The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1910-01-06
RAPID RECOVERY
From Industrial Depression Of a Year
Ago Experienced in All Lines Of
Manufacture, Trade and Finance.

New York.-Looking back upon
1909, the distinguishing development Of
the year was that of rapid and full re-
covery from the depression of 1908,
says the annual review Of r. G. Dun C
Co. Statistics for the calendar year
will not disclose the full measure Of
the gains made, for it was not until
the latter half that the industries be-
gan to expand by leaps and bounds.
Abundant crops, creating new wealth
and inspiring new wants in the agri-
cultural sections of the country were
the basis of the wonderful uplift. An
abundance of capital at reasonable
rates, comparative freedom from polit.
ical excitement, the enactment of a
new tariff, ending an agitation disturb
ing to trade, and the disclosure to the
country that the crisis of 1907, severe
as it was, had not in reality weakened
the foundations of business, these con-
tributed nightly to the rapidity of the
recovery, making it possible for the
markets to combat even the powerful
influence of the high commodity prices.
The volume of bank clearings rose to
such heights that the total for the en-
tire year, $165,5OO,OOO,OO0, exceeded
that of 1908 by $33, 100000, and as
compared with 1906, the previous high
water mark, by $4,000, 100000. Rail-
road traffic expanded in like measure,
and the gross earnings made enormous
increases over 1905, and even ap-
preached the high figures of 1907 prior
to the panic. The general recovery in
business displayed considerable irreg-
ularity in spots, the advance movement
not being everywhere of the same RAJ
pidity, but the west, which profited so
immensely by the richness of the crops
marketed at high prices, naturally
showed the greatest gains, yet there
was no doubling the reality of the
prosperity that had been achieved.
The year 1909 has been notable for
its satisfactory agricultural results,
especially the enormous products Of
VI anu IAlC MS pl1CCo lCdSuCu
in that market. The area under winter
wheat for 1909 was only 2S,830,000
acres, compared with 30,349,000 acres
the year before. The crop Of winter
proved to be 446,366,0OO, an increase Of
S,45S,000 bush ON a decrease of
/ $4,000 acres. The area put into
spring was 1S,393,O00 acres, compared
with 17,20S,000 in 1908, with a total
yield of 290,S23,000 bush, against an
average of 1872 bush and crop of 1885,
694 1000 bush in 1908. The total wheat
crop Of the United States proved to be
737 7,1S9,000 bush, an increase Of 1885,
600 bush over 1908. The yield of
corn was also large from a greatly in
creased acreage, final government fig
ures showing the crop to be 2,772,376,-
600 bush on an area of 10S,771 900
acres, compared with 2,66S,651, 900
bush and 101,77S,000 acres last year,
and 2,952,320,O00 bush on an area Of
92, ,931 900 acres in 1907. High prices
were maintained, quotations on the
Chicago market being 65 cents for
May delivery. Oats produced a crop
in excess of 1,OO0,000,0OO bush, the
final figures of the government being
| ,007, 1853, 900 bush on 33,2O4,000 acres,
the largest ON record.
Cotton proved the only exception in
4 year of bountiful crops. The return
to the planter has been greater be-
cause Of the higher prices received,
and this staple still retains second po-
'ition in point of value among the ma
ions leading farm products.
Dry goods the first half of the year
was slow from merchandising point
If view, and merchants attributed it
largely to uncertainty attending the
;ideration of tariff laws.
Cotton goods exports increased very
argely over 1907 and 1908. Imports Of
mems were phenomenally large.
In woolen goods during 1909 price
were abnormal and coupled
With complications as a consequence
II tariff agitation. The basic cause of
he rise was increased value of wool
Prices on hides during 1909 advanced
o point that broke all records since
he civil war, and though values were
considered extremely high in 1909, |
hey were in all cases below the high
,st point touched last year.
Activity in the shoe bushes did not |
until the commencement |
# the third quarter of the year, even
hen not approximating the standard
# 1906 By early fall orders for shoes
larger proportions than for