The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1907-12-30

stocks OF merchandise was less nota:
tble than in former years, and copper
declined sharply. bat stocks showed
evidences Of bullish manipulation and
asuccessfpl city bond sale eontrasted
with a failure In June Conservatism
and caution as to new business was
visible, and later September saw the
shutdown Of many copper mines, re-
newed weakness In stocks and bonds
and recelyership for the New York
City street railway. October opened
with money tight, hot weather restrict
Ing trade and cotton goods easing;
the very late crop movement affected
trade and the return flow Of money
to the east. The United Copper cor.
ner' OF October Il ushered In the third
great break Of the year. eliminating
in trust company ruins" suspensions
OF many financial institutions. pre-
miums on and hoe - 8 Of currency
and the issuance OF clearing house
certificates and of emergency curren-
cy. In November trade was at low
eb. whole sale business was cut of.
domestic exchanges were dislocated.
collections fell to very low volume.
cancellations were numerous. industry
was curtailed, forces reduced and
wages cut, in some instances because
OF fear OF cancellations or Of lack Of
money to meet pay ROLLS. On the 9th.
er hand. runs" on financial institu-
lions were generally withstood. i'm.
perilled trust companies were relieved,
November exports OF merchandise and
imports OF gold broke all records and
the monetary situation Improved.
though the currency premium lasted
until late in December. Trade was
quiet in the latter month, retail bust.
ness was affected by mild weather and
holiday buying was not as large as In
recently preceding years. Bank sus.
pensions were numerous In December,
Iron production was greatly curtailed,
commodity prices rallied after the
heavy drop in November and expor,
trade In cotton goods showed life. For
the first time In years considerable
RAILROAD equipment was reported idle.
The winter wheat area and; condition
December l were below 1906.
Looking Forward.
The pain Of recent wounds is too
acute to allow very optimistic views
being taken as to the outlook for
1908. There is, in fact, rather dis.
position in trade circles to look upon
the reverse side of the picture. This
Is not extraordinary, however, be.
cause 1t is usual for the average man
to be bullish at the top and bearish
ut the bottom. In addition. there is
the knowledge that trade In other
countries is quieting down, that pres
idential election is Impending that
establishments of vases and OF prices
are sure to follow stoux and money
market commissions, and that expendi.
lures for all public and private pur.
poses are likely to be smaller for
some time to come. On the other
hand. 1t should not be forgotten that
there Is a large and very profitable
business to be. done In this country
In supplying the wants OF the $4,000
900 people that inhabit It, and that
the warnings to the country OF the
present trouble were so early and so
numerous that large Accommodations Of
stocks and goods were avoided. Buy.
Ing for some time past has been Of a
healthy character, small and frequent
instead Of heavy purchases being the
rule. Furthermore, 1t might be noted
that some branches OF the community,
MS. for instance. the, farmers, were
slow to feel the trouble which so far
has been largely financial or Industrial
and not agricultural, as In previous
years OF stress. Given the tightening
OF the present stress in the money
markets, thing which may be rea-
sonably looked for with the quleting
down OF trade. though perhaps delay.
ed by necessary heavy borrowing by
railroads, rather quiet business may
be expected until election possibilities
become certainties, and the next
growing season gives some index as
to the crops Of 1908.