The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-01-01
Withdrawal of Deposits.

| without any sensationally high quota
| lions for money had it not been for the
/ heavy Withdrawals of deposits from u
| few large trust companies that preci-
| pitated q season of boarding. No ac-
! curate figures are available regarding
! the extent of this movement but it is
estima ted by well posted bankers that
the cash withdrawal from New York
hanks alone amounted to $125,000 600
| and perhaps four times as much
| throughout the country.
InsolVencies were not unusually num-
| erous in 1907, despite some increase in
the last quarter of the year. Consd-
| ering the severity of the financial dis
| turbance and the inability of the bank $
TO provide mercantile accommodations,
] it is extremely gratifying that failures
| were not much more numerous while
! the comparative lightness of the aggre-
| gate amount of defaulted Indebtedness
| is the more striking when it is rea-
| LIKED how vastly the nations business
| has grown. Based on a ratio of LA
\ bilities to the amount of capital in
Yolved, the mercantile mortality in 1907
! was comparatively light. Taking the
| last quarter which supplied the largest
| amount Of liabilities the percentage of
defaults was only 2.41 to each $1,000
| OF payments through the clearing
1 house.
Iron Production.
During the early part Of the year there
| vas a gradual increase in output of iron
! the weekly active capacity OF blast fur
naces constantly establishing new records
until the high point was reached on July
| l, with total of 52S,1i0 tons of pig
| iron per week. From this point a mod
| crate decrease occurred until toward the
end of the year it was estimated that
not more than 30 per cent of the entire
iron and steel capacity was in operation.
While this recognition of the reduction in
orders for the time being was unmistak-
able it is significant that the leading pro-
Queer in this interest has great confidence
in the future because at no time has work
been suspended at the plant.
Although in many cases the size of
crops in 1907 fell below the same period
of 1906 prices made the return TO the
farmer much larger than before, To
some extent short crops in other countries
accounted for high prices notably in
wheat for which foreigners were willing
to pay more than 81 per bushel during
the closing months, Net only did the
high prices fail to check shipments but
returns for November showed more than
20, 900 bushels sent abroad.
Phenomenal Value.
Dairy products, poultry, eggs and all
other items raised by the agricuturist
the year total altdlnS the puenOlnelal
value of 81, 400, 100000.
Cotton has ruled at a high position
throughout the year. while the latest
statistics of the crop Indicate yield of
100000 bales or 10 per cent less than
the high record established in the pre-
Vious year. The old crop year ended on
August 81 with the largest total ever
harvested and with exports exceeding
all other years, except 1905, as to guam
tity, while tho high average export price
of 10.7 cents per pound this year raised
the total value 100000 900 above the pre-
vious high water mark of two years ear
lier when the average price was about 2
cents per pound lower.
Conflicting influences united to produce
a year in the dry goods market which
| has been without precedent as to volume
+, is increased trading which marked the
first 10 months of the year. In the ex-
| port division the year was one of decided
| retrogade movement The aggregate of
| exports falls far below that of 1906. which
| in turn was smaller than the record year
| of 1903.
| Although hides broke to lower figures
! than had been reached in about a decade
| the comparative steadiness of leather
| the curtalment of production The year
| has been characterized as a period of re-
! trenchment in the shoe trades and prices
| have undergone a read<ustment from
| rates that prevailed in 1906.