New-York tribune., 1909-01-01

II
ton basis At the opening OF 1873 doubt and IN
certainty incident 70 the serious financial dis
turhance OF the preceding year prevailed in all
departments Of money and business. currency
continued to rule at a premium, call and time
money were at a high level a large railroad re
ceivership announced, and confidence had
not yet rallied from the blow Of tho recent dis
astrous upheaval in financial circles. This feel
ing Of uncertainty. however. passed aVav before
the end OF January. under the influence Of
4ucton in money rates, a consequence Of the
return the banks OF boarded funds and the re-
shipment 70 this centre of currency that Lad been
sent TO the interior when panic conditions were
acute; also, a consequence of the disappearance
OF the premium money and gradual improve
nent IN the prices Of securities. No looked
for business activity in the first half Of the year
and disappointed. Business men and
hnanciers recovered IN January from the mental
shock received as a result Of the panic hut the
country's business Industries IN the FIRST SIX
months made steady progress toward sragnation
accompanied by a heavy volume of insoiVonotes. a
. large reduction in the number Of railroad cars In
use, unemployed operatives in all lines and the
accumulation Of a vast o. idle funds in the
banks. Rut IN the second half OF TIE year the
guiding forces toward rccuperarion. and
while general business did not return 10 normal
/ basis there enough Improvement recorded at
the end Of the twelvemonth 70 encourage the Re
lief Of a complete restoration Of all Industrial
activities IN the Of the current wear stock
market values FOR months have been discountinG
the return Of business prosperity, and values
promise continue - advance % n higher level
before the end ~ lt-fa
The damage resulting from the panic of 1907 was
felt first in the financial markets, and then in
manufacturing and trade circles. In the 'ast year
the financial markets more than recovered the
losses suffered from the disturbance ~ 1907. and
IN the wear the commercial elements IN the
country Will entov the ruu measure ~ improve
ment that is their due. helped by the strength
of fundamental conditions. by tho constantly IN
sg1 49, oft
secured by the American farmer n -90S. which
have placed MIN in position to h. generous
buyer n the mercantile rnarts ACrtoultiral val
whole IN the last were the largest
known. and were important Influence IN
turning the business tide IN the direction of pros
perity. The value ~ all farm products in lFs
reached the extraordinary total of S777So'o'F0
which Is about four times the valus o. the output
~ tie mines including mineral oils ana precious
metals. The gain in. the wear as compared with
the preceding yea was S10ooGo"o In the last
ten years the Veafh production the farms of the
United states has exceeded The fabulous sum of So
ool hh1 90 Last years crop was worth &,6J,-
coo the ,alue compared with the average II the
I'VE preceding years. being q p-r eent higher while
In quantity tie crop was Pc cent lar ger. IN
cotton and hay prices IN the year were lower. but
their decline IN quotations VAS Offset ty abundant
Yields Cereal prices aided hy the exhaustion
Of old supplies, h European war talk and 'E
strong speculative movement IN the grain markets
The crop results supplied the most notable s'hts-
leading causes Of the great expansion that was
REGISTERED I'm securities values, prices moving
toward higher level with great acSressireness as
soon - 4 known that record CROPS we're 70
Nc harvested
Stocks began their long period ot advance about
the middle February. and, With only us'nor set
backs incident to al bull movements -" tor ..er--
n tie rest - the wear IN Tie a.se. .t'n -
hlgher values. the anal fgures yesterdsy being al
or near the best Of the entire twelve months ant
not far below the records Of I-4- This upward
movement IN Tecritiee served 20 iparr stronger
-o7e 10 the general business world Il restored
confidence among hue.ues+ men. af!"d many m'.-
ions Of dollars 10 yested wealth ot tAs country
end strengthened the credit ot the trEnspoTtat5 t5D
companies and corporations IN general Stocks he
ran their advance whom railroad earnings were d..
pIinlag when mills and nanufactortes were -'a;-
,ing down and when tie general business at
,norrhere was surcharEed with gloom and oepres-
sion. Tho movement was hark'i b. men Of coIr-
age and vast financial resouICey-men who refused
70 brood tho past OF believe tcarisl'y % the
courtry's flture. Tie bulls on America rar1s out
on ton The actual gain In the stocks dealt IN
the local exchange amounted In the ye.r 10 more
than sI-55 go 90 and IN bonds 20 more than $i92
r".". total dealings in stocks reaching ls1.il{9+
Shares against l94 63f'47 shares IN the preceding
year and total dealings in bonds - tho par value
q sos 1900 compared with - 500 IN l9o5
The most active day IN the year lu stocks wts
Tuesday November 10 when 1858 shares
traded in while the record day tor bonds WAS De-
cember z dealings then amounting to the par
value Of 81 0gSt' IN the active list net gains -an
from % 10 90 points the greatest Improvement
among the railroad stocks being enjoyed by Union
Pa,iac. which ended the year 90 points aoov" the
closing price of 1901 In another column Will he
found a complete table showing the entire trausaC-
tons Of the year IN stocks and bonds and tho re
p markahle movements and price changes that oc-
CURED IN the last twelve months make this statts-
teal presentation Of unusual interest To- tho stu
: dent Of stock market araIIs.
The money that Withdrawn from the banks
and boarded the time Of the panic was rapidly
returned after the first week in January Of the
year under review, the deficit which the New York
Clearing House reported JauuIr. uf .5.4..sl
being converted into q surplus 10y January Is Of
s22.G@5475. From that point reserves steadily eN-
I randed until high record Of S5,35>.%,o VAS
reached in the week ended August q following
which there was a gradual decline cpnscl lurn 20
Of an Increased demand for funds in connection
with the moving "f the cr"ps stock market Ac-
tivity. financing Of the needs Of certain rail
roads. gold exports and federal Treasury require
1nents. Notwithstanding the glut Of funds ~ this
. centre in the early part OF tie year and in the
summer. there sIoh congestion ~ money In
/ the banks OF the city and elsewhere there was
! in 1894. following the panic Of 1899. when "A high
record for the above legal requirements
was Sill 6z3u0 against a minimum In that year Of
S2 e2 $50, comparing with the current reserve dast
weeks bank stgteinentD Of $l6922 Gc5 history
Of the year in banking includes the discussion in
Congress as the best method for the prevention
! OF money pancs and the passage after long de-
hate Of the eo-called AIdrich- -VreeIand bill provld-
! ing the issue Of circulation against state and
municipal bonds and for the formation Of currency
! associations TO which might be issued currency
based upon other securities, including commercial
! paper No circulation taken out under the
provisions of this act. and only one currency as
| -ociation was formed that at Washington. Early
in the year there was popular agitation in GER
! tain parts of the country regarding the securing
/ oF barI, 1eDoslts and the I.egisla the new