The people's journal. (Pickens, S.C.) 1891-1903, 1902-01-09
A YEAR OF DEVELOPMENT.
The Progress Of the United states
Never Equa11ed by any Nation.

has tho following summary of tn
progress made in q business way b
the United States during the pas
year:
Most marvellous Of all tho phcno
menal evidences of advancement il
business during the year was the prog
ress made in manufacturing. 1t is i'm
possible to be too extravagant in dc.
lineating the movements of the indus.
trial world. Never in the history OF
this or any other nation has such dc.
velopment occurred within the space
of 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 conscr-
vatlve resistance to price imitation.
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
Il condition of glut there arose almost
n 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 Ago, which amounted TO 54S ,GG3
tons on January !. These figures
steadily declined throughout the year
until only 223, ,4G2 tons were held on
December l.
Aside from the slight fall during the
period affected by the strike there ap-
pears almost steady gain in produc.
ton, closing with the maximum guam
tity on 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 were surpassed during 1901
despite the scarcity Of cars that re-
tarded operations. A feature of great
advantage was the expanding move
ment, which reached more cncourag-
ing proportions than in previous years
In ten months the value of shipments
was $40 ,0S7 1853, against SIT $50 ,SG4
the year previous. Coke ovens made
phenomenal record, establishing Il
new high water mark Of weekly output
at 244 500 tons late in November.
While 1900 was the best year ever
experienced by domestic agricultural
inter ests, the opening year of the new
century was in many ways more pro-
fitable, and the two together have put
tho farming population in much the
most satisfactory position in the ma
tion's history. Formerly the season
of harvesting and crop-moving brought
heavy borrowing Of funds at the East,
but interior conditions have changed
to such al extent that Western banks
are lenders at New York and Chicago,
and while there is still large move
ment Of money away from the East
during the fall months, it ie 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 curtallmcnt Of the corn crop,
which proved inc most important event
Of the year. While this influence ma
turally induced m advance in price
that practically prohibited exports and
thus seriously affected foreign COM
merce, it was by no mean an unmiXcd
evil, since the return to growers was
even larger than in year of normal
production, while the enormous yield
of wheat was absorbed by stock feed.
ing and foreign consumers in place Of
corn.
Hence, instead of 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 Of fodder and it was
gratifying to notice that exports were
not materially reduced by the high
Lowell.
Cotton passed season Of wide varia-
tions in tho early months attaining the
highest price 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 irregul arity ant
tendency to await moro definite in
formation. The outlook grew much
moro cheerful from the producers
point OF view when tho closing month
brought a higher price than 8 conts.
Expanding crops of sugar had thu
effect of lowering prices, while com
petition of renners caused still large
fall in the finished product, to the grea
benefit Of consumers.
Petroleum was less fluctuating, tn
extremes Of the year being $50, AM
7.65 cents for refined in barrel cargocs
Extensive fields in the South wer
developed, which tended TO hold price
down.
Exports of staple products rcachc
new high record, notwithstandin
the lower average prices Of oil and col
ton and the scarcity Of corn. The GRO
year opened with new record c
wheat and -four exports, amounting