Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-01-01
The YEARS BUSINESS
Progress in Manufacturing Dur.
ing the Year 1901 Has Been
Phenomenal.
Expansion Of Productive Capac-
ity Never Equalled in His.
tory OF Nations.
Dun's Review Of Industry and
Trade in America in
Past Year.

of a twelve-month. The expansion of
productive capacity was enormous, the
improved methods of work and organi-
cation was conspicuous, wise economies
were introduced, but more than all other
| factors that made for permanent pros
perity was the conservative resistance
to price Initiation.
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 Accommodations were absorbed.
From a condition of glut, there arose al
most q famine, greatly exaggerated by
the stubborn strike. Some idea of the
| changes in size of supplies may be our
in the comparison of furnace stocks OF
pig iron, az published in the Iron Age,
which amounted to 54S, 663 tons on Jan.
1. These figures steadily declined thru
out the year until only 223, 1852 tons were
held on Dec. 1. Aside from the slight
fall during the period affected by the
strike, there appears almost a steady
gain in production, closing with the
maximum quantity on record. Whiie
the output on Dec. / was at the unpar-
alleled rate of 10.SS7, 572 tons yearly, 1t IS
| obvious that the actual production for
the year was much smaller, altho quite
sufficient to establish a new record. and
Judging by the amount of business al
ready placed for 1902. the current years
yield may not unreasonably be expect
ed to surpass Il, 000. 600. The output OF
rails was beyond all records, yet con-
tracts for 1902 already indicate another
high water mark of probably 100000
tons.
Minor Observation-Disclosures Of quota
lions was secured during December, af-
ter a year of unreasonably inflated
prices. Copper was stubobrnly held at
II cents most of the time, but when. the
reaction began there was a fall of 4
cents within a few days. Tin was adj
vanced to 2SAc in June. but fell to %
cents In December. Similarly with lead.
the nominal price OF Aassc was cut to DC.
Tin plates closed the year where they
opened, but in the interim there was, an
advance to 81 on account of the famine
that followed the strike
Coal and Coke-All records of output
for hard and soft coal We're surpassed
during 1901, despite the scarcity of cars
SiAS1t iStAi
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 $780, S7, 343, against SIT, $780,
1854 the year previous. Coke ovens made
a phenomenal record, establishing a new
high water mark of weekly output at
pa, 500 tons late In November.
Leather Conditions-An entire year Of
activity and an era Of high prices char
acteriZed the leather market, but there
has been no boom such as existed dur
ing 1895, and resulted in one of the most
disastrous slumps ever known in the
leather history. The rise in values was
sure and by easy stages n entirely
legitimate. inasmuch as it was based on
the laws of supply and demand.
Market for Wool-Further declines
occurred in the price of this staple dur
ing the opening months of 1901. and the
bottom was not reached until July /,
when 100 grades. according to Coates
Brothers circultr, was quoted at 81 per
from the high point of 24.70 in De-
cember. 1899. With the absorption of
surplus stocks and general revival In
the industry. the turning point was
reached in September. Further strength
and activity were in evidence each sue
ceeding month.
The Produce Markets-While 1900 was
the best year eve experienced by do
nestle agricultural interests, the OPEN
ing year of the new century was in
many ways more profitable, and the two
together have put the farming popula-
ton in much the most satisfactory posi-
ton in the nations history. Formerly
the season of harvesting and crop NOV
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-
and, while there is still a large
movement Of money away from the east
the fall months. 1t is of funds
that were held here for the account of
correspondents. There is a
steady tendency to enlarge, the acreage
sown in the leading crops, yet supplies
not increase, owing to the better de-
both for home consumption and
export. Heat and drouth caused a seri-
Gus curtailment of the corn crop, which
proved the most important event of the
year. While this influence naturally in
6uced an advance in prices that practi-
cally prohibited exports, and thus seri-
ously affected foreign commerce, 1T was
no means an unmiXed evil, since the
to growers vas even larger than
in years of normal production, while the
enormous 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
short crop year preceding. Meats.
naturally, reflected the expensive posi-
ton of fodder, and 1t was gratifying to i
that Exports were not materially
reduced by the high level. Cotton passed
& season of wide variations, in the early
attaining the highest prices of
the decade, but falling back sharply as
spinning situation was rendered un-
favorable by %exorbitant raw material.
Crop estimates We're also apart, causing
irregularity and a tendency to await
more definite information. The outlook
grew much more cheerful from the pro-
ducer's point OF view, when the closing
brought a higher price than s.
cents. Equally erratic was the course of
- 4. -. - on,, ro III 90 i