The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1910-01-06
RAPID RECOVERY
From Industrial Depression Of a Year
Ago Experienced In All Lines Of
Manufacture, Trade and Finance.

New OrK.-LOOhluB DdCk 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 &
Co. Statistics for the calendar year
will not disclose the full measure OF
the gains made, for 1t 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 1t 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, S165,5O0, 100000, exceeded
that of 1908 by S33 100000, and as
compared with 1906. the previous high
water mark, by $5,600;000,000. Rail.
road traffic expanded in like measure,
and the gross earnings made enormous
Increases over 1905, and even APP
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 ra-
uidity, but the west, which profited so
immensely by the richness of the crops
marketed al nigh 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
rs satisfactory agricultural results,
especially the enormous products %
breadstufs and the high prices reached
i'm that market The area under winter
wheat for 1909 was only 2S,S30,000
acres, compared with 30,349,000 acres
the year before. The crop Of winter
proved to be i46,S66,000, an increase of
S.45S,000 bush on decrease Of
$4,000 acres. The area put into
spring was lS,393,000 acres. compared
with 17,20S,0O0 i'm 1908, with a total
yield OF 290.S23000 bush, against an
average of 1872 bush and crop of 226,-
694 900 bush in 1908. The total wheat
crop of the United States proved to be
737 .1S9 900 bush, an increase of 1889
900 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 ,00G
acres, compared with 2,66S,651 900
bush and 1O1 1,77S,O00 acres last year,
and 1852 ,32O,O bush on an area OF
% ,931 900 acres in 1907. High prices
were maintained, quotations on the
Chicago market being So cents for
May delivery. Oats produced a crop
in excess Of 1,0OO,000.O0O bush, the
fnal figures of the government being
I .007 $4,000 bush on 33,204,000 acres
the largest on record.
Cotton proved the only exception In
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
sition in point Of value among the ma
tions leading farm products.
Dry goods the first half of the year
was slow from a merchandising point
Of view, and merchants attributed Il
largely to uncertainty attending the
| slderation of tariff laws.
Cotton goods exports increased very
largely over 1907 and 1908 Imports o
linens were phenomenally large.
In woolen goods during 1909 price
movements were abnormal and coupled
with complications as a consequence,
OF tariff agitation. The basic cause o
the rise was increased value OF wool
Prices on hides during 1909 advanced
TO point that broke all records since
the civil war, and though values wer'
considered extremely high In 1908
they were in all cases below the high
est point touched last year.
Activity In the shoe busines did no
materialize until the commencement
of the third quarter OF the year, evei
then not approximating the STANDARD
OF 1906 By early fall orders for shoe
assumed larger proportions than 70
| anY Deriod within two wears