The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1902-01-08
. YEAR OF DEVELOPMENT.
The Progress # the United States
Never Eoual1ed by auy Nation.

The Progress # the United state,
Never Equa11ed by any Nation.
Dun's Review of January A, 1902
has the following summary of thu
progress male in a business way b,
the United States during the pas
year:
Most marvellous Of all tho pheno
menal evidences of advancement il
business during the year was the prog
ress made in manufacturing. 1t is i'm
possible TO be too e%xtravagant in de
lineating the movements of the indus
trial world. Never in the history Of
this or any other nation has such de.
velopment occurred within the space
OF a twelve-month. The expansion OF
productive capacity was enormous, the
improved methods of work and or
ganization were conspicuous, wise eco
Monies were introduced, but more
than all other factors that made for
permanent prosperity was the conser-
vative resistance to price initiation.
After the reaction of 1900 the level
of prices remained depressed for some
months, but gradually responded to
the increasing demand as excessive
~accumulations 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 be
found in the comparison OF furr re
stocks OF pig iron, as published in the
Iron Age, which amounted to 548 ,663
tons on January L. These figures
steadily declined throughout tho year
until only 223 ,462 tons were held on
December 1.
Aside from the slight fall during the
period affected by the strike there APP
pears almost a steady gain in produc.
ton, closing with the maximum guam
tity or hand. Judging by the amount
of business already placed for 1902 the
current years yield may not unreason-
ably be expected to surpass seventeen
million tons. Output of rails was be-
yond all records, yet contracts for 1902
already assure another high water mark
of probably three million tons.
All records of output for hard and
soft coal we're surpassed during 1901,
despite the scarcity of cars that re-
tarded operations. A feature of great
advantage vas the expanding move-
ment, which reached more encourage
g proportions than in previous years.
In ten months the value of shipments
was $19 1857 1853, against $17 1920, 1854
the year previous. Coke ovens made
a phenomenal record, establishing a
new high water mark of weekly output
at 244 500 tons late in November.
While 1000 was the best year ever
experienced by domestic agricultural
interests, the opening year of the new
century was in many ways more pro-
ftable, and the two together have put
the farming population in much the
most satisfactory position in the ma
toms history. Formerly the season
of harvesting and c%rop-moving brought
heavy borrowing Of funds at the East,
but interior conditions have changed
to such az 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
during the fall months, it lie of funds
that were held here for the account of
interior correspondents. There is a
steady tendency to enlarge the acreage
sown in the leading crops, yet supplies
do not increase, owing to the better
demand both for home consumption
and export. Heat and drought caused
q serious curtallment of The corn crop,
which proved the most important event
of the year. While this influence ma
turally induced an advance in price
that practically prohibited exports and
thus seriously affected foreign COM
merce, it was by no mean an unmixed
evil, since the return TO growers was
ever larger than in a year of normal
production, while the enormous yield
of wheat was absorbed by stock feed.
ing and foreign u in place of
corn.
Hence, instead of q 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-
sive position &C fodder and it was
gratifying to n-.lce that exports were
not materially reduced by the high
level.
Cotton passed q season of wide varia-
tions In the early months attaining the
bighestiprice of the decade, but falling
back sharply as the spinning situation
was rendered unfavorable by exorbitant
raw material. Crop estimates were
also far apart, causing irregularity and
q tendency TO await more definite in
formation. The outlook grew much
ore cheerful from the producers'
mt Of view when the closing month
ought q higher price than 8 cents.
Expanding crops of sugar had the
effect OF lowering prices, while COM
petition Of refiners caused q still larger
fall in the finished product, to the great
\ benefit Of consumers.
" Petroleum was less calculating, the
extremes Of the year being 800, and
1855 cents for refined In barrel cargOes.
Extensive fields in the South were
developed, which tended TO hold prices
down.
Exports of staple products reached
a new high record, Notwithstanding
the lower average prices of oil and cot
ton and the scarcity Of corn. The crop
year opened with u new record OF
wheat and -four exports, amounting To
"a ian RQ0 huahala In Anouat fox a.,