Historical Newspapers of South Carolina

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we imm m. f.RADaVTKKlTra ANNUAL REVIFYY OF TRADE AND INDUSTRY. ?I Clone of Year Sliow that Hal Country ha* Reeupimtod Won jairaJU from the l*anlc of ltof the Outlook for ltoe M En K Um i I rtew York. Dec. 30.?Nineteen hun and eight partook of moat of the phenomena of an after-panic year arftth IU full quota of early weakness, ?nebt and uncertainty, but guiding fOJees and ultimate results ware to saard reouperatloa and repair. Thin, at trat wry elow. later hastened to a aufat wher conservative optimism ruled general business. IU early Usenths witnessed a very hsavy vol of Insolvencies, the aftermath of Bnaacfcu storm of 1907; saw busl aharpty reduced. In volume, an tl?uaejuae amoui.t of transportation aueJntlee of the country unused, pub He ability greatly reduced, low Is els asiached for most securities, a vast uaujwbii of Idle operatives In all lines. ? ghit of money in the banks, and s ftSamg of weal aess akin to that felt By the human patient after a wasting Later, partiaolarly In the last of the year, a marked recovery Strength developed, confidence was restored, money was easier to rW, Industrial wheels revolved r.. Idle cars decreased tn number, became more confident, larger sold at good prices helped to ? [Small collections, employment wss avert plentiful, wage reductions and fhtaoos strikes were largely avoided, proved more efficient, and al the contraat between the ? ad late mom hs of the year Very striking. Ii deed, those who counsel of tho fer.s which had been awakened by trie crash of 1907 wer? agreeably surprised at the speed tha apparent soundness of the re Explanatory of this, the early diag? nosis of the 1907 trouble needs to be home In mind. To all appearances the eause of the collapse was largely flaeedel. though per taps partly po? litical. In thst hostile legislation and legal proceedings against corporations * were additionally disturbing factors. i Industry at the beginr lug of the pan ' le was not widely involved, but be? sam? unsettled through the disloca? tion of financial affair* Stocks of commodfrt'? were not large, and for? tunately the trouble affected the ag? ricultural Intereeta if the country only : la a remote decree, host of the dam ? age e/aa visited upon, first, the finan? cial community, and secondly, and hater, the manufaotu *lng and cV>m rial elements off the country, ugh it all the great food produc? ta* Interesta, aided by good domestic m and foreign demand and extremely re F muneretlve prices, felt the effects only hadlrctly. and here, wllh restored con In financial I! nee, were fur drm foundatlois for the later revival, the recupersttm and the re uowed upbuilding so notable In the ? second half of the year. The Amerl if can farmer, with bettering profits In 1H7. found large ami Insistent de? mand for his surplus products at good Briese lu ItOI. Agricultural values as a whole were the largest aver known, and the prosperity of this has ^ le Industry, uncommon In a year fob f lowing a panic, proved, ss never be? fore, that America's sggs were no toager 1b one or two baskets. Difference From Other Years, H will be seen from the above that 1991 waa not sxactly like the years W which followed those of 1837, 1S57 or 1993, perlode of Immense stress, and years, moreover, when American In? terests were more largely centered In a few thing*, and when Industry was net diversified as It Is now. For In? stance, there was no parallel this year \ to the depressed conditions of agri? cultural prices which ruled in 1903 to 1999. Perhaps the closest analogy to the recently passed depression wss the period following the finan? cial panic of 1994. which was severe while It lasted, bit from which (recovery was relatively rapid. Our moat recent upheaval vise severe and acute enough, however. In that indus? trial outputs wer?? sharply and sud? denly reduced at an early date, and this fact, together with the prompt? ness Of the later recovery, which was made possible by the absence of un terlyt^g weakness and d? preening ?lochs of all kinds of commodities, flaces 1999 In a class by Itself. Yet there wore many drawback* t.. '.?? swrm?Mint?'d. There, was a very un? settled fefUng in labor lines regarding I k possible wage reductions, the spring | r wee cold and wet, while the tunaueaf and fell were h??t and dry, ah i proarh of the presidential election In itself held elements or dhturhi and doubt. Throughout the yen- there was manifest one <?f the usual pin - nowien* >r nf.t-panic eBBcHttoM fjoejey released from productive em? ployment wan a drug on the market, and denied smplo\ ment In trade and