Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1902-01-09
a YEAR OF BIG THINGS.
Record of 1901 for Development OF
American Manufactures Never Has
Been EquaIIed.

New York, Jan. 1.-Dun's Review
will say on January 4:
Most marvellous of all the phe-
nomenal evidences of advancement in
business during the year was the pro-
gress made in manufacturing. 1t is
impossible to be too eNtravagant in
delineating the movements of the in
dustrial 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-
nous, the improved methods of work
and organization were conspicuous,
wise economies were introduced, but
more than all other factors that made
for permanent prosperity was the
conservative resistance to price infla-
ton.
All records of output for hard and
soft coal were surpassed during 1901,
despite the scarcity of cars that re-
tarded operation. 4 feature of great
advantage was the expanding export
movement, which reached more en-
couraging proportions than in earlier
years. In ten months the value OF
shipments was $19, ,S07, ,353, against
SlLS20,SG4 the year previous. Coke
ovens made phenomenal record,
establishing a new high water mark
OF weekly output at 244,529 tons late
in November.
Further declines occurred in the
price of wool during the opening
months of 1901, and the bottom was
not + ached until July l, when 100
grades were quoted at 17OG cents.
This represented loss of 81 per
cent. from the high point of 24.7O in
December, 1899. With the absorp-
tion of surplus stocks and general
revival in the industry, the turning
point was reached in September. Fur
ther strength and activity was in evil
dence each succeeding month.
While 1900 was the best year ever
experienced by domestic agricultural
interests, 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 i'll the
nations history. Formerly the sea-
son of harvesting and crop moving
brought heavy borrowing of funds
at the east, but interior conditions
western bankers are lenders at New
York and Chicago and while there is
still a large movement Of money
away from the east during the fall
months, il is OF funds that were held
here for the account of interior cor
respondents. There is steGdy tend
ency to enlarge the acreage sown in
the leading crops, yet supplies do not
increase, owing to the better demand
both for home consumption and eX-
port. Heat and drouth caused a seri-
Gus curtailment of the corn crop.
Meats naturally reflected the eX-
pensive position of fodder and it was
gratifying to notice that exports
were not materially reduced by the
high level.
Cotton passed a season of wide
variations, in the early months at
tanning the highest price of the de-
cade, but falling back sharply as the
spinning situation was rendered un-
favorable by eNorbitant raw material.
In the year of big things 1t was
natural that new high records should
be recorded in deposits and loans.
Financing OF big syndicate operations
and unparalleled stock market deal
ings combined to raise the total of
loans and discounts to $9l+623,O00
On February 1G, against SS25S30,6OO
on September 10, 1900, the TOP point
Of that year. On the same date de-
posits attained their zenith at $i,O11,
%290OO, compared with S9l4,SlO,30O on
March 4, 1899, the record prior tt
1901.