The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1906-01-10
inauences, wss Of large volume at rec

ord prices, despite high money IN
auenced by active trade and disturbed
foreign markets. Iron and steel out
puts advanced; ore sales, clearings
and staple prices all scored high Levels
in December. Repeatedly during the
wear Bradstreet's monthly price index
showed gains above all previous years,
and the sustained strength vas at
tested by the fact that the index num-
Der (revised) was sS.3014 on Decem-
Der 1, the highest point in Il years, 3
per cent. over January 1, and IS per
cent. over the low level in July, 1895.
wholesale buying Quoted toward the
! close and seasonable goods felt the in
duence Of mild weather, but spring
orders exceeded any previous record,
and holiday trade in volume and value
6ttingly crowned a record-breaking
year.
Cotton and Wheat Speculation.
The cotton and grain markets were
scenes Of excitement, with cotton fig
uring most extensively throughout and
finishing at nearly the highest prices
of the year after beginning at the low
est; whereas wheat, highest in Feeru-
airy, found a low level near the close
after a rally from an extreme decline
IN the early summer. Cotton began
the year at z cents for middling up
lands, but on successive reports OF
reduced acreage, bad weather, heavy
rains, fine consumptive demand, and
later heavily reduced estimates of
yield, rose by remarkable jumps, with
some reactions, to 1850 cents, the
highest price being touched in Deem
Der, following the government estimate
of 10.167,G Q bales, contrasting with
a commercial crop last year o. 13.-
100000 bales and an actual yield OF
probably AGO. 600 bales. Reaction
later lost part of. the advance, but it
is still 4 l-2 cents above December,
1909 Exports for the year break all
records in quantity and value owing
to the large old crop and good prices
paid and today the South is more pros
porous than ever.
An era of scarcity, high prices, and
predictions that the United States hao
ceased to figure as an exporter, came
to an end with the next to record
wheat crop of this year. The bulls,
tempted by the strength Of the cash
demand, overstayed the market, and
suffered defeat in the early slump of
March, and the collapse Of the May
option in April. Cash wheat at Chi
5cago touched s1.24, the highest point,
in February; fell to IS II cents in
May, and receded further to II IS
cents in August on good crop reports.
The year closes with cash wheat at
S7@SS cents, against s1.1S at the
opening. Corn was lowest in January
-42 cents-and highest in May
ga 1-2 cents-but has not lost much
strength since, despite the large crop.
Oats were highest in July-34 Ia
lowest in September-25
cents. The coarser grains developed
a good export demand, but wheat,
which had almost disappeared from
export trade last spring, and, to a less
extent, -four, Jagged behind, Russia,
Canada and Argentine competing With
America in foreign markets.
Crops and Foreign Srade.
Record corr and sugar and nex to
record wheat yields were features this
year. Hay and oats yielded largely,
while potatoes, barley, rice and cotton
decreased heavily.
Financial Records Favorable.
Though expanded by active stock,
wheat and cotton speculation, bank
clearings reflect in the main immense
growth in trade and industry. Month
ly totals since October, 1904, have
been in the tens Of billions, successive
high records being struck in March,
and December. Every
month but May showed increases over
the best previous totals. Failures, few
by 8 per cent. than last year, are
only 4 per cent. more numerous than
in 1903, despite the larger number in
business and the immense increase in
activity. Liabilities, though swelied
numerous financial failures, due,
apparently, to unsound or worse bank
ing methods, and not to weakness in
the general situation, are l6 per cent.
less than in 1904, and smaller than in
any year since 1902, which they ex-
coed by 20 ner cent.
Labor and Industry.
Industry was unprecedentedly act
i've, While labor, conservatively man