Industry It turned t? the securities markets for eaaaeayussat Dunnes ? tloaably the strength mi r I rested by uecurltles from the middle or Febru ary onward was an important ele? ment in bringing about the revival later shown In trade and industry, and the expression "the ticker tells the story" found frequent employ? ment among that large class of san? guine people who believed, as it turn? ed out Justly, that the growing strength In Amerioan securities foreshadowed a considerable amount of recupera? tion and repair. This same ease of money, too, made It possible for the railroads to borrow funds at less ex? orbitant rates, thus facilitating irff provements and repairs, and in? vestors proved more willing to take municipal and other bond Issues that proved almost unsalable In 1907. Fi? nally, higher court reviews of and decisions against hostile legislation and extortionate lower court penal? ties were helpful In restoring confi? dence to the business world general? ly, and even proved sedatives to na? tional and State officials who found It less popular than heretofore to in? dulge In corporation baiting. Later on the apparently foregone result of the presidential election removed hesitancy, induced the placing of or? ders freely, and, perhaps, led to a greater growth of optimism than was really justified by the improvement In actual trade, striking as It was. The rush upward of security and com? modity prices in the fall, a reflection of this optimism, had a slightly cool? ing effect upon those who believed that prosperity had returned In full tide, and the talk of tariff revision in the closing months undoubtedly made for a reawakening of conservatism as to future. In addition, the failure of stocks of goods to move at retail as freely as expected, owing to mild weather, and the late opening of holiday trade tended to curb the buoyunt optimism so noticeable in the earlier autumn, when large crops bringing high prices were moving to market. Some Results of the Year. Perhaps the most notable features brought out In the statistical exhi? bits In 190S were the slightly in? creased yields of most leading crops, which commanded higher prices at times of heavy marketing than In the preceding year of shorter yields. Ex ceptlons to this were found In cotton and hay, where Tower prices offset enlarged yields. Cereal prices were aided by exhaustion of old supplies, European war talk and a strong bull speculative movement. Pnyn values as a whole were the largest ever re? corded, but low prices for cotton, due to Immense movement und a strike in Lancashire, were a drawback to southern trade In the autumn. Clear? ings for the year, which were the smallest since 1904, were at the. low? est In February and at their highest in December. Foreign trade shrunk from the record totals of 1907, with the largest loss In Imports. Reduced foreign buying ability .was reflected In our export trade late In the* year. Industrial movements in iron, coal, coke and other production,' and In building, showed shrinkages from 1907 or 1906 records. Failures in? creased 37 per cent. In number, but liabilities shrunk 21 per cent, from 1907, January holding the year's record for casualties and damage alike, but the year's failures were be? low those of either 1893 or 1896. Ac? tivity in building was most marked In the last half, but the decrease in expenditures frem 1907 was 10 per cent., and from 1906, 15.6 per cent. The commodity price movement was a marked feature. From the high point in 1907, on March 1, to the low point on June 1, 1908. prices fell 15 per cent., but regained 7 per cent, of this loss in the later summer, fall and early winter. The strength of cereal* and food products generally was notable and brought increased strain on poorly employed or paid la? bor. Cotton was an exception to the strength of most products, dropping I cents from the high price at the opening of the year. Strikes wore comparatively few, one large coal dispute going far to swell totals. Im? migration fell off sharply, but later began again to Increase. Railway building was small, but, on the other hand, bankruptcies were compara? tively few and relatively unimport? ant. A I/Mik AheiuI. It would, of coune. he unwise to say that the outlook is entirely clear. There Is still a measure of doubt us to the reality of some of the Im? provement shown on the surface of things. Shocks und ggtnags like thOtt received slightly over i year ago ire not at ones taken up and repaired. Short nouff <t. siill common In In? dustry, and some time nm.