The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-02

our foodstuffs, foreign demand was
consnicuously small and exports fell
below those of the three preceding
years .
Large imports previous to tariff re-
| vision We're partly. no doubt, due to
oesire to anticipate this legislation,
put the record breaking arrivals OF
foreign goods. not all of them raw
materials for manufacture, In the late
,ali. swelling the country's import
trace to unprecedented totals, indi-
.a.eu an expansion of consumptive de-
iliand surprising all expectations. In
the leading industries the story was
one OF iarge, In some cases record ex-
pansioh. iron ore and copper produc-
ton broke all records. while that of
PIE iron equaled the best. and build
lnE expenditures showed phenom-
email gain over 1908, even surprising
1905. BUSINESS failures decreased 1871
per cent. from 1908 though exceeding
i'pf oS rs per cent. and liabilities
were less than half those of 1905 and
only about 80 per cent. of those ~
1907, while II per cent. in excess Of
1905. Bank clearings testified to the
expansion in all lines In gain of IS
per cent. over 1908, and of IA per cent
over 1907. and even exceeded the record
year 1906 by over 3 per cent. The tide
of immigration. which turned In 1905.
flowed strongly toward this country.
Mention has already been made OF
the uprush of prices of commodities.
but this record would be incomplete
without a more detailed reference. ok
cept for very slight reactions In the
spring OF the year. the course of COM
modify values may be said to have
been steadily upward throughout the
year. and indeed ever since the low
point was reached, following the 1907
os depression, on June of the latter
year.
The index number on December /,
1909. was almost identical with that
touched on March /. 1907. In fact,
prices went from their highest to
their lowest OF recent years in year
and quarter and rallied again to
their highest in a year and half, The
level of prices on December / this
year was II per cent. above that OF
the same date In 1908; was, as above
SHOWN. even with the high record Of
March !. 1907: was nearly 20 per cent.
above the low level of July l. 1907
and II per cent. above the high level
of December L. 1902. before the panic
OF 1903. Much is made, of course, of
the fact that the rise from the lowest
level of recent years-that of July /,
io'o ~ pSI CrHt.i Out II SnOUld
not be forgotten that this level was
an abnormal result of combination
OF depressing causes, and the compare
son marks contrast of extreme condi-
tons, II, however, we compare the
average OF the entire year 1909 with
that for 1905. 1t will be found that the
advance is 6.3 per cent, while 1t is only
4.S per cent. below that of 1907. If
the additional comparison is made
With the yearly average OF all the
wears from 1892 to 1908, we find the
present years level OF values to be IL /
per cent higher, and II tho seventeen
Years average level Is compared with
that for December L. 1909, we find I
rise of a2,a per cent,
The Security Markets.
The years stock market witnessed
! continuance of the recovery started
n 1908. Throughout 1909 Wall Street
showed tendensy to discount i'm
proved trade and industry, Political
actors were less prominent than In
l90S. the new tariff and the corpora
Ion tax ceasing to affect sentiments
before enactment Beginning with
of bullishness the market
sarly assumed hesitating tone, and
he lowest quotations We're generally
n January or February poor steel and
ron trade conditions contributing.
With the spring came more favora bic
rop prospects and increasing railway
srnings Inducing buying of rails and
Material, The summer saw extra