The Marion daily mirror. (Marion, Ohio) 1892-1912, 1911-01-03
BY United Press Wire,

than we entered 1910. Then optimism
was the prevailing spirit; now con-
servatism is the rule everywhere.
tinged with occasional pessimism
Whatever point of view be taken
there is sharp contrast between con
ditions now and a year ago, particu-
larly in the East, which as the finan-
cial center of the country is always
first to feel reactionary influences and
first to take the initiative, either in
forward movements or retrench-
ments. For six months at least con-
traction has been the order of the
day, and there are no indications as
yet of this tendency having exhaust
cd itself.
AS agriculture is still the country's
mainstay, let us first look there i'm
auditing our accounts. The value of
our crops in 1910 was given by the
department of agriculture at $S,926,-
100000, the largest total on record,
and $300,000,000 more than a year
ago. Roughly speaking, the values
produced on our farms have nearly
doubled during the past decade. Of
fetal returns show that If the value
of our products in the year 1899 be
placed at 100 the returns of 1910
would be 1S9. According to Secre-
tary Wilson, our farmers have pro-
duced $4,000, 100000 of wealth dur
ing the last eleven years. In 1910 the
corn crop was valued at about $1,500,-
100000 the cotton crop was valued at
about 0,000,000, the hay crop at
$720, 700, the wheat crop at $685.
100000 and the oats crop at $780,
100000. In nearly all cases these
values are larger than year ago,
although owing to the decline in the
price of corn the value of cereals was
$3.50, 100000 below q year ago.
Our foreign commerce for eleven
months of the calendar year aggre
gated $3,062, 100000, against $2,990,
100000 during the same time in 1909.
our imports amounting to $1,426, ,000,-
900 or $S9,000,000 over last year,
while our exports were 1857, ,0OO,-
600, or $S1,0OO,00O more than year
ago.
Railroad earnings on forty-hve
roads from January l to November
30 amounted to $712,O0O,0OO. against
644,000,000 last year, an increase Of
over IL per cent.
Bank clearings in the United States
for the same eleven months were
$149,7S9, 100000, against $149,970,-
100000 the year before.
Pig iron production in 9110 was
estimated at 27,2OO,OOO tons. COM
pared with 25,7S0, 600 tons "A year ago
At present about one-half of capacity
is being utilized.
Copper production amounted to L.
454,0OO,000 pounds, compared with
1,4O7,O00,O00 pounds year ago.
Coal production reached a total of
nearly 500,000.0OO tons. compared
with 42O,OOO,OOO tons last year.
New capital issues reported for the
year aggregated $1,51S,OOO, 900,
against $1,6S1, 100000 a year ago.
New corporations of $1,000, 900 and
over created in the leading states ag-
gregated $1,940, 100000, compared
with $1,566, 900, 900 last year.
Bradstreet's Index figure was S.S7
at end of January, the high record
point
At first sight these figures regarded
as a whole indicate as large a de
gree of activity as year ago. To
some extent, however they are mis-.
leading, because rejecting past and
not present conditions. 1t Is well
known that values have been highly
inflated In every direction, and that
gains in quantities or volume are not
always as large as would appear a
bumper corn crop naturally caused
sharp drop i'm prices which will Off
set the gain in yield, There has also
been a sharp decline in wheat, re.
sulting from the larger crops in pros.
pect abroad. Cotton has been main
tanned at a high level because of a
crop inadequate to a growing de,
mand. The effect of prices upon our
foreign commerce has been decidedly
marked. For a long period high
prices stimulated imports and check |
I'd exports. As prices began to yield |
n the latter half of the year this |
.endency changed and our exports
began to show a healthier develop
nent, although the recent large ex-
'ess of exports was mainly due to |
he outward rush OF cotton in anticl-
)ation of a deadlock over the bill of |
aiding dispute. Should the tendency |
II agricultural prices continue down
Yards as is not improbable, we may |
rope to see at least temporary re-
urn of our foreign trade to the nor
nal condition OF large excess Of
AS to the gain i'm railroad
'arnings referred to above, that was
probably more than offset by the
arge increase In expenses which is
Justly causing our railroad managers
uch serious concern, For example
he October report of the Interstate
commerce commission reported
rain OF $2,600,000 in earnings and an
Increase in expenses of $13,700,000,
howing loss in net earnings foi
hat month of about $11,O00,000
which In view OF the increased capi- |