Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-01-19

the late movement of the crops and the
October panic and its aftermath hurt fall
trade and holiday business. AS to whole
sale trade, 1t may be said that six
months business was secured before the
year began, but the business done after
July 1, and especially in the last quarter,
was below other years. Industry entered
the year with full order books and had
about caught UP with demand in many
lines when the October panic occurred.
Collections were at no time especially
good, and in the late fall they were posi-
lively bad in some sections, with an i'm
mense amount of paper reported renewed
Despite all drawbacks, however, so keen
was early demand and so behindhand
were nearly all manufacturers that the
excess in the first half of the year prob
ably more than made up for losses in the
last half so that the years turnover in
wholesale trade and industry compares
quite well with 1906. Poor crop reports
and estimated or actual lighter yields
were responsible for excited movements
and higher range Of prices of farm pro-
ducts, especially of grains and cotton,
than in 1906. Commodity prises, as well
as the cost of living, generally struck
new levels. Labor was scarce, but COM
planned of as inefficient until close to the
end of the year, when decreased building
and manufacturing operations brought
about a surplus supply. Emigration was
the heaviest in the country's history, CO.
incident with the greatest immigration
ever recorded.
The Year in Detail
Weather conditions We're irregularly I'M
favorable during January, excessive rains
west and mild weather east and south
affecting retail trade, while the northwest
was buried IN snow throughout the
country there was complaint of conges-
ton of transportation, and some 1906 holt
day goods We're held on cars until Feb
ruary. Floods in the central west inter-
fered with industry and there were fears
of damage to winter wheat from lack of
snow covering or from insects. Wintry
weather early in February accumulated
fears as to wheat, which continued with
little snow covering, and green-bug dam
age in Texas foreshadowed failure of
that states wheat cror Difficulty in bor-
rowing money and serious congestion in
transportation hurt the railroads, which
found operation dangerous because of
strain of working forces, while revela-
lions as to railroad stock watering caused
an outbreak of granger legislation and
predictions of curtailment in new con-
struction or of improvements. Already
there were misgivings as to the top of
the prosperity wave having been reached,
despite great ACTIVITY anu an
immensely active demand for cotton
goods. Early in March the Ohio valley
was flooded for the second time in 1907,
prices for commodities reached the high
est point In fifteen years and green-bug
damage to wheat mover northward, but
trade was good, and order books were
reported filled as never before. Anti
railroad legislation reached extreme de-
velopment and the stock market eX
perienced its first great weakness of the |
year, eliminating in the mystery panic
of March 1926. Less confident iron buy |
ing for the third quarter and easing in
copper prices were features following the
stock market slump, BAT almost summer
like weather stimulated a good Easter
trade at retail April ushered in a two
months spell of cold weather which inter- |
rupted farm work, checked plant growth |
and made for sharp advance in wheat |
corn, oats and cotton prices. Gross rail- |
way earnings reflected higher cost of
operation. Poor trade and slow collections
were complained of in May, which saw
export trade at New York paralyzed by |
a strike of longshoremen, and -trikes at |
San francisco interfered with foreign and
domestic business. Cereal prices doomed
early in May, reflection of poor crop
reports at home and abroad. June opened
with poor crop promise, some conser-
vatism in ordering for fall trade, slow
retail trade and poor collections, but a
change for the better was seen after the
first week; crop conditions improved, cot
ton goods we're strong and 5 to 10 per
cent gain in total trade over the first
half of 1906 was shown. Gold exports
were heavy in June and cereal prices
iropped sharply.
Caution Appears
Financial matters were unsettled in
July. and copper prices eased, but hot
weather stimulated retail trade, though
,rops gained less than expected. Early
n August occurred the second big break
If the year in stock prices, the record
Standard Oil fine, lower prices for cop
Der and iron, high rates for money and
he strike of telegraph operators being
tome accompanying features. Deposits
# treasury funds eased the money situ-
ltion slightly, but there were signs of
luietlng down of industry and collections
we're backward. Features early in Sep
ember were reports that buying of new
stocks of merchandise was less notable
han in former years. and copper declined
harply, but stocks showed evidences of
'ullish manipulation and a successful
ity bond sale contrasted with q failure
n June. Conservatism and caution aSto
lew business was visible, and later Sep
ember. saw the shutdown of many cop
Ter mines, renewed weakness in stocks
md bonds and a receivership for the New
York City Street railway. October
opened with money tight, hot weather
trade. and cotton goods cas-
ng; the very late crop movement af-
ected trade and the return flow of
money to the east. The United copper |.
corner of October n ushered in the
bird great break of the year. culminat-
ng in trust company runs suspensions
f many financial institutions. premiums
N and boarding of CURRENCY and the is
uance of clearing house certificates and
4 emergency currency. In November
rade was at a low ebb, wholesale bust