The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-01-02

increased costs of operation, due to
granting of higher wages, by increas-
ing rates, found the stock market vul-
nerable, while low crop conditions at
the turn of the year favored bearish
movements and induced liquidation.
With larger agricultural yields more
certain of attainment in the late sum-
mer and early autumn, more cheer
full outlook prevailed, but the politi-
cal overturn in the fall, with the pros
poets of reopening of the tariff
question, made for slightly less optim-
istic views. Repression and conserv.
atism and small and frequent. rather
than large and confident, buying kept
trade and industry in rather narrow
channels, considering the country's
vastly enlarged producing capacity,
and apparently good holiday trade did
not disguise the fact that the advent
of an early winter had reduced out
door activity and lessened demand,
while industrial idleness was greater
than for some years past.
The Stock Market in 1910.
Contraction and disappointment
characterized the stock market of
1910. In this respect affairs present
ed a strong contrast to the perhaps
too rapid advancement witnessed in
1909. In a word, lowered prices sig
nalized the operations of 1910. While
rumors of insolvencies were plentiful
enough early in the year. the twelve
months passed with comparatively
few failures or corporation receiver
ships, though the Columbus & Hook
ing Coal & Iron pool which collapsed
on January 10 carried down three
stock exchange houses, and Fisk &
Robinson went into bankruptcy on
February 1. Throughout most of the
year the market SO far as volume goes
was inane, public interest was very
light, and as a whole the professional
element found it difficult to procure
funds to engineer prolonged bullish
operations, as the banks saw fit to
husband their resources or to lend
! for short periods only. Withal, rates
| for loans ruled relatively low, save at
| the very outset of the year, when call
money advanced to II per cent,
! promptly receding, however. Early in
January stock prices ruled high, but
| thereafter declines which were halted
by temporary rallies ensued This
condition continued until the latter
part OF July. In the meantime every
upward movement produced more or
less liquidation, the net result of the
seven months period having been de-
clines from 20 to 80 points. The re-
mainder of the year witnessed some re-
covery, 10 to Is points on various
stocks, but in the early autumn GER
tain securities touched low points for
the twelve months.
Large Outputs Despite Short Time
In Industry.
Industry was irregularly active, Pc
RODS of record production alternating
with curtailment and short time, such
as have not been witnessed since
10000. The excess of pig iron pro-
duction, resulting in record output as
whole, was largely in the earlier
months of the year, while the summer
and fall showed many furnaces bank
ed, decreases in orders on hand, and
mill operations scaled down one-third
to one-half Production of pig iron is
5.4 per cent larger than the record to-
tai of 1909, and iron ore shipments
run "A per cent better than 1909, but
are 3.5 per cent below the 1907 record
Lake commerce shows 10 per cent