The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-01-08
REASON FOR PANIC.
FURRY CAUSED BY WITHDRAW
AL OF DEPOSITS.
Cotton Has Ruled High And Value
OF Crops Was A Record Breaker.

OF Crops Was A Record Breaker
New York, Dec, 31.-The with.
drawal Of $126.00O.O 900 from a few
large trust companies. precipitating y
season Of boarding and sending cur.
rency to premium at time when II
was most needed throughout the coun
try Is credited in r. G. Dun Geo.
annual review Of trade. published to-
morrow, with having been one Of the
great factors IN turning the year 1907
from Its promise Of new records In
prosperity to closing period of fin
ancial disturbance that caused many
plans for future extentions OF business
to be either abandoned or postponed
The restoration OF normal conditions
the review declares, depends upon
easier money and revivel of con-
fidence, both Of which seem nearer to-
day than at any time since October.
when the stringency began. While fail
ures were frequent during the last
quarter of the year. the review points
out that II the comparison IS carried
back to previous periods of distress.
there is much cause for congratulation
In the insolvency returns.
The review says in part
Although in many cases the size
Of crops in 1907 fell below some pre-
ccding years. high prices made the
return to the farmer much larger than
ever before. To some extent short
crops In other countries accounted for
tho high prices. notably in the case
OF wheat, for which foreigners were
willing to pay more than a dollar per
bushel during the closing months.
Adding the value of cotton, meats,
dairy products poultry, eggs and all
other items raised by the agricultural
ist, this years total attains the phe-
nomenal value Of 81, 400. 900, ,Qoo.
Cotton has ruled at high position
throughout the year, while the latest
statistics of the crop indicate WELD
OF s2.o00,000 bales. or 10 per cent. less
than the high record established in the
previous year. The old crop year
ended on Aug. 81. with the largest to
tai ever harvested. and with exports
exceeding all other years, except 1905
as to quantity, while the high average
export price Of 10.7 cents per pound
this year raised the total value $70,-
100000 above the previous high water
mark established two years earlier
when the average price was about 2
cents per pound lower.
"Conhicting influences united to pro.
duce year In the dry goods market
which has been without precedent for
the volume Of business done. but which
has also been honeycombed with ais
appointments that reduced the aver
age OF what might otherwise be re-
garded as q most successful IL months.
Although hides broke TO lower fig
ures than had been reached before in
about a decade. leather kept fairly
steady throughout ipost Of the year.
The comparative steadipcss OF leather
value has been due almost entirely to
the curtailment of production.
'"rhe year has been characterized as
a period of retrenchment in the shoe
trade. ard prices have undergone &
readjustment FROM the top rates that
prevailed In 1906.
Changes in tho iron and steel in
dustry during 100; were more striking
thnn elsewhere. particularly in re-
spect to the volume Of production.
During the early part Of the year
there was gradual increase in out
put. the weekly active capacity OF
blast furnaces constantly establishing
new records until the high point was
reached on July /, with total OF $685.
ITO tons Of pig iron per week. From
this point q moderate decrease occur.
red until toward the end Of tho yea,
II was estimated that not more than
about a3 per cent Of the entire iron
and steel capacity was In operation.
AS to prices. moderate reductions oc-
CURED during the closing months, but
no general change was made in list
prices on standard shapes of STEEL"