Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1913-01-11
REVIEW OF BUSINESS CONDl'
TONS,

REVIEW OF BUSINESS coNDI.
TiONS.
"Altogether the gains made In 1872
were very remarkable, considering the
fact that a presidential election was
held in this ;. country and that there
was a grave European crisis says
Dun's Review in giving its annual
summing up Of business conditions
The record made by 1912 is SHOWN os
the following figures:
Bank clearings, 1912. $l74,24l'a5o'-
00O;*1911, $3.50, 4O3, 18S, 900.
Railroad earnings, 1912, $l,S0l, 294'-
900; 1911, 1888, 100000.
Grain crops (value), 1912, $2,70o'9as'-
900; 1911; $2,720,732, 900.
Cotton crop (bales), 1912, l3,S2o,ooo;
1911, 16,109,000.
Pig iron ,tons), 1912, 29,75o'ooo;
1911, 23,619 900.
Exports. 1912, s2,a7s,47o,ooo; 1911
$2,o96, 1874 900.
Imports, 1912, s1,so4,ssa,ooo; 1911,
$1.52S, 1874 900.
Commercial defaults, 1912, $203,ll7'-
900; 1911, $191.O6I 900.
Continuing in it's review OF business
conditions in 1912, Dun's says:
Even early in the year there were
signs of returning business CONT
dence and activity. Later the big crops
confirmed the early tendency and gave
to 1912 the distinction of being one or
the great prosperity years of Amerl-
can history. The new buying power
produced by the new wealth created
out Of the soil was more potent than
all the doubts inspired by foreign wars
and domestic politics; and coming just
at the time when supplies of merchan-
disc were depleted and needs were
keen. it brought about revival OF in
dustrial and mercantile activities,
which in the last half of the year
broke ali previous records of trans
actions and traffic. The agricultural
fruitfulness was not confined to one
great crop, but extended practically
"a all Only one-winter wheat-feii
short. and it's partial failure was more
than compensated for by the brilliant
showing of spring wheat. Cotton
Welded the second largest crop on
record. Corn broke every record. Hay,
oats, potatoes and other great products
added vastly to the aggregate value,
which. in spite of lower prices. ex-
ceeded any previous year.
This country, however. is no longer
mostly agricultural, but is half In
dustrial: and without the extraordi-
nary revival which took place in iron
and steel, bringing consumption up to
the point of mill capacity In the last
six months, the years business record
would not have risen to such heights
OF activity. Following the prosperity
in iron and STEEL other trades in vary
ing degree also experienced notable
expansion In copper there was re-
markable growth, both in production
and consumption. The dry goods
trades. reversing the depression in the
preceding year, met with demand
for their various products that in many
cases tested the capacity OF the mills,
and in spite of labor troubles, achieved
new high records of production. The
shoe trade especially in the last four
months. was active. Trade In hides
and leather was in very large volume.
Industrial and mercantile activities,
the railroads reported an enormous
traffic: and in order to increase their
facilities gave large orders for ne"
rails, cars and other supplies.
The general business activity showed
itself in the enormous bank clearings.
With all this expansion in agricultural.
Moreover, it served, in connection with
other events to reverse the situation
IN the money market, which from q
condition of exceeding abundance OF
supply ran into considerable scarcity
and an advance in rates in the later
months of the year. Big crops and big
business require big credit supplies;
oh nvnQrinnrp6 in
the supply Of cars, and to some extent
IN labor. was also experienced in
money: and this was one of the
phenomena of business revival. The
Balkan crisis, which disturbed the in
ternational money markets, was an
nther and powerful reason for the ad-
vanced rates. The business expansion
which manifested itself so con-
spicuously in the leading industries
and trades, and finally made itself
felt. in every section of the country,
was naturally uneven in it's develop
rnent, and some trades were less
moved by it than others Moreover.
some Of the conditions left over from
the long preceding period of depres-
& sion we're still felt. Business failures
were in number of defaults, larger
+ l.,
able showing was due to the record Of
the first quarter of the year. the last
three months exhibiting much i'm
provement.
With the exception of the COMPARE
lively small increase in the amount of
defaulted liabilities, the principal sta
tistics Of business were very favor
able. In volume Of transactions there
was notable gain, as is shown by the
$4,000, 00O, 900 increase in bank clear
ings and the 100000 gain in rail,
road earnings recorded above. This
expansion in volume of trade did not
always carry with it corresponding
gain in profits, For the costs OF produc-
ton were oahAaced by the prices for