The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-30
3RADSTREET'S SCORES
NAT. FEDERAL OFFICIALS

for supplies OF liquid capital, and attacks
upon these corporations by legislatures
prevented fresh h'borrowing. even II capital
was 10 be had, which wassdoubtful
Government prosecutions of corpora
tions also hurt investment buying OF
securities, and the lack OF conservatism
displayed by the federal authorities az
times when the pubic mind needed re-
assurance and calming were certainly
not helpful Incidentally some members
OF the banking community, in the time
OF acute fear last October. preached
sanity and against the boarding OF
money, and then did what they were
inveighing against 10 the detriment OF the
entire business community.
"As one critic put IL. IL was not so
much scarce money as II was scared
money that caused the damage I'm the
autumn OF 1907 after the actual panic was
stayed by a few giants OF finance
Wholesale trade was large. but retail
trade was irregular. and crops were
smaller.
The year began poorly as 10 the
weather. with complaints OF a mild win
ter affecting retail trade. Following this
came a short spell OF summerlike wca ather
and then just at planting time began two
months OF cold weather. which was In
furious TO vegetation. delaying TO crops
end ultimately. despite favorable weather
In the sumner and late fall, resulting in
lessened yields OF nearly all crops as
compared with 1906.
Spring trade began we'll. with a good
Easter season. but languished for two
months thereafter. though needed hot
weather later restored some OF the lost
balance. Mild weather early I'm the fall
the late movement OF the crops and the
October panic and It's aftermath hurt fall
trade and holiday business.
YEARS AVERAGE HIGH.
"As TO wholesale trade. II may be said
that six months business was secured
before the year began, but the business
done after July and especially in the
last quarter. was below other years.
Industry entered the year with full or
der books and had about caught up with
demand in many lines. when the October
panic occurred. Collections were at no
time especially good. and In the late fall
they were positively bad in some sec
tons. with an immense amount OF paper
reported renewed.
Despite all drawbacks however so
keen was early demand and so behind
hand was nearly all manufacturers that
the excess In the first half of the year
propably more than made up for losses In
the last half, so that the years turnover
In wholesale trade and industry COM
pares quite we'll with 1906.
Emigration was the heaviest in the
country's history. coincident with the
greatest immigration ever recorded"
THE pain of recent wounds is too
acute TO allow very optimistic views TO be
taken as TO the outlook for 1903. There is.
I'm fact. rather n disposition in trade cir
cles To look upon the reverse side OF the
picture.
This is not extraordinary, however,
because IL Is usual for the average man
10 he bullish at the top and bearish at the
bottom. In addition. there Is the knowl-
edge that trade In other countries is
quieting down. that presidential election
Is impending. that readjustments of
wages and of prices are sure to follow
stock and money market commissions and
that expenditures for all public and pri-
vate purposes are likely to be smaller for
some time TO come"