Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1908-01-09
Entire World, Financial, Com
merciaI and Industrial, Liv-
ing Beyond Means.
LIGHTER BUSINESS IN 1908
Relief in Money Market Is Looked for
With Quieting Down Of Trade
Large and Profitable Com
merce Is Expected.

New York. Jan. 1.-'Nineteen hum
dre1 and seven was IA year of ex-
tremes," says Bradstreet's review OF
business for 1907. "Coincidently there
We're three separate and distinct declines
in prices of securities. i~nterspersed
however. with rallies depriving The gem
eral downward movement of the year
of its uniformity, but toreshadowing
the later quieting down of trade and
industry. Accompanying and as "A re-
suit of the last great break in stock
bond prices there ensued ~ marked
loss of public confidence, suspensions
OF financial institutions so swelling
business failure liabilities as to recall
the damage of 1893. and an acute money
panic. causing Il widespread suspension
OF trade n industry, the year closing
with a degree of pessimism as to the
outlook, only to be compared to the
feeling of optimism ruling at its OPEN
ing.
The year saw and the markets for
securities and commodities reflected
many disturbing occurrences, besides
witnessing the play of forces and in
fiuences having their inception in pre-
ceding years. For one thing it became
widen that the entire world-financial,
commercial and industrial-was. in 1907.
living beyond its means, and that the
boosted large additions to the worlds
stock of gold were not sufficient to off
set the destructive effects of past
wasteful wars, the vast loss of property
growing out of conflagrations in 1906,
and the increased expenditures of all
countries. states, municipalities and in
d~ividuals. Speculation in real estate
and mining securities put additional
burdens upon money supplies, already
strained by the necessity of providing
sufficient of the circulating medium to
carry along the unprecedented demand
for all kinds of goods selling ut the
highest prices i'm years. In addition, h
business and financial world WAS called
on to bear effects of past shocks to con-
fldence of investors at home and broad
resulting from life insurance dis
closures, the revelations that some
banking interests We're willing to deny
financial accommodation to ordinary
mercantile borrowers. in order that UNI
reasoning speculation might be fostered
and proofs that laws had been evaied
by some corporations through freight
determinations.
Corporations Get Wise"
THE railroads were among the first
to learn that short time notes at high
rates of interest We're II precarious de-
pendenc for supplies of liquid capital.
and attacks upon these corporations by
legislatures prevented fresh borrowing.
even If capital was to be had. which
was doubtful. Government prosecutions
of corporations also hurt investment
buying of securities. and the lack of
conservatism displayed by the federal
authorities at times when the public
mind needed reinsurance and calming
We're certainly not helpful. Incidentally
some members of the banking comlmun-
ity. In the time of acute fear last DC
tober, preached sanity and against the
hoardinS of money. and then did what
they We're inveishing against to the
detriment of the entire business COM
munity. As one critic put it. il was not
so much scarce money as IL was
scared money that caused the dam
& 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 We're smaller.
Ihe year began poorl. as 10 the
weather, with complaints OF II mild win
ter affecting retail trade. Following
'hls came a short spell of summer like
weather. and hen just at planting
ti1ne came two months of cold weather
which was injurious TO vegetation. de-
laying the crops and ultimately. dcspite
favorable weather in the sunlme and
late fall. resulting in lessened yields OF
nearly all crops as compared with 1905
Spring trade began well. with Il good
Easter season, but languished for two
months thereafter, though needed hot
weather later restored some of the lost
balance. Mild weather early in tho
fall. the late movement of the c,onc
and the October panic and lis af,n~.
inath hurt fall trade and holiday h,si-
ness.
The Wholesale Trade.
AS TO wholesale trade. it may be
said that six months business was se-
cured before the year began, but the
business done after July l. and cspcc-
tally in the last quarter. was below
other years. Industry entered the wear
with full order books and had about
caught up with demand in MANY lines
when the October panic occurred. col
lec,ions We're at no time especially good.
and In the late fall they We're positively
bad in some sections. with an Immense
amount OF p exported renewed
Despite all drawbacks. however 90
keen was early demand and so behind
hand We're nearly all manufacturers
that the excess in the first half ~ tha
year probably more than made IN fnr
losses in the last half. so that the wears
turnver In wholesale trade and in
dustry quite well with I906
Poor crop reports and estimated or
actual lighter yields were responsible
for excited movements and a higher
range of prices OF farm products. es.
pecially of grains and cotton, than in
1906. Commodity prices, as we'll 40
the cost of living. generally struck new
high levels. "
Labor was scarce. but complained
of as inefficient until close to the and
of the year, when decreased building
ana manufacturing operations broIrhf
about a surplus supply.
Emigration was the heaviest in the
country's history. coincident with fhs
greatest immigration ever recorded.
Forecast for 1908.
The pain OF recent wounds Is too
acute to allow very optimistic views
peing taken as to the outlool: for 1908