The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-01-06

ment in bringing about the revival
later shown In trade and industry,
and the expression 1.-THE ticker tells
the story" found frequent employ
ment among that large class of san
sulne people who believed. as 1t turn
cd out Justly, that the growing strength
In American securities foreshadowed
considerable amodnt Of recupera-
ton and repair. This same ease Of
money. too. made 1t possible for the
railroads to borrow funds at less ex-
orbitant rates, thus facilitating inf-
provements and repairs, and in
vestors proved more willing to take
municipal and other bond issues that
proved almost unstable In 1907. FL
nally, higher court reviews of and
decisions against hostile legislation
and extortionate lower court penal
ties were helpful in restoring conf
dence to the business world general
ly. and even proved sedatives to ma
tional and state officials who found
II less popular than heretofore to In
duige In corporation batting. Later
on the apparently foregone result of
the presidential election removed
hesitancy. induced the placing of or
ders freely, and. perhaps. led to a
grester growth OF optimism than was
really Justified by the Improvement
In actual trade, striking as II was.
rhe rush upward OF security and COM
modify prices In the fall. a reflection
Of this optimism. had slightly cool
ing effect upon those who believed
that prosperity had returned in full
tide. and the talk Of tariff revision in
the closing months undoubtedly made
for a reawakening of conservatism as
to future. In addition. the failure of
stocks of goods to move at retail as
freely as expected. owing to mild
weather. and the late opening of
holiday trade tended to curb the
buoyant optimism so noticeable In
the earlier autumn. when large crops
bringing high prices were moving to
market.
Some Results OF the Year.
Perhaps the most notable features
brought out in the statistical exhi-
bits In 1908 were the slightly in
creased yields OF most leading crops.
which commanded higher prices at
times OF heavy marketing than in the
preceding year Of shorter yields. Ex-
ceptlons to this were found In cotton
and hay. where lower prices onset
enlarged yields. Cereal prices were
aided by exhaustion OF old supplies,
European war talk and strong bull
speculative movement. Fagm values
as whole were the largest ever re-
corded, but low prices for cotton, due
to immense movement and strike
IN Lancashire. were ? drawback to
southern trade In the autumn. Clear-
inss for the year. which were the
smallest since 1904, were at the. low
est In February and at their highest
In December. Foreign trade shrunk
from the record totals of 1907, with
the largest loss In imports. Reduced
foreign buying ability was reelected
In our export trade late in the year.
Industrial movements In iron, coal,
coke and other production and In
building. showed shrinkages from
1907 or 1906 records. Failures in
creased 81 per cent. In number, but
liabilities shrunk 21 per cent from
1907, January holding the years
record for casualties and damage
alike. but the years failures were be-
low those Of either 1S9s or 1895. Ac-
twity In building was most marked
In the last half. but the decrease in
expenditures frem 1907 was 10 per
cent. and from 1906, 1876 per cent.
The commodity price movement was
marked feature. From the high
point In 1907. on March 1, to the low
point on June 1, 1908. prices fell Is
per cent. but regained per cent. of
this loss In the later summer, fall
and early winter. The strength of
cereals and food products generally
was notable and brought increased
strain on poorly employed or paid la
Dor. Cotton was an exception to the
strength of most products. dropping
cents from the high price at the
opening OF the year. Strikes were
comparatively few one large coal
dispute going far to swell totals. I'm
migration fell Off sharply, but later
began again to increase. Railway
building was small. but. on the other
hand. bankruptcies were compare