-t elapSC i ? fore public buying ability equals thai before Iht panic some of the optimism displayed In the aecurtttti markets a month of so ago was not fully Hhnred In by many lines of busi? ness. There are problems to be met nn l solved before American hade and !ndmh\ are fullv restored to the normal. One <f these Is the question whether the admittedly excessive cost of conducting trade and industry, because of high prices for food, an I hence for labor, will not have to hi adjusted, Bearing upon this Is the probable proportion of the Buropean demand for our products It 1909, In view of the fact that trade among our best, foreign customers is still very much depressed. Our winter-wheat crop at present does not promise to be burdensome, and foreign trade is declining. Then the tariff revision outlook Is not entirely nettled yet. It seems, too, as if a further growth in general trade, which is confidently looked for in 1909, might have some important temporary effects upon the money markets and possibly upon se? curity prices, as will the continuance of, what seems to be necessary, very large future borrowing* by railroads for improvements. In the end, of course, these expenditures must re dpund to the benefit of general busi? ness. Stocks are not burdensome^, a hand-to-mouth buying movement hav? ing prevailed, and, moreover, a well settled policy of repression has been carried out, as a result of which spec? ulation and overstraining of credits in distributive lines have been minim? ized. With past experience as a guide, and with events of 1907 and 1908 Im? mediately in mind, it, is to be observ? ed that panic history does not neces? sarily repeat itself along pricisely similar lines. Governing these mani? festations more and more, nowadays, are the changes in underlying Ameri? can financial and business conditions, the growth of population and the diversification and the silodity of industry, which all serve to absorb shocks and to readjust matters In a way superior to what was possible In othor years of strain. All things con? sidered, the country really Is and, what is equally Important, really feels in far better shape than a year ago, and this gain in optimistic sentiment, with the knowledge that we have been partially spared one of the worst ef? fects of previous great panics?long continued and acute depression, with the consequent sacrifice of business life and slaughter of capital?Is In Itself a g:eat gain for trade confi? dence There is a sense of deep re? lief that the community has passed mo s, . < ly through a great crisis, and It is with a feeling of chastened and yet cheerful conversation that the business world looks forward to the year 1909 v Ith a fair degree of con? fidence, but with little expectation of a boom. TO DECIDE PASS QUESTION. Su|>reme Conrt Will Settle Mntter of Newspaper* and Railroads Ex? changing Commodities. Washington, Dec. 30.?Whether newspaper and magazine publishers may legally accept transportation over the railroads In return for advertising In their columns probably will soon be decided by the Supreme Court of the United States. The Chicago, In? dianapolis and Louisville Railway Company, generally known as the Monon Route, has brought to that Court a case involving this question, and it is probable that the Court will find in it a subject of such general im? portance as to justify it In advancing the hearing. The suit originally was instituted by the Government in the United States Circuit Court for the Northern dis? trict of Illinois. That Court held that such a transaction would in all prob? ability result in dlscrlmnation, and therefore decided against the compa? ny. ?A great many people have kidney and bladder trouble, mainly due to neglect of the occasional pains in the back, slight rheumatic pains, urinary disorders, etc. Delay In such cases is dangerous. Take DeWitt's Kidney and Bladder Pills. They are for weak back, backache, rheumatic pains and all kidney and bladder trou? ble. Soothing and antiseptic, and act promptly. Don't fall to get DeWitt's Kidney and Bladder Pills. Accept no substitute. Regular size 50c. Sold by all druggists. CENTRE OF PROHIBITION FIGHT. Cami>aign for Statewide Law WIK he Conducted by Rev. Mr. Hurley From Spar tun burg. Spartanburg, Dec. 30.?The fight for State-wide prohibition in South Caro? lina is to be waged from Spartanburg and the prohibition forces are being organized from the Anti-Saloon league headquarters in this city. It is an? nounced by Rev. J. S. Harley, su? perintendent of the Anti-Saloon league, that a meeting of the trustees of th^ league and prohibitionists generally will be held here January 8 for the purpose of deciding upon a course of action before the legislature, Super? intendent Harley expects to give out a statement outlining