The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-01
DUN REVIEWS 1901
PHENOMENAL YEAR IN INDUSTRIAL
WORLD.
PROGRESS IN MANUFACTURES
DEVELOPMENT EXCEEDED ALI,
PREVIOUS RECORDS.

Enormous Demand for Coal, Coke
and SteeI-Improved Condition of
the Agricultural Interests, Espec-
tally i'm the wcst-Cotfon showed
Too Many Neutrality-suspicious. and
Discounts Reached Hitherto Un-
known Figures-siIver showed a
Uniform Decline, Dropping to Bot
tom Prices.
New York. Dec. s1.-Dun's Review
will say oil Jan. 4:
Most marvellous of all the phenome
nal evidences Of advancement III busi-
ness during the year was the progress
made in manufacturing. It is impos
sible to be too extravagant in delineat-
Ing the movements of the Industrial
world. Never In the history of this or
any other nation has such development
occurred within the space of a twelve
months. The expansion of productive
capacity was enormous, the improved
methods of work and organization were
conspicuous, wise economies were in
| troduced, but more than all other fac.
tors that made for permanent pros
perity was the conservative resistance
|
to price imitation.
Iron and steel.
After the reaction of 1900 the level
OF prices remained depressed for some
months. but gradually responded to
the increasing demand as excessive ae-
cumulations were absorbed. From a
condition of glut there arose almost a
famine, greatly exaggerated by the
stubborn strike. Some idea of the
changes in size of supplies may he
round in the comparison of furnace
stocks of pig iron, as published in the
Iron Age, which amounted to s4s.es3
| IONS on Jan. l. These figures steadily
declined throughout the year until oni,,
22S,462 tons were held on Dec.
Aside from the slight fall during the
period affected by the strike there ap-
| pears almost a steady gain in produce
| ton, closing with the maximum nuan-
tity on hand. Judging by the amount
OF business already placed for 1902 the
current years yield may. not unreason-
ADiy ne expected TO surpass 10000 o0O
tons. The output Of rails was bevond
all records, yet contracts foi 1902 AL
ready assure another high-water mark
OF probably 100000 tons.
Coal and Coke
All records of output for hard and
sort coal were surpassed during 1901,
despite the scarcity of cars that re-
tarded operations. A feature Of great
| advantage was the expanding export
movement which reached more en-
oouraging proportions than In previous
years. In ten months the value OF
shipments was $l9.0S735S, against $1T,-
s2O,S64, the year previous Coke ovens
made a phenominal record, establish
ing new high water mark of weekly
output at 244,529 tons late In Novem-
Der.
The Produce Markets.
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 profit
aoIe' ana the two together have put
the farming population in much the
most satisfactory position in the ma
tion's history. Formerly the season OF
harvesting conditions have changed To
such an extent that Western banks
are lenders at New York and Chicago
and where there is still a large move
ment of money away from the E,ast
during the fall months, II is OF FUNDS
that we're held here for the account of
interior correspondents. There Is
Steady tendency to enlarge the acre
age sown in the leading crops, yet sut,-
plies do not increase, owing to the bet
Ter demand both for home consumption
and export. Heat and drought caus-
ed serious curtailment of the corn
crop, which proved the most tmpor-
tant event OF the year. While this
influence naturally induced an advance
IN price that practically prohibited ex-
ports and thus seriously affected for
eign commerce it was by no means an,
unmixed evil, since the return. to
growers was even larger than IN a
year OF normal production while the
enormous yield of wheat was absorbed
by stock feeding and foreign consum-
ers 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 I'm the short
crop year preceding.
Cotton's Bad Variations.
Meats naturally reflected the expen-
sive position of fodder, and 1t was graf
flying to notice that exports were not
materially reduced by the high Level.
Cotton passed q season of wide varia-
tions, in the early months attaining
the highest price of the decade. but
falling back sharply as the spinning
situation was rendered unfavorable by
exorbitant raw material. Crop esti-
mates were also far apart. causing ir-
regularity and a tendency to await
more definite information. The outlook
grew much more cheerful from the
producers point OF view when the
closing month brought a higher price
than cents. Expanding crops of su-
gar had the effect of lowering prices
while competition of refiners caused
still larger fall in the finished product
to the great benefit of consumers.
Petroleum was less fiuctuating the ex-
tremes OF the year being $50 and 765
Extensive fields in the South were
developed. which tended TO hold prices
down. Exports of the staple products
reached a new high record, notwith-
standing the lower average prices OF
oil and cotton. and the scarcity OF corn
The crop year opened with a new re-
cord OF wheat and -four exports.
amounting to "a. .130.3s0 bushels In Au-
gust far surprising any previous
month, while for Ave months ending
Nov. 30, the aggregate was i26,92s,i62
bushels
Big Bank Records.
Bank Records--In the year Of biz
things II was natural that new high
records should be recorded In deposits
and loans. Financing OF big syndicate
operations and unparalleled stock mar
ket dealings combined TO raise the total
OF loans and discounts TO 9gii,623. 900
on Feb. lg. against ss25. .S30.600 on sept
20. 1900, the top point Of that year. on
the same dafe HruDaffa ATTAINED fNnfr