Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-12-31
ANNUAL REVIaF7
Of Business Show a Mr Of
Much lrregularity
Trade and Industry FIourished Ea7ly
Followed by Labor TroubIs
Today United States in st sno..+
Position 1t Has Yet Affair

,;am,'ee ,b' Dec. oo'-ih IT'S ann ~ re-
streets will say: "a
Nineteen hundred ard three -.
" - III specuIa1ie dis
anu ,'iua7'ry- Mme
cases OF severe strains, serious w ~
piled and as differently with 49,,
While excuses occurred, the ca.se 80
events SO far has proved that the y. ~
eiai 'raue iouioa,ioii was essen ay
soui'o' anu mat the structure r'as ed
upon it was in the main well d, I
Stock market liquidation, though III Q
has been apparently thorough n
while many weak spots have n
found, ordinary trade has had :; %
opportunity To- gradually readjus. /
self to changfd, ,apAlitions of sui y
and demand without the imperilr ii
which would have followed a spec, :
tive crash as has been freely predit q
would close the present period of p :
perity.
Summarizing the years devel' :
1nents, the review calls attention to .
excellent condition of trade and 4 .
dustry during the first quarter and i g..
multiplication of labor troubles durh
the second quarter, June l, seeing t
largest number of men out of emplo. ,
nent in many years. Building COZ =
struction at many large cities wa )
checked and it was practically at /
standstill at New York throughout til :
summer.
The high price of cotton caused tt
iItpnpGS of , N00
OGo spindles and 100000 operatives il
the middle of the year, while reduc.
tions in wages of many thousands o.
workers in the last months impaired
the purchasing ability OF the industrial
clement The ordinary failures con-
tinued smaller in number, though La
biities were larger than - scar ago
November and December showed a
more optimistic ton" i'll general BUSH
ness. though trade in dry goods was
unsettled by the enormous advance in
cotton. Trade as whole Was probably
in exces, of 1902. The wheat crop was
slightly less than that OF 1902, and corn
and cotton We're affected by the late
spring floods and early trcsts. The yields
of the country's crops as q whole
falling behind 1902.
The price of corn has been below
that of 1902, but high prices of cotton
coupled with the imp owed quality OF
most crops, insure q financial return TO
the farmers above that OF 100.
Manufacturing industry was fever
ishly active early i'll the year, iron and
steel leading. Curtailment following Il
10 per cent. reduction in prices cut
down the Olttnut and Il liberal export
movement starred. Lumber ard build
ing material fclts the dectinexln actiV-
'ity The ct viii probably run 10 per
cent. below 1862. The wool clip was 10
per cent less than in 1902, but sold at
an advances over 1902. Cotton manu-
facturing struggled against advances
of from f., to 50 per cent i'll raw mate
rial. comrarcd with increases of only
10 10 - per cert. in goods, and the SILK
industry was also affected by high raw
material Anthracite coal was active:
soft coal was strong and brisk carly,
weakening later, and coke showed
great extremes in prices.
Reduced stock speculation at the
metropolis cut down the bank clearinSs
at New York IS per cent. from 1902, but
cont gain over 1902.
Prices early IN the year evidenced tpe
the strength of demand, reaching Oh
Marcl. / the highest level for three
years past. Metals, live stock. meats,
hides and leather. coal and coke react
ed. but brcadstuffs, textiles. mincral
oils. building materials. coffee and
miscellaneous products finished higher.
Gross railroad earnings and net re-
ceipts gained 70 per cent. over 1902. IN
migration was the largest ever known.
Up to the middle OF 1908 the country
had been travelling at a swift pace, but
40 marked signs of over-eNtension are
visible Moreover the United tattSof
To-Day is in far stronger position than
il was 10 or even five years ago, ana
we owe less abroad than ever before.
There are still some cloud shadows, but
the barometer has begun to rise, and
the commercial world may expect a
fairly satisfactory business along hnc5
OF confident conservatism. governed, ae
the year advances, by crop and indus