Evening journal., 1910-12-31
a.rur~s --.--
ANNUAL REVIEW
OF NATIONS TRADE
Outlook COnttilS Many EIe-
mentS Of Strength, De-
CIareS Lun'S

Duns annual review Of trade con-
ditions says:
Business, which IN 1909 was de-
pressed in the FIRST half of the year
and became very active in the second
half, reversed the order In 1910, be-
ing active in the first half but de-
pressed in the latter half. It was
not until June that the basic iron ana
steel trade began to show signs oi
ONer-production and diminishing con-
sum, ,iOn, but at the end OF the year
production was computed 20 be only
90 per cent OF present greatly en-
larged capacity. The dry goods trade
experienced less violent change Ia
conditions, but with high costs Oh pro-
ductiOn and with an absence OF buying
Jy retailers for other than immediate
necessities the year was for both
manufacturer and iobber one OF d.
minished activity and narrow profits.
by the end OF the year. however, the
money market everywhere displayed
signs OF increasing ease,
In spite OF these CONFLICTING but In
the main disappointing developments
the year presented a number OF en-
couraging features. Agriculturally IL
was notable for aggregate farm pro
ducts In this country of over $1,000
100000, with a record-breaking corL
crop of over 00O.OO0,0OO bushels. The
census disclosed an enormous increas,
u the population. Signs OF increas
ing economy In living and increasing
. preparation for a new advance In en-
,erprise manifested themselves. Al
encouraging demand for bonds spranl
! up at the close of the year The aD
e ence of demoralizing speculation ans
he prevalence OF sound con
, ,eryatism were the best safeguards
or the future
The Business Outlook.
e Dun's characte ICES present busi-
/, ness conditions and the results from
holiday trade:
After satisfactory retail holiday
trade. business in nearly all branches
! is quiet with the usual end oi the
0 year adjustments. The outlook. while
D not as promising for immediate ac-
tlvity as might be desi ed. contains
d none the less many elements OF
i strength The iron and steel trade is
s still confronted with the consumption
of only half of the producing capacity
p ana the dry goods business with The
problem Of costs; but there is an ab-
j. .ence of demoralizlng speculation and
; )i overstocked shelves IN all mercan-
" Tile lines. while the agricultural pos.
lpeTity of the past year and the general
ceiling OF conservative confidence
make conditions better than the trade
,atstics Indicate.
The financial situation as a whole
IS improved and the prospect of the
eayy dividend and nte-est disburso.
1t ments due January impa rs greater
M 1ri. knees to the strictly investment
he market. Winter wheat conditions are
X described as satisfactory, particularly
B. as there has been rainfall In thl
A. Southwest. Bank clearings last weel
IN outside OF New York declined 4.6 pc
s. cent. as compared with 1903 and 10.
per cent. as compared with 1906. II
New York. where the totals are mos
affected by the speculative transac
tions. the falling off was 25 per cent
u and S1.4 per cent. respectively. Gros
L abroad earnings on the other ham
continue to show moderate gains owe
last year. the increase for three week
~ OF December being 3 per cent.
- Comments by Bradstreet.
=, Bradstreet's comments on the bust
rs ness year:
iS Nineteen hundred and ten was o
,e the whole a disturbed and rathc
ss disappointing period IN America
re trade, finance and industry. II was
year of agitation, OF attempts to wo
an out politico-economic problems, q
d. quotations of securities, Of inhatio
C. and later OF unsettlement and finali
< OF weakness IN many conmodit
Is prices, of Industrial unrest and cui
tailment, of repression in consumI
tive demand, Of numerous strikes,
political overtu-n approaching IA
n proportions of a landslide and {
&C. changes i'm long established channel
M of domestic and foreign trade.
ys Withal. and I'm spite of many draw
.oi backs, but probably because OF th
NJ momentum acquired In the previog
OK year of tremendous activity, of III
fit building and OF recuperation, It VIZ
nd a pc iod Of immense agricultural e
ay fort crowned with notable success
ny some instances as regards quantii
he and of record outputs in many line
Il Of manufacture. IL Witnessed q
floating of large new issues Of 81
curities, while al the same time II sa
=. q volume OF financial liquidation whic
,n in other years might have caused CO..
A vulsion. 1t witnessed vast expal
,p- sion Of banking tranractions, reco
Nc totals OF loans and deposits and cloi
~ to record bank clearings, and y
fewer failures than in either Of q
two preceding years, although q
volume Of failure damage was abo'
-, the normal. being exceeded only
~, years Of vital ST ess.