Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-01-01
Gratifying Revival in The
Business World.
Amount Of Bank Failures in
1908 Less Then in 1907.
Money Market Has Grown Better.
Confidence Is Restored.

| New York, Dec 31-Hopcful fnan-
cial and commercial conditions for the
year 1863 are glowingly predicted in R.
G. Dun and Cos annual review Of
trade conditions which will appear in
the new years number of Dun's Re-
view. The review asserts that the re-
operative powers shown by the Wall
street interests during the year just
ended were beyond the hopes OF the
most sanguine."
1.-THE Year" says Dum's Review"
opened with everything at a low ebb,
ana confidence was so badly shaken
that undertakings were abandoned un-
til the number of unemployed rose
above all records since the panic of
1898 Idleness was SO general that the
previous years net immigration Of
over 100000 changed to an excess Of
cmigrants in 19OS.''
But while the figures for the early
part of the year made a poor showing
as compared with the. corresponding
part of the preceding year THE clos
ing MONTHS says the review. marked
a recovery so great that s.
in many cases there was improvement
over 1906" The security market, says
Dun made the first recuperative strides
as was evidenced by an average rise
of about &c per cent. in the prices of
the go most active railroad stocks. The
review continues:
When it was seen that no further
setback threatened, trade gradually
increased. and growing confidence
brought renewal of interest in work
projected prior to October. 1891"
Two factors, however. still gave rise
to caution, uncertainty as to crops
and politics. These two points. how
ever were, according to Dun, settled
satisfactorily late in 1905 from which
time the really great business revival
may be said to date.
Dun places the amount involved in
banking failures during the year at
$4,000 less than that involved in 1907,
although more banks failed than in
the preceding year
There was a gratifying improve
msnt in the comparison of liabilities
In the closing quarter" continues the
review. Losses diminished as the f.
nancial stringency decreased, the
tanks extending accommodation more
readily as confidence was restored al
though commercial paper was at all
times closely scanned"
The review takes up in detail the
fortunes and misfortunes of the vari-
Gus industries during the old year and
their chances for betterment during
the new. The iron and steel business
being less susceptible to nuctuation
than most other pursuits. is described
as having been but little affected by
the panic, the present prices of pig
IRON and steel being but very little
below those of year ago. while tho
farmers received more money for their
produce than ever before. The total
value was s7.77S.oO0. Hides and leather
are described as having had a fairly
hard time, as had also dry goods and
Woolens, while the boot and shoe in
dustry suffered keenly during the first
half of the year but regained an almost
normal tone during the last few months
with comfortable surplus of reserve
The money market was very tight
during the latter part of 1907 and the
early part Of 1908, but has since eased
up to a gratifying extent. AS to the
foreign exchange. 1.-THE year closed
with gold exports under constant con-
sideration." Net exports OF silver bull
Ion during the year were "considera-
bly, smaller than in recent years pre-
ceiling, the difference being almost
wholly in the outgo, as imports Of sill
yer were about the same