Arizona republican., 1904-01-15
REVIEWS OF 1908; 1904 FORECASTS
Summary of Commercial and Financial Reviews and Forecasts of Closed
 and Opening Years.

All the reviews note as the most striking feature of the commercial and financial year just closed the Wall street depression following a period of over speculation and flotation. The figures purporting to represent the shrinkage in the market value of list ed securities vary so much as to make them useless, but it is worth noting that the New York Heralds tables of listings on the New York stock ex- change for 1903 show that, compared with 1901, the volume of securities fell off more than S356 ,0O1, ,O0O. In 1902 the listings amounted to $1,337, ,55l ,S95; in 1903 the listings were only $9S0 927 ,000 The causes of the slump in the stock market have been so recently discuss ed that it is not neceS- sary to go into them at length at this time. Lack of faith on the part of 'he public in Wall street schemes to float enormously over-capitalized compan- ies was the principal cause of the slump. Commercial failures for 1903 show the largest total since 1896; the totol being $156,6 1859 against $117 ,476,- 169 in 1902. Controller Ridgely's opinion is that " the worst of falling (stocN. values is past"
 There is d substantial agreement that good crops and prosperity in all industries. except perhaps iron and steel, did much to cOunteract the de- pression of the financial world and to make the year prosperous on the whole. Mir Oscar K. Lyle of the New York pro- duce exchange, after noting a loss Of 40 per cent in wheat exports from New York as compared to 1902, points out that the export value of corn in eleven months of 1903 of $46,524, 900. must be compared with an export value of only $6,567 ,00O in 1902. What we have lost on wheat Mir. Lyle says, we have more than gained on corn. Taken to- gether the gain is s1O,OOO,OOO.'
 Our foreign trade for the year has shown a large increase on the import side, estimated by MT. O. P. Austin. of the bureau of statistics, to amount to $40,000,0O0 more than last year. Mr. Austin is confident that imports for the year will total more than a billion dol lars. while exports will probably show a greater total than in any year ex- cept 1900. The greatest increase has been in the export of farm products, and the great decrease in the manufac- ture of iron and steel.
 The forecasts of the year 1904 are the most impressive because they are in perfect agreement as the following statement shows. The Herald intro duces it's review with the remark that:
 Conservative optimism appears to be the attitude of the business and finan- cial world. It is but natural that such should be the case, not only because Wall street has done some damage, but also because of the natural hesitance which comes to business men during q presidential year. It seems highly like ly that a smaller volume of business will be transacted during 1904 than in recently preceding years, but the coun try. so far as the industries are con cerned stands in an enviable position, better at the close of 1903 than at the beginning. and if the crops turn out well the promise for the continuance of industrial prosperity is bright.
 The Evening Posts summary of the