The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1904-01-07
ITO BE CONTINUED.
The Years Trade.


In it's annual review of the business
year of 1903, Bradstreet's says:
Nineteen hundred and three was
year of irregularity in speculation,
distributive trade and industry-in
some cases of severe strains, variously
apple dand as differently withstood.
The tests were we'll withstood, and,
while excesses occurred, the course Of
events so far has proved that the gen.
eral trade foundation was essentially
sound and that the structure reared
upon it was in the main we'll built.
The stock market liquidation, though
slow, has been apparently thorough,
and while many weak spots have been
found, ordinary trade has had some
opportunity to gradually readjust it.
self to changed conditions of supply
and demand without the Impairment
which would have followed specula-
tive crash, such as has been freely
predicted would close the present
period of prosperity
Among the causes leading to unset
Element in stock speculation, and later
in important industries, the report
gives the injury of sentiment growing
out of disclosures of OVERRIDING, to put
it mildly, in Industrial stock fuctua-
tions, scarcity in money supplies due
to absorption by these fotations, and
to heavy borrowings by railroads; the
feeling that subsistence of the ram
pant activity of preceding years was
inevitable, but chiefly the effects of
enhanced cost at which business was
done.
High-priced raw materials increased
transportation rates, enlarged costs
of manufacture, and last, but not
least, the manifest determination of
labor to get all that the traffic would
bear, all tended to check consumption.
Summarizing the years develop
ments, the review calls attention to
the excellent condition of trade and
industry during the first quarter and
the multiplication of labor troubles
during the second quarter, June l see
ing the largest number of men out of
employment in many years. The high
price OF cotton caused the more or less
constant idleness of 100000 spindles
and 100000 operatives in the middle
of the year.
Clearances reflected dullness in stock
speculation and showed decreases
from 1902 and 1901. November and
December showed more optimistic
tone in general business, though
trade in dry goods was unsettled by
the enormous advance in cotton.
Trade as whole was probably in ex-
cess of 1902. The wheat crop was
slightly less than that of 1902 and corn
and cotton were affected by the late
spring floods and early frosts, the
yields of the country's crops as a
whole falling behind 1902.
The price. of corn has 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 fever
ishly active early in the year, iron
and steel leading Curtailment. fol-
lowing forty per cent reduction in
prices: cut down the output. and a
liberal export movement" Started.
Shoe manufacturing was active and
shipments from eastern centers ex-
ceeded 1902 by fifteen per cent and
1901, the best on record, by four per
cent
Gross railway earnings and net re-
ceipts gained ten per cent over 1902.
A disquieting feature in the business
mortality was the largest number of
heavy manufacturing suspensions.
immigration was the largest ever
known.
Inc strength of agricultural imple-
ments makes for confidence in good
trade in the country's basic indus
try Building operations bear a bet
ter appearance. Free exports Of ex-
cesslve manufactures and minerals
are to be expected, but as yet no evil
dences exist of overprodutcion. The
United States to-day is. in :, far
stronger position than it was ten or
even tive years ago, and we owe less
abroad than ever before.