The St. Louis Republic., 1903-12-31
YEAR HAS BORNE
BURDENS Of OTHERS.
Bradstreet's Says the Result Of
190S's Experiences Leads to
Confidence in Future.
ALL TESTS WELL WITHST00D.
Speculation, Demands of Labor
and Increased Cost of Mate
rials Held Accountable
for Difficulties Met.

New York. Dec 30.-In its annual re-
view of the business year of 1903. Brad.
streets will say:
| Nineteen hundred and three was year
of irregularity in speculation, distributive
! trade and industry. in some cases of Sc
we're strains. variously applied, and as
differently withstood.
''As the residuary legatee of at least
five years of great prosperity. 1t had to
bear cumulative effects of previous years
mistakes, and at the same time to carry
| burdens having their inception in the year
| itself.
Yet the tests were well withstood, and,
| while excesses occurred. the course OF
events SO far has proved that the gem
era trade foundation was essentially
| sound, and that the structure reared upon
| it was in the main well built.
"Stock-market liquidation, though slow,
has been apparently thorough, and, while
many weak spots have been found, ordi-
| nary trade has had some opportunity to
gradually readjust itself to changed con-
ditions Of supply and demand without the
impairment which would have followed
a speculative crash, such as has been
freely predicted would close the present
perior OIL prosperity.
UNSETTLING CAUSES.
Among the causes leading to unsettle-
ment in stock speculation and later i'm i'm
portant industrials the report gives 1.-The
injury to sentiment growing out of dis
closures OF oyerdoing, to put 1t mildly, in
industrial stock fluctuations; scarcity in
money supplies due to absorption by these
hotations and to heavy borrowings by
riaiiroads; i the feeling that subsistence of
the sme rampant activity OF preceding years
was inevitable; but chiefly the effects of
enhanced cost at which business was done
dlgh-priced raw materials, increased
transportation rates, enlarged costs of
manifest determination OF labor to get all
tnat the traffic would bear, were all ele-
ments tending to check consumption"
LABOR TROUBLES.
summarizing the years developments,
the review calls attention to the excellent
condition of trade and industry during the
frst quarter and the multiplication of la
por troubles during the second quarter,
o,.t oute ., seeing the largest number of men
vut s oI employment in many years. Build
Iis construction at many large cities was
checked and 1t was practically at a stand-
stlii at New York throughout the summer.
nare ne n nigh IN. prices OF cotton caused the
spindles and 10000 operatives in the mid
die OF the year, while reductions in wages
OF many thousands of workers in the last
months impaired the purchasing ability
OF the industrial element The crop situa-
ton was less favorable than earlier antic-
lpated, but better prospects later helped
out fall trade.
Stock market liquidation and numerous
suspensions caused some tension in Octo-
Der and November, but ordinary failures
continued smaller in number, though LA
bilitie5 were larger than a year ago
Clearings reflected duliness in stock
speculation and showed decreases from
1902 and 1901. November and December
showed a more optimistic tone in gener-
al business, though trade in dry goods
was unsettled by the enormous advance in
cotton. Trade as a whole was probably
in excess of 1902.
The wheat insa crop was slightly less than
that OF 1902 and corn and cotton were af-
fected by the late spring, foods and early
as a whole falling behind 1902.
MONEY FOR FARMERS.
The price of corn hes been below that
of 1902, but high prices OF cotton. coupled
with the improved quality Of most crops,
insure financial return to the farmers
above that of 1902.
Manufacturing industry was feverishly
active early in the year. iron and steel
leading. Curtailment following a 40 per
cent reduction In prices. cut down the out
ed. Lumber and building material felt the
decline in activity. The cut probably will
run 10 per cent below 1902.
Snoe manufacturing was active and
the shipments from Eastern centers ex-
ceeded 1902 by Is per cent. and 1901. the
best on record. by per cent.
The wool clip was 10 per cent less than
1893. but sold at an advance over 1862.
Cotton manufacturing struggled against
advances of 45 TO so per cent In raw ma
tertal, compared with increases of only 10
as per cent in goods and the silk indus
rial. s a'sO was aiiee'ea Ds h'sh Ia" mate
Anthracite coal was active, soft coal
was strong and brisk early. weakening
later. and coke showed great extremes in
prices.
Export trade. amounting 10 a,4ss 900. 600.
showed Z per cent increase over 1902 and
imports of $1,000 0o0.oo0 make the aggre-
gate of foreign trade the best on record.
REDUCED SPECULATION.
Reduced stock speculation at the Me-
tropolis cut down the bank clearlngs at
New Yorx 13 per cent from 1902, but the
country. as a whole. showed a 4 per cent
gain over 1902.
Prices early in the year evidenced the
strength of demand. reaching, on March
], the highest level for three years past.
Metals, live stock, meats hides and Ieath-
textiles. mineral oils, building materials,
coffee and miscellaneous products finished
higher.
Car congestion was complained of early.
but facilities were greatly expanded later.
and continuing heavy business was eco
nomically handled. Gross railroad earn
inss and net receipts gained 10 per cent
over 1902. A disquieting feature in the
business mortality was the larger number
of heavy manufacturing suspensions
immigration was the largest ever
known.
''It is with a chastened spirit, coupled
with some doubt" the review concludes.
chat the business community awaits the
developments of 1904. Unsatisfactory con-
ditions are sufficiently widespread to take
away some of the buoyant feeling with
which the advent of recently preceding
years has been contemplated.
Efforts to revise costs of production
mand-and-suppIy conditions have made
good progress, notably in iron and steel
Some important lines. particularly cot
ton goods. are unsettled. Producers
upon the acceptance Of de-
creased wages by employees
Expenditures for engineering enter
prises. while helpful to demand. may re-
ness. The presidential campaign may also
be unsettling. though not, as In previous
years, source of financial disquiet.
Tine, strength of the agricultural inter-
est makes for confidence in good trade in
the countrys basic industry. Building OPP
eTations bear better appearance. Free
exports of excess manufactur and min
erals are to be expected. but as yet no
evidences exist of overproductic1. Up to
the middle of 1908 the country had been
at a swift pace. but nc marked
signs OF oyerextension are visible. More
over, the United States of to-day is.in a
tar stronger position than 1t was ten or
even five years ago. and we owe less
abroad then ever before.
! There are still some cloud-slladors but |
the barometer has begun to rise, and the
.