The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-01-05
sUMTER s. @. WEDNESDAY. JANUARY 1910

hisn prices ruling, however, placed
the aggregate returns to tic farmer
at points never before reached
While ease of money no doubt help
ed toward encouraging speculation in
commodities, the records Of prices Of
time of heaviest movement showed
demand waiting closely on supply, II
indeed not actually SURPRISING it, and
this too in a year when, owing 10
high prices Of our foodstuffs, foreign
demand was conspicuo.sly small and
exports fell below those Of the three
preceding years. Large imports pre-
vious to tariff revision were partly.
no DOUBT, due to desire to anticipate
this legislation. but the record
breaking arrivals Of foreign goods,
not all Of them raw materials for
manufacturer, in the late fall, swell
Ing tho csuntry's import trado to un-
precedcnted totals. indicated an ex-
pansion Of consumptive demand sur
passing all expectations. In the
leading industries the story was one
OF large, in some cases record, ex-
pans'on. Iron-ore and copper pro-
duction broke all records, while that
OF pig iron equaled the best, and
building expenditures showed a phe-
nomenal gain over 1908, even sur
passing 1905. Business failures de-
creased 1871 per cent. from 1908.
even SURPRISING 1905. Business fail
'ires decreased 1877 per cent, from
1908, though exceeding 1907 by
1S per cent. and liabilities were less
than half those Of 1908 and only
about 40 per cent. of those Of 1907.
while II per cent. In excess of 1905.
Bank clearings testified to the ex-
pansion in all lines I'm q gain of 25
per cent over 1908 and of IA per
cent. over 1907, and even exceeded
the record year 1905 by over 3 per
cent. The tide Of immigration.
which turned in 1908, flow werd
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.
Except for very slight reactions in
the spring Of the year, and indeed
ever s'nce the low point was reached,
Following the s1s07-Os depression, on
June of the latter year. The index
number on December 1, 1909, was
almost indentical with that touched
on March 1. 1907. In fact, prices
went from their highest to their low,
est Of recent years in year and a
quarter and rallied again to their
highest in a year and a 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 1, 1907; was nearly 20 per
cent. above the high leveel of De-
cember 1, 1902, before the panic of
1903. Much is made, Of course, of
the fact that the rise from the low
est level Of recent years-that of
July /. 1S96-is so per cent, but It
should not be forgotten that this
level was an abnormal result of a
combination of depressing causes,
and the comparison marks a con-
trast of extreme conditions. If, how
ever we compare the average OF
the entire year 1909 with that for
1908. 1t will be found that the ad-
vance Is 6.3 per cent, while it Is on
ly 4.S per cent. below that Of 1907.
If the additional comparison is made
with the yearly average Of all the
years from 1892 to 1908, we find
the present years level Of values to
be IA per cent. higher, and il the
seventeen years average level IS
compared with that for December l.
1909, we find rise Of 22.3 per cent.
lho security MarketS.
The years stock market witnessed
a continuance Of the recovery start
ed in 1908. Throughout 1909 Wall
street showed a tendency to discount
improved trade and industry. Polit-
ical factors were less prominent than
in 1908, the new tariff and the COR
poration tax ceasing to affect senti-
ment before enactment. Beginning
with a prevalence of bullishness the
market early assumed hesitating
tone, and the lowest quotations were
generally in January or February,
poor steel and iron trade conditions
contributing. With the spring came
more favorable crop prospects and
eli I'm