New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-02
DUNS REVIEW FOR THE YEAR 1905.
SUMMARY OF PROGRESS SET FORTH-FALLING OFF
IN FAILURES-DEMAND FOR LABOR.

With scarcely an exception the Industrial. CON-
znercial. agricultural, railway and financial prog
ress during 1906 surpasses all previous records.
The net result is undoubtedly the most prosperous
period in the nations history, and the year
opens under auspices bright beyond precedent.
The marvellous returns especially gratifying in
view of pessimistc predictions by those who be-
ieve in the periodicity of pancs. unchecked prog
ress for a decade being considered an impossibty
ny some students of economies. Warnings by the
conservative element were dsregarded and the
'countTy's resources developed vigorously
that before the year ended there existed great
scarcity OF men. money and motive power. This
restricted operations TO extent, it is true and
many undertakings were postponed but not often
abandoned AS a result the unfinished business
carried over into 1907 promises continuance or
activity only limited by facilities. which being
extended as rapidly possible. and the leading
manufacturing industries have more orders on the
books than at any previous date.
Demand for labor increased so steadily that wages
were lifted beyond precedent notwithstanding a
record of over million immigrants. Work was often
retarded by the inability hands notably at
manufacturing plants and on the farms The vol
urns OF business and the high level Of prices called
for more money finance operations than
before and the pressure maintained rates for loans
at a very high position only in respect TO call
money in the speculative market. but more notably
for long term loans in mercantile channels. The
nations stock Of gold attained q new high water
mark. and the total amount OF in circulation
rose IN greater ratio than the population shown
By higher per capita than ever before, but
requirements increased still faster. In the few
instances where the closing months OF the year
showed q decrease IN contemplated work, such as
new building permits. the monetary stringency was
usually responsible. The railways could not handle
the business rendered 10 them freight blockades IN
ereasing as the year progressed, inadequate
supply Of being often the cause, while In
other cases loaded trains could not be moved on
sccount OF the scarcity of locomtiyes. Terminal
facilities and tracks also insufficient and ex-
tensions projected for the year Will call for
vast amount of capital Railway earnings were
much IN Of any previous year. and incud-
ang all other interest and dividend payments the
amount distributed in New York alone for January
will establish p record of s1so.o00eoo.
In April the nation was shocked by the fearful
disaster in San Francisco the greatest calamity OF
years. but the response from all sections was
immediate, and quick recuperaton followed Ihis
he'd only d local effect, except n far several
insurance companies were embarrassed. Otherwise
the only adverse features Of minor Importance
and weather conditions proved most ideal for the
crops. Bumper yields were secured In many cases,
ard the total value Of all farm products far sur
passed previous records. Iron and steel plants
turned pig iron and finished products than
;n any preceding year yet prices advanced, because
the demand kept in excess Of the supply. Similar
returns were made by many other manufacturing
industries maintaining the cost Of raw materials
at very high position. Prices of commodities rose
shove all records in more than twenty years. in
response TO censumptive requirements that ex-
banded rapidly than production, while foreign
commerce contributed another new record, with
most notable gains in imports.
IRON AND STEEL.
Although the capacity OF all plants IN the iron
and steel industry has been extended far beyond
the facilities Of any previous time, the year 1905
provided a demand that could not be supplied, and
the tonnage Of untitled orders the opening OF
1907 is not only greater than any similar COMPARE
son in the past but would have equeled full
twelve months business many years ago II
ss that indl
oonte1npstes still further expansion In the nations
consumptive demand, for work is progressing rapid
" at Gary. Ind. providing for an outlay of s75-
de0So0 Another long look into the future has also
been taken by the United States Steel Corporation
IN its for the Great Northern deposits
Two of the greatest for the unprecedented
demand for steel during 1906 the extension of
railways and the greater use Of structural steel for
buildings and bridges the large cities tho lofty
office building is providing vast tonnage OF bust
ness and this branch of the industry has probably
shown the greatest proportion Of growth during the
last year
In spite Of production in the closing month of
1906 Of almost 81 900. 900 annually
IL found necessary 10 import large quantities
o. pig iron. In fact, the demand from the United
States made such drain upon the surplus In Great
Britain that prices abroad also sharply ad-
Tanced, and the industry throughout the world
closed the year I'm the prosperous condition
experienced. When lake navigation closed the
official report of iron shipments showed the I'M
be added approximately 100000 tons moved by rail
The resulting total of IS, 363,642 tons about
1905, 600 than IN 1905. This ratio Of In
crease extends TO practically every department OF
the industry. steel rail mills making record Of
about 900 tons. and the growth was not con-
fined TO standard~weightE for the steam railways
light rails for the trolley companies providing
substantial snare of the increase
In the minor metals there were many sensational
price movements, and although the highest figures
always maintained. the year closed with
net gains OF about pound for tin and cents
fer copper. As the year opened with what con-
sidered exceptionally high prices for these articles
copper having advanced cents and tin dur
ing 1905 the great strength OF the present position
may be appreciated. There large increase in
the output Of copper. with boom IN the mining
properties during the closing months Of the year,
but the electrihcation of miles of steam rail-
roads. in addition TO rapid development OF all de-
partents Of electrical work provides dema nd for
copper that warrants much. II not all, of the ad
in cost To large extent the erratic changes
were due speculation in London but the years
exports of copper show decrease in comparison
with 1905 indicating that the domestic demand
the controlling factor In determining prices IN this
country. The worlds markets are still largely de
pendent for tin uo9a the Straits where production
has not increased much IL recent Years but bolivia
IS making good progress and would do still better
81 the water supply not unsatisfactory.
AGRICULTURAL RESULTS,