The Montgomery advertiser., 1902-01-01
DUN TELLS OF GROWTH
Resistance to Price Imitation
 a Factor.
Did More For Permanent Prosperity Than Any Other One Thing. Expansion of Productive
 Capacity Enormous. ,

a
 New York. Dec. a.-Dun's Review will say. on January {.
 Most marvellous of all the phenomenal evidences of advancement in business during the year was the progress made in manufacturing. It is impossible to be too extravagant in delineating the move- ments of the industrial world. Never in the history of this or any other nation has such development occurred within the space of a twelvemonth. The expan- sion of productive capacity was enor- m ous, the improved methods of work and organization were conspicuous. wise econ miles were introduced. but more than all other factors that made for permanent prosperity was the conservative resist ance 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 accumu- lations were absorbed. From condition of glut,- there arose almost famine. greatly exaggerated by the stubborn strike Some idea of the changes in size of supplies may be found in the compari- son of furnace stocks of pig iron. as published in The Iron Age, which amounted to 54S.66S tons on January l. These figures steadily declined through out the year, until only 2z3, 462 tons were held on December 1. Aside from the slight fall during the period affected by xh r;l an a steady gain in production. closing with the maximum quantity on record. While the output on December was at the unpar- alieled rate of l0,Ss7,5 ,572 tons yearly, it ,is obvious that the actual production for the year was much smaller, although quite sufficient to establish new rec ord, and, jadgsne by ise anhoppt of hpsi ness already placed for 1902, the current years yield may not unreasonably be ex- pected to surpass 17.0O0,000 tons. Output of rails was beyond all records, yet con- tracts for 1902 already has another water mark of probably 100000 tons.
 Minor Metals.
 Re-adjustment of quotations was secur- ed during December, after a year of un- reasonably inflated prices. Copper was stubbornly held at 17 cents most of. the time but when the reaction began. there was fall of cents within few days Tin advanced to 2S 3-4 in June, but. fell to PC in December Similarly with lead the nominal price of 3-S was cut to 4c Tin plates closed the year where they opened. but in the interim there was an advance to S7 on account of the famine that followed the strike.
 Coal and Coke.
 All records of output for hard and soft coal were surpassed during 1901, despite the scarcity of cars that retarded opera tions. A feature of great advantage was the expanding export movement, which reached more encouraging proportions than in earlier years. In ten months the value of shipment was $l9 OS7, 1853. against $17.S20S64 the year previous. Coke ovens smade a phenomenal record, establishing a new high water mark of weekly output at 244,529 tons late in November Leather Conditions.
 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 resulted 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. inasmuch as it was based on the laws of supply and de- mand.
 Market for Wool.
 Further declines occurred in the price of this staple during the opening months of 1901, and the bottom was not reached until July l, when one hundred grades. according to Coates Brothers circular. was quoted at 17.06 cents This repre- sented loss of 31 per cent. from the high point of 247o in December, 1899 With the absorption of surplus stocks and gem eral revival in the industry. the turning point was reached in September Fur ther strength and activity was in evil dence each succeeding month.
 The Produce Markets.
 While 1900 was the best year ever ex- perienced by domestic agricultural inter- ests, the opening year of the new century was in many ways more profitable, and the two together have put the farming population in much the most satisfactory position in the nations history. Formerly. the season of hay asting and crop mov- ing 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 Chi cago, 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 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 de- mand both for home consumption and export.
 Heat and drought caused serious cur tsilment of the corn crop. which proved the most important event of the year While this influence naturally induced an advance in prices that practically pro- hibited exports. and thus seriously af fected foreign 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 consumers in places 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 Meats