The Washington times., 1902-01-04
Un0qual0d Prosperity and
Activity Shown.
VAST EARNINGS OF RAILWAYS.
Output Unsurpassed, With the Con-
sumptiVe Demand Keeping Pace
With Production-WaIl Street En-
joys Even More Success Than the
Industries-The GatIook fer 1902

eAhdusINe review OF the business inter
ests of the country in the year 1901
Most marvellous of all the phenomenal
evidences of advancement in business
during the year was the progress made
In manufacturing. 1t 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 enormous.
the improved methods of work and or
ganization were conspicuous, wise econo-
mics were introduced. but more than all
other factors that made for permanent
prosperity was the conservative resistance
to price imitation
Iron aad 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 a famine.
greatly exaggerated by the stubborn
strike. Some idea of the changes in
size of supplies may be found in the
comparison of furnace stocks of pig iron.
as published in the Iron Age which
amounted to 54S, ,663 tons on January l.
These figures steadily declined through
out the year until only 22S,4 462 tons were
held on December l.
The Strike
aside from the slight fall during the
period affected by the strike. there ap-
pears almost a steady gain in production,
closing with the maxima1n quantity on
record. While the output on December 1
was at the unparalleled rate of 16 6SS7572
tons yearly, it is obvious that the actual
production for the year was much
smaller. although quite sufficient to es-
tablish new record, and judging by the
amount of. business already placed for
1902, the current years yield may not un-
reasonably be expected to surpass Il ,0O0
600 tons
The closing weeks of the old year,
however, were handicapped seriously by
inadequate transporting facilities, which
caused shortage of fuel, and also Interrupt
tions from floods and explosions that
wrought much damage in the Pittsburg
region.
Minor Metals.
"Readjustment of quotations was Sc
cured during December, after a year of
unreasonably inflated prices. The atti-
tude of producers was entirely different
from the wise conservatism of iron and
steel makers, and list prices were held
abnormally high, even after large con-
cessions were being made on many p1i-
vate contracts. Copper was stubbornly
held at II cents most of the time but
when the reaction began there was a fail
Wit
advanced to 2S& cents in June. but fell
TO % cents in December Similarly with
lead, the nominal price Of AS cents was
cut TO cents. In all these lines the out
put was heavy, and in the case of cop
per there was Il sudden decrease In for
eign consumption which reduced exports
very materially.
Coal and Coke.
All records of output for hard and
soft coal were surpassed during 1901, de-
spite the scarcity of cars that retarded
operations. A few minor labor disturb
ances interrupted work. but none were
as extensive as in the previous year A
feature of great advantage was the ex-
panding export movement, which reached
more encouraging proportions than in
earlier years. In ten months the value of
shipments was S19, ,0S7, ,353, against 81, ,S2O,-
S6i the year previous. Anthracite coal
made most encouraging gains, and it is
much more desirable to have foreign
commerce grow in this expensive class of
fuel rather than in bituminous. Coke
ovens made a phenomenal record, estab-
fishing new high water mark of weekly
output at 24i.529 tons late in November.
The Produce Market.
While 1860 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.
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 consump-
tion and export.
The Corn Crop Shortage.
Heat and drought caused a serious cur
tailment of the corn crop, which proved
the most important event of the year.
While this influence naturally induced an
advance in price that practically pro-
hibited experts, 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
ia 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 h short
rop year preceding.
Cotton.
Cotton passed a season of wide yari- !
ations, in the early months attaining the
highest price of the decade. but falling |
,ack sharply as the spinning situation /
-tas rendered unfcyorable by exorbitant |
is.w material. Crop estimates were also /
apart, causing irregularity and a ten
.sency to await more definite information. |
khe outlook grew much more cheerful |
irom the producers point OF view when |
the closing month brought a higher price |
than cents.
Expanding crops Of sugar had the effect |
Of lowering prices, while competition of
refners caused still larger fail in the
finished product 10 the great benefit of
Ct nsumers.
Exports of Staples.
Exports OF the staple products reached
a new high record, Notwithstanding the
lower average prices of oil and cotton
9 nd the scarcity of corn. The crop year
opened with a new record Of wheat and
Our exports, amounting to "a, ,13O, $50
kishels in August, far .Irpassing any |
Irevious month while for five months
eAding November 30 the aggregate was
u, 92g 1852 bushels.
Exceptional conditions produced an
unusually irregular money market during