the prohibition campaign wihln the n xt few days. The Pure Food Law, 'Secretary Wilson says, "One <>r tin Objects oi' thi law is to inform the consumer of the presence of oertaln ). irmful druus in medicine-;." The law raqulres that the amount of Chloroform, opium, morphine and other habit forming druus he stated on the label of each bottle The man? gfaoturers of Chamberlain's Cough Remeds have always claimed that their remedy did not contain an) of UlCSS drugs, und the truth of this claim is now fully proven. as no mention of them is made mi the label. This rented) is not only one of the Sliest, hilt One Of the best ill Use for coughs and COlda Its value hai been proven beyond Question during the many years it has been In general use. For sale by all druggists. ROCEKEFELLEK DISCUSSES GIV IXG. Writes in World's Work About Co Ordination in Charity. Now York, Dec. 29.?"If a combi? nation to do business la effective in aving waste and In getting oetter re? sults, why is not combination' far more important In philanthropic work? In this question is set forth the text of an article by John D. Rockefeller, head of the Standard Oil Interests, published in the current is? sue of the World's Work. The gen? eral subject of Mr. Rockefeller's ar? ticle is, "The value of the co-operative principle in giving." Mr. Rockefeller expresses the belief that the general idea of co-operation in giving for education scored "a real step in advance" when Mr. Andrew Carnegie consented to become a mem? ber of the general education board, "for in accepting a position In this directory he has, it seems to me, stamped with approval this vital principle of co-operation in aiding the educational Institutions of our coun? try." He goes on to describe in some de? tail the work of the general educa? tion board, which, he said, has made or is making a careful study of the location, alms, work, resources, ad? ministration and educational value present and prospective, of the instl tutions of higher learning in the Uni? ted States. The board, he says, makes its contribution averaging something like $2,000,000 a year, on the most careful comparative study of needs and opportunities throughout the country. "Its records are open to all. Many benefactors of education are availing themselves of these dis Interested inquiries, and it is hoped that more will do so." Some interesting general remarks on the subject of benevolence illumi? nate Mr. Rockefeller's point of view For instance, he says: "To help an Inefficient, ill-located unnecessary school Is a waste. I am told by those who have given most careful study to this problem that it is highly probable that enough money has been squandered on unwise edu catlonal projects to have built up a national system of higher education adequate to our need, if the money had been properly directed to that end." Of Roman Catholic .methods, Mr. Rockefeller said that he has "seen the organization of the Roman Church secure better results with a given sum! of money than other church organl datlons are accustomed to secure from 'the same expenditure. It Is unnece?-"* sary to dwell upon the centuries of experience which the Church of Rome has gone through to perfect, a great power of organization." Commenting upon the great mass of appealing letters received, Mr. Rockefeller says that four-fifths of them are requests for money for per? sonal use, "with no other title "to con? sideration than that the writer would be gratified to have it." Mr. Rockefeller pays a warm trib? ute to the memory of the late Dr. William R. Harper, president of the University of Chicago, and makes without qualification, the statement which will be surprising to many per? sons, "that during the entire period of his presidency of the University of Chicago, he never once either wrote me a letter or asked me personally for a -dollar of money for the Univer? sity." He goes on to explain that In this, as In all other cases, the gifts^ to the University were the result of the presentation of its needs "made in writing by the officers of the Univer? sity, whose special duty It is to pre? pare Its budgets and superintend its finances. It is ^not personal inter? views and impassioned appeals, but sound and justifying worth that should attract and stcure the funds of philanthropy. The people In great numbers who are constantly Impor? tuning me for personal Interviews In behalf of favorite causes err In sup? posing that the Interview, were It possible, is the best way, or even a good way, of securing what they want." In the course of his article, Mr. Rockefeller says of himself: "Criti? cism that Is deliberate, sober and fair Is always valuable, and