The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1912-01-06
ANNUAL TRADE REVIEW
DISCUSSED BY HENRY CLEWS

New York, Jan. Gas We enter the {
threshold of a new year it is appro-
rate that we glance at few Of the
principal items in the national ledger
or the year just left behind
Happily our farming classes are en-
Dying another year of prosperity, ex-
ept when pulling out of debt. Our
rops, If not quite equal to the pre-
ious year, were still above the aver
tge in money yield, even in the case
II cotton. Our industrial classes !
ave not Jared quite so well. The
,teel trade suffered more than any
,ther industry, production falling as
ow as As per cent of capacity, and not
Using beyond so per cent. In the
rear Just closed our production of pig
ron was only 22,SOO,O0O tons, COM
Jared with 27,3O0,O0O tons in 1910.
next to steel the cotton industry SUI
erred the keenest depression, owing
o high priced cotton and lessened
consumption. Both the steel and cot
In industries showed pronounced re-
imperative tendencies in November
ind December, a change largely the
.esult of a forced readiustment OF
prices to meet the market. In other
ines of trade and industry the volume
f business was about normal. There
we're few signs of over-production, al
though in many cases consumption
was checked by an evident exhaus-
ion of public buying power.
Business Conditions.
Business men have been contending
throughout 1911 more successfully
than is generally recognized against
diverse conditions. The year opened
under a cloud of uncertainty, which
continued in one form or another
Without interruption until the close.
FIRST came the action of the Inter
state Commerce Commission, refusing
permission to the railroads to advance
rates as compensation for increased
operating expenses. Dire things were
Predicted if the advance was refused
1t was refused and nothing happened
except that the railroads promptly and
wisely met the situation by curtailine
expenses. No dividends were re
duced in consequence, in fact some
dividends were increased, and this in
spite of recognized slackness in trade
Railroad earnings were surprisi ugly
well maintained. After uncertainty
about the action of the Interstat'
Commerce Commission had subsidet
then. doubt about the Oil and Tobacco
cases became acute. and lasted TO
many weeks. The financial publ
really appeared anxious to have some
thing to worry about. AS in the celt
brated Northern Securities decision
the final pronouncement of the 81
III me Court in the Oil and Tobacco
s did not have the ruinous effec
ted. Still another element
was the Mexican difficult!
y ually passed off without harm
k4theff came the extra session of Co
gress. witch its disturbing efforts
Vlegislate beyond the tariff-the scoT
for which it\was called. 1t sucecede
however, in passing the reciproci
hill with Canada. The failure of tn
country to respond favorably was
disappointment. Finally came Il
Moroccan dispute. This proved Il
most acute and serious of all dra
#cks inasmuch as it involved gra
strain in the Berlin money mark
which was forced to procure libel
assistance from New York. In &C
seouence we were lending large sui
to Europe at time when we are
uaily borrowers, thus illustrating in
striking degree the financial strene
and soundness of the United Stat
Among other hindrances against t
stock market which operated throui
out the year we're those of stric
nolfsical character. The President
campaign began almost year in
kance. the trust and tariff probe
being the most serious sources
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