 on account of the
famine that followed the strike.
All records of output for hard and
soft coal were surpassed during 1901,
despite the scarcity of cars that retard-
ed operations. feature of great ad-
vantage was the expanding export
movement which reached more encOur-
aging proportions than in earlier years.
In ten months the value of shipments
was $19,067 ,353, against $17,S20,864 the
year previous. Coke ovens made a
phenomenal record establishing a new
high water mark of weekly output at
pa, ,529 tons late in November.
An entire year of activity and an era
of high prices characterized the leather
market but there has been no boom
such as existed during 1895 and result
ed in one of the most disastrous slumps
ever known in leather history. The rise
in values was steady and by easy
stages and entirely legitimate, mas
much as it was based on the laws of
supply and demand
Further declines occurred in the price
of this staple during the opening
months Of 1901, and the bottom was not
reached until July 1, when 100 grades,
according to Coates & Brothers circu-
lar was quoted at 1905 cents. This rep
resented a loss of 81 per cent from the
high point of 24.70 in December, 1899.
With the absorption of surplus stocks
and general revival in the industry, the
turning point was reached in Septem-
ber Further strength and activity was
in evidence each succeeding month.
While 1900 was the best year ever ex-
perienced by domestic agricultural in
terests, the opening year of the new
century was in many ways more pro-
fitable and the two together have put
the farming population in much the
most satisfactory positions in the ma
tion's history. Formerly the season of
harvesting and crop moving brought
heavy borrowing of funds at the east,
but interior cOnulllOnS nave cndHSeu 10
such an extent that western banks are
lenders at New York and Chicago and
while there is still a large movement
of money away from the east during
the fall months. it is of funds that
were held for the account of interior
correspondents There is a steady ten
dency to enlarge the acreage sown in
the leading crops, yet supplies do noS
increase owing to the better demand
both for home consumption and export.
Heat and drouth caused serious cur
tajlment of the corn crop, which proved
the most important event of the year.
While this influence naturally induced
an advance in prices that practically
prohibited exports and thus seriously
affected foreign commerce 1t was by no
means an unmixed evil, since the return
to growers was even larger than a year
of normal production, while the enor-
nous yield of wheat was absorbed by
stock feeding and foreign consumers
in place of corn. Hence, instead of a
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.
Cotton passed a season of wide vari-
alton. in the early months attaining the
highest price of the decade, but falling
back sharply as the spinning situation
was rendered unfavorable by exorb-
liant raw material. Crop estimates
were also far apart, causing Irregular
ity and tendency to await more def
mite information. The outlook grew
much N ore cheerful from the producers
point of view when the closing month
brought a higher price than cents.
Equally erratic was the course of cOf-
fee. on account of heavy Brazilian re-
ters. Opening trade at the coffee ex-
change rose far above the quiet condi-
tions Of recent years. Expanding crops
of sugar had the effect of lowering