it should be welcomed by all who desire prog? ram I have had at least my full share of adverse criticism, hut I can truly say that it has not embittered me, nor left nie with any harsh feel? ing against a living soul. Nor do l wish to be critical of those whose oonscli ntiOUS judgment, frankly ox prcssed, differs from my own. No matter how noisy the pessimists may he. WS know that the world is get ting better steadily and rapidly, an< that it Is a good thing to remember in our moment- of depression or liu initiations." Stomach Trouble Cured. *If you have any trouble with your stomach you should take Chamber? Iain's Stomach and Liver Tablets. Mr J. P. Kioto Of Sdlna, Mo., says: "] have used a great many different med IclneS for Stomach trouble, hut Und Chamberlain's Stomach and Liver Tablets more beneficial than any oth? er remedy 1 ever used." For sale by nil druggists. THIS LAHOR PROBLEM SOLVED. Canal Commission Calls Rack Eu? ropean Labor Agent, Washington, Dec. 28.?With the early arrival in Washington from Paris of Leroy Parks, of the Isthmian Canal Commission, there will be sig nilized an epoch in the construction of the canal. O'licials of the commis? sion are now certain that they have solved the labor problem that once was so vc::ing, and, acting on the judg? ment, have instructed Mr. Parks, \t> labor agent in Europe, to close his of? fice in Paris and to return to tho United States. The withdrawal of the European labor agent is not designed to stop emigration from Europe to the Canal Zone, but Is in harmony with the closing of labor agencies in various parts of the world. Instead of three agencies in the United States, the number has been reduced to one, in New York, with Henry A. Smith in charge; and instead of two in the West Indies, henceforth there will be only one, fciid that in the Bermudas. The one in the Bermudas and the one lo? cated in New York will be the only agencies maintained by the Govern? ment. It is explained at the offices of the commission in this city that more laborers are going to the Canal Zone than are leaving, thmi every month is adding to the population there. The time has arrived, it is said, when the maxium force has been emplrjyed. Henceforth the work1 In the Canal Zone is to be confined to actual canal building?that is, V0 ex? cavation and dam and lock construe- I tlon. Building and municipal work; I erecting houses, installing water and sewer systems and roadmaking are said to have reached the stage where most of the expenditures of them will be for maintenance. Men previously employed in these lines of work are being transferred to other departments and thus the demand for new men has been materially reduced. The hulk of the manufacturing heretofore done in the shops Is no longer necessary, as the heads of the various divisions of work are now able to estimate six months ahead what spare parts will be needed, thus enabling their nur chase in the United States. Keeping the unskilled labor already employed busy is the problem, it is explained by men who have been on the ground, rather than that of get , ting more men. It is fqund helpful to keep one two agencies open, in or kder to supply laborers for emergencies land to guard against any contingency. Marked tor Death. "Three years ago I was marked for death. A grave-yard cough was teaf ing my lungs to pieces. Doctors failed to help me, and hope had fled, when my husband got Dr. King's New Dis? covery," says Mrs. A. C. Williams, ol Bac. Ky. "The first dose helped ml and Improvement kept on until I hac gained 58 pounds in weight and m> health was fully restored.' This medi? cine holds the world's healing record for coughs and colds and lung am. throat diseases. It prevents pneu? monia. Sold under guarantee at W. W. Slberfs Drug Store. 50c and $1.0?? Trial bottle free. FOUND ROOKS OF SEMINOMS. Accountant lligley Ijoeates Htm at Knoxville. Columbia, Dec. 31.?Mr. H. G. Hlghley has found the books of the Semlnole Securities company. Said books were located at Knoxville, ac? cording to a telegram received from the Pullman company yesterday. Mr. Highley got busy as soon as the loss was discovered and yesterday he was very much gratified when he was in? formed that the dress suit case had been located at Knoxville. Don't Take the Risk. ?When you have a bad cough or cold do not let it drag along until it becomes chronic bronchitis or devel? ops into an attack of pneumonia, but give it the attention it deserves and get rid of it. Take Chamberlain's Cough Remedy and you are sure of prompt relief. From a small begin? ning the sale and use of this prepara? tion his extended to all parts of the United States and to many foVelgn