New-York tribune., 1908-01-02

A RECORD BREAKING BUSINESS 'PERI0D.
T7celuemonth Trade ReUiew-Won-
derfM STRENGTH ShO1Cn.

Not MANY wears in the annals of finance and
minds OF business men than the twelve months
which have just passed. The wide varia-
tions of prices, the long shrnkage Of values the
remarkable and fundamental strength Of the
business structure as exhibited by the compare
lively few failures that resulted from the un-
precedented and prolonged strain upon credit,
have been truly wonderful. The records OF such
a year as summarized in the tables below will
be full of interest and value.
"Duns Review" says in its annual report on
trade conditions:
The year 1907 started under auspices that seemed
bright beyond precedent and the movement Of
trade attained a velocity that constantly promised
records of prosperity. For almost ten months
statistics Of production, bank exchanges. railway
earnings and other measures of commercial activity
compared favorably with any previous year and in
many instances the total for the twelve months
was never eclipsed. Products of the farms far
passed all earlier records, high prices more than
compensating for smaller crops of cereals and
cotton than In banner years. immigration and for
eign commerce both exceeded any previous year
gold in the Treasury rose to $3.50, 100000 and the
amount of money in circulation per capita became
greater than ever before despite a correction in
the gold estimate of slS50oO0o0 and an increase in
population to over s6,6000oo Conditions changed
radically during the last ten weeks of 1907, the
financial disturbance that started in October unset
ting confidence completely that currency COM
manded premium and plans for future extensions
of business were abandoned postponed Failures
were larger than at any time since the crisis of
the previous decade, and number of banks closed
some of them only temporarily. Orders were can
celied and contracts to the mills so
slowly that forces reduced and production ma
terially curtailed. This condition eliminated at
the end of the year. making possible repairs and
overhauling of machinery that had been deferred
much too long, and in many instances it was an
nounced that work would be resumed early in 1908
restoration of normal conditions depends upon
easier money and a revival of confidence, both OF
which seem nearer than at any time since October
Changes in the iron and steel industry during
1907 were striking than elsewhere particularly
in respect to the volume of production During the
early part of the year there was gradual increase
In output, the weekly active capacity of blast fur
naces constantly establishing records until the
high point was reached on July with a total of
52S.I70 tons of pig iron per week From this point
a moderate decrease occurred until the closing
months. when contraction rapid. By December
the weekly capacity in blast mad fallen 3f7.372
further reductions were made during the last
month Of the year The general plan of avoid
ing accumulation of stocks followed by the
steel mills, and toward the end Of the year ii
estimated that not more than about SO per of
the entire iron and steel capacity in operation
While this recognition of the reduction in orders
for the time being unmistakable ii is signif-
cant that the leading interest in this industry had
great confidence in the future. because time
work suspended the plant Gary. AS
prices. moderate reductions occurred during the
closing months. chiefly by independent concerns
hat had took and Irlt nva1 hang
made in list prices of standard shapes of steel.
the chief differences being in pig iron, which fell
TO average Of 81 TO Sc d ton below the position
year previous. At one time it appeared that the
years production would rise very far above all pre-
vious records with aggregate of probably 2S.0GD
600 of pig iron, but the rate at the end of 1907
was equal little more than half that amount.
This the general result in the various finish
ing departments, except in a few instances where
urgent requirements maintained activity up to the
end There curtailment of lake ore ship
rlens but the final result estab blished record
of over ~ 900 tons including slightly less than
10000 tons moved by rail
Although in many cases the size OF crops in 1907
fell below some preceding years. high prices made
the return the farmer much larger than ever
before
''Bradstreet's' statistical story of 1907 follows: