Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-01-01

frequent during the last quarter of the
year. the review points out that IL the
comparison is carried back to previous
periods of distress there is much cause
for congratulation in the insolvency re-
turns. The review says in part:
The year 1907 started under auspices
that seemed bright beyond precedent. and
the movement of trade attained a velocity
that constantly promised new records of
prosperity. For almost ten months sta
tistics of production. bank exchanges,
railway earnings and other measures of
commercial activity compared favorably
with any previous year. and in many in
stances the total for the twelve months
was never eclipsed. Products of the farms
far surpassed all earlier records, high
prices more than compensating for small
er CROPS of some cereals and cotton than
in banner years. Immigration and foreign
commerce both exceeded any previous
year, gold In the Treasury rose to $780,
100000 and the amount of money in cir
culation per capita became greater than
ever before. despite a correction in the
gold estimate of s135.O00.OO0 and an in
crease IN population to more than S66OO.-
600. Conditions changed radically during
the last ten weeks of 1907.
Heavy Withdrawal of Deposits.
Probably the year might have ended
without any sensatonally high quotations
for money had it not been for the heavy
Withdrawals of deposits from a few large
trust companies that precipitated a season
of boarding. No accurate figures are
movement. but it is estimated by we'll
posted bankers that the cash withdrawn
from New York banks alone amounted
to s125, 600 900. and perhaps four times as
much throughout the country.
"Insolvencies were not unusually numer-
Gus in 1907. despite some increase in the
there were more defaults of exceptional
size. and liabilities in the fourth quarter
exceeded those of any three-month period
since 1S93 Considering the severity of
the financial disturbance and the inability
of the banks to provide mercantile ac
commodations. 1t Is extremely gratifying
that failures were not much more numer-
Gus, while the comparative lightneSS of
the aggregate amount of defaulted indebt-
edness is the more striking when it is
realized how vastly the nations business
has grown.
during 1907 were more striking than else
where. particularly in respect to the vol
umc. of production. During the early part
of the year there was a gradual increase
in output. the weekly active capacity Of
blast furnaces constantly establishing new
July /, with total of 52S.1I0 tons of pig
iron a week. From this point a moderate
decrease occurred. until toward the end of
the year it was estimated that not more
than about SO per cent of the entire iron
and steel capacity was in operation.
Big Returns for the Farmers.
Although in many cases the size of
crops in 1907 fell below some preceding
wears high prices made the return to the
farmer much larger than ever before.
Adding the value of cotton. meats. dairy
products, poultry. eggs and all other items
raised by the agriculturist, the years
total attains the phenomenal value of
81. 400 100000.
Cotton has ruled at a high position
throughout the year, while the latest sta
tistics of the crop indicate yield of
Il, 0OO. 900 bales. or 10 per cent less than
the high record established in the previous
year.
Conflicting influences united to produce
year in the dry goods market which
has been without precedent for the vol
ume of business done. but which has also
been honeycombed with disappointments
that reduce the average of what might
otherwise be regarded as most success
full twelve months. Although hides broke
to lower figures than had been reached
before in about decade. leather kept
fairly steady throughous most of the
year. The comparative steadiness of
leather values has been due almost entire
ly to the curtailment of production.
THE year has been characterized as
a period of retrenchment In the shoe trade
from the top rates that prevailed late in
1905