The age-herald., 1902-01-01
Dun's Review Shows Wonderful Progress in Manufactu ing
IRON AND STEEL RESPONDED
From a Condition of Gut In the Mar ket There Arose Almost a Fam Inc Greatly Exaggerated
 By Stubborn Strike.

I will say on January 4:
 Most marvellous of all the phenominal evidences of advancement In business dur ing the year was the progress made in manufacturing. It Is impossible to be too extravagant in delineating the movements of the industrial world. Never in the history of this country or any other nation, has such development occurred with the space of twelve month. The expansion of produc- tive capacity was enormous, the improv- ed methods of work and organization were conspicuous, wise economies were intro duced, but more than all other factors that made for permanent prosperity was the conservative resistence to price in f1ation.
 Iron and Steel.
 After the reaction of 1900 the level or prices remained depressed for some months but gradually responded to the in- creasing demand as excessive accumula- tions were absorbed From a condition of glut there arose almost famine great ly exaggerated by the stubborn strike. Some idea of the changes in size of sup plies may be found in the comparison of furnace stocks of pig iron as published in the Iron Age which amounted to 54S.- 6ss tons on January 1. These figures stead fly declined throughout the year, until only 223, 4e2 tons were held on December l. Aside from the slight fall during the period affected by the strike there ap- pears almost a steady gain in production, closing with the maximum quantity on re- cord While the output on December was at the unparalleled rate of 1o,SS7 572 tons yearly, it is obvious that the actual production for the year was much small CT, although quite sufficient to establish a new record, and judging by the amount of business already placed for 1902 the current years yield may not unreasona- ply be expected to surpass seventeen mil lion tons Output of rails was beyond all records, yet contracts for 1902 run as high as 100000 tons over last year. Minor Metals.
 Re-adjustment of quotations was secur- ed during December after a year of un- reasonably inflated prices. Copper was stubbornly held at r cents most Of the time, but when the reaction began there was fall of four cents within few days. Tin advanced to 2S% in June, but fell to p cents in December. Similarly with lead, the nominal price of AS was cut tc 4 cents. Tin plates closed the year where they opened, but in the in- terim there was an advance to S on &C., count 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 oper- ations. 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 shipments was S19,0S7, ,353, against $17, 820, ,S64 the year previous. Coke ovens made a phenomenal record, establish ing a new high water mark of weekly output at 244,529 tons late in November.
 Leather Conditions.
 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 1t was based on the laws O. 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 reach ed until July 1, when one hundred grades, according to Coates Bros circular was quoted at 17.06 cents. This represented a loss of 31 per cent. from high point of 2470 in December, 1899 With the absorp- ton of surplus stocks and general re- vival in the industry the turning point was reached In September. Further strength and activity was in evidence each succeeding month.
 The Produce Markets.
 While 1900 was the best year ever ex- perienced by domestic agricultural in- terests the opening year of the new cen tury was in many ways more profitable and the two together have put the farm ing population in much the most satis. factory position in the nations history | Formerly, the season of harvesting and | crop moving brought heavy borrowing | of funds at the east, but interior con. ditions have changed to such an exten'
 that western banks are lenders at New | still a large movement of money away l from the east during the fall months l it Is of funds that were held there fol | the account of interior correspondents | There is a steady tendency to enlarg, l the acreage sown in the leading crops 1 yet supplies do not increase owing te ! the better demand both for home con.
 sumption and export. Heat and droutf caused serious curtailment of the corr 1 crop which proved the most important event of the year. While this influence naturally induced an advance in price l that practically prohibited export and thus seriously affected foreign commerce | it way by no mean 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.
 Exports Not Reduced.
 Meats naturally reflected the expensive position of fodder and it was gratifying to notice that exports were not material. ly reduced by the high level Cotton pass- ed a season of wide variations in the early months attaining the highest price of the decade. but falling back sharp ly as the spinning situation was ren- dered unfavorable by exorbutant raw material Crop estimates were also far apart, causing irregularity and tend ency 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. Equally cratic was the course of coffee, on account of heavy