countries. Its many remarkable cures of coughs and colds have won for it this wide reputation and extensive use. Sold by all druggists. John Mays, colored, was killed at Wag per Tuesday night by Policeman Kirk Kind. A Religious Author's Statement. ?For several years I was afflicted with kidney trouble and bist win er 1 WSJ suddenly strieken with a M Vi PS path in my kidneys and was eon Ined to bed eight da>s unable to get up without asstata'nes, My urine con* talnsd a thiek. white sediment and l passed sums frequently day and n ght. i commenced taking Poley's Ktdm y Remedy, and the pain gradually abat? ed and finally ceased and my urine be? came normal, i cheerfully recom men i Poley's Kidney Remedy. W. W. Blbert. Out of a gi eat evil comes a great good,*?Italian. CASTOR! A For Infants and Children. The Kind You Have Always Bought Bears the Signature MAY PROVE FATAK When Will Sumter People Learn Im \* Uta i nr. of It? Backache is only a simple thing at first; But when you know 'tis Croat) the kidney*; ? t serious kidney troubles fol? low; That diabetes, Bright's disease may be the- fatal end, You will gladly profit by the fol? lowing experience. Hi the statement of a Sumter cit? izen. I-ucb.ns, R. Gibson, living at 304 E. Liberty St., Sumter, g. C, saya: "My kidneys had troubled me for two or three years. The secWtlons wer?> ?o frequent in action that I was forc? ed to arise often at night and there was a scalding sensation in passage. They were also highly colored, and contained a dark sediment. My back ached almost constantly and oc? casionally it became so lame that I couid hardly get around. I had" heard so much in favor of Doan'a Kidney Pills that I concluded to give them a trial, and procured a box at: China's drug store. They soon erad? icated the backache, banished the lameness and cleared the secretions. My back is now as strong as ever be? fore in years and I give Doan s Kid? ney Pills the credit." For sale by all dealers. Price 50 cents. Foster-Milburn Co., Buffalo, New York, sole agents for the United States. Remember the name?Doan's?and take no other. 79 FOLEY'S H0NEY??TAR I The original LAXATIVE cough remedy. For cough-., colds, throat and lung" troubles. No opiates. Non-alcoholic* Good for everyl >dy. Sold everywhere* The genuine FOLEY'S HONEY and TAR is it* a Yellow package. Refuse substitu tea Prep a red only by Foley at Company? Chicago* SIEBERTS DRUG STORfc. Croup, When a child wakes up In the mUdle of the night with a severe attack of croup as fre* queutly happens, no time should be lost la experimenting with remedies of a doubtful value. Prompt action is often necessary to ,ve life. Chamberlain s Cough Remedy; has never been known to fall In any <*ase and It has been in use for over ooe-thlfd of a ceo* tury. Then Is none better. It can be de pendedupoa Why experiment? It *s? tdeasant to take and contain* no harmtuldrug. Price* ?3 ceuu\; largo size. 50 ceuts. PATENTS ?ROCURED AND DEFENDED.-^"M** awing or photo, for expert search and free report. I Free advice, how to obtain patent*, trade uiarka, | copyright*, etc., (N ALL COUNTRIE8. Business direr t with Washing ton saves time%\ Money and often the patent. Patent and Infringement Practice Exclusively. Write or come to u* at 5U Ninth StTMt, epp United 6U1?g latent Offlc?, WASHINGTON, O. C GA-SN0W*. TAX NOTICE. The County Treasurer's office in Court House building, will be open for the collection of taxes without penal? ty, from the loth day of October to the 31st day of December, 190S. The levy Is as follows: For State, 5 1-2 mills. For County, ordinary, 2 3-4 mills. For Sinking Fund loan of 1907, 1 mill. For Sinking Fund loan of 13*0S, 1-4 mill. For Constitutional School. 3 mills. Polls, $1.00. Capitation Dog tax. 50 cents. Also Special School tax as follows* School District, No. 1, 2 mills. School District, No. 2, 2 mills. School District, No. 3, 2 mills. School District, No. 4, 2 mills. School District. No. 8, 1 mill. School District, No. 11, 2 mills. Schood District, No. IS, I mills. School District, No. 13, 3 mills. School District, No. 14, S mills. School District, No. 16. 2 mills. School District, No. 17, 3 mills. School District. No. IS, 2 Hsisla, A penalty of 1 per cent, added fOfl month of January, 1001). Additional penalty of 1 per cent, for month of February. 1909. Additional penalty of 5 per cent, until lath day Of March. 1909. when the tax books will close for the collection of taxes for fiscal year, 1908. T. W. l.EK. Co. Trens. for Sumter Co.. S. C. 10-7-mchl5,09 KILL the COUCH and CURE the LUNC8 with Dr. King's New Discovery for C8??sKS JBz. AND ALL THROAT AND LUN5 TROUBLES. GUARANTEED SATISFACTORY] OR MONEY REFUNDED.