Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-01-01
N[N Y[ARDAXNS. dun
Annual Review OF Trade De-
clares That Normal Condi-
lions Are Near
CAUSE OF FURRY is FIXED
of s125,ooo,ooo in curren-
ey From Banks curtailed the Money
suppIy-Iron Production curtaiIed-
Dry Goods Exports Show a Decrease
Trade Statistics

New York, Jan. 1.-The withdrawal
of $125 100000 from few large trust
companies, precipitatng season of
boarding and sending currency to a
premium at time when it was most
needed turnout the country is credited
| in r. G. Dun & Co.'s annual review of
trade, published today. with having
been one of the great factors in turn
ing the year 1907 from it's promise of
new records in prosperity to a closing
period of financial disturbance that
caused many plans for future extern
| sions Of business to be either aban-
doned or postponed.
The year 1907" says the report
| started under auspices that seemed
I; bright beyond precedent and the
movement of trade attained q We
locity that constantly promised new
records Of prosperity.
of production, bank exchanges, rail-
way earnings, and other measures of
commercial activity compared favor
ably with any previous year and in
many instances the total for the
twelve months was never eclipsed.
Products of the farm far surpassed
all earlier records, high prices more
than compensating for smaller crops
of some cereals and cotton than in
banner pears.
immigration and foreign commerce
both exceeded any previous year, gold
in the treasury rose to $950,000,000 and
, the amount of money in circulation
per capita became greater than ever
before, despite a correction in the gold
estimate of S135,000,000 and an in
crease in population to over S6,600,000.
Conditions changed radically dur
ing the last ten weeks of 1907, the
financial disturbance that started in
October unsettling confidence SO COM
pletely that currency commanded
premium and plans for future extern
sions of business were abandoned or
postponed.
mo accurate figures are available
regarding the extent Of this movement,
but it is estimated by well posted
bankers that the cash withdrawn from
New York banks alone amounted to
$125, 100000 and perhaps four times as
much turnout the country.
'Insolvencies were not unusually
numerous in 1907, despite some in
crease in the last quarter but as the
year advanced there were more de-
faults of exceptional size, and liabili-
ties in the fourth quarter exceeded
those of any three month period since
1893
Changes in the iron and steel indus
try during 1907 were more 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 new rec
on July 1, with total of 52S,17O tons
of pig iron per week.
"From this point moderate de-
crease occurred until toward the end
Of the year it was estimated that not
more than about 33 per cent of the en-
tire iron and steel capacity Was in
operation.
"Altho in many cases the size OF
crops in 1907 fell below some preceding
years, high prices made the return to
the farmer much larger than ever be-
fore.
ITO some extent short crops i'll other
countries accounted for the high prices,
notably in the case of wheat, for which
foreigners were willing to pay more
than 81 bushel during the closing
months.
Not only did the high price fail to
check shipments abroad, but the re-
turns for November showed more
than 20,000CO0 bushels sent abroad,
the first time any monthly total was
as large in over five years.
Adding the value of cotton, meats,
dairy products( poultry, eggs, and all
other items raised by the agriculturist,
the years total attains the phenom-
email value of $7,400,000,000.
"Con1icting influences united to
produce a year in the dry goods mar
ket which has been without precedent
for the volume of business done, but
which has also been honeycombed
with disappointment that reduce the
average of what might otherwise be
regarded as most successful twelve
months.
"Above and beyond all is the in
creased trading which marked the first
ten months of the year. In the export
division the year was one of decided
retrograde movement. The aggregate
of export falls far below that of 1906,
which in turn, was smaller than the
record year of 1905.
"Altho hides broke to lower figures
than had been reached before in about
a decade, leather kept fairly steady
turnout most of the year. The year has
been characterized as a period Of re-
trenchment in the shoe trade. and
prices have undergone a reimbursement
from the top rates that prevailed late
in 1867