The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1908-01-02
1907 WAS 4
YEAR or EXTREMES,
SAYS B"RADSTREET
Entire World, Financial, Com
mercial and Industrial, Liv-
ing Beyond Means.
LIGHTER BUSINESS IN 1908
Relief in Money Market 10 Looked for
With Quietins Down Of Trade
Large and Profitable Com
merce u Expected.

New York, Jan. L.--"Nineteen hun
dred and seven was a year or ex-
tremes," says Bradstreet's review of
business for 1907. "Coincidently there
were three separate and distinct declines
IN prices of securities, interspersed,
however, with rallies depriving the gem
eral downward movement of the year
Of its uniformity, but foreshadowing
the later quieting down of trade and
industry. Accompanying n as a re-
suit OF the last great break In stock
and bond prices there ensued q marked
loss OF public confidence, suspensions
OF financial institutions so swelling
business failure liabilities as to recall
the damage Of 1898, and an acute money
panic, causing q widespread suspension
OF trade and industry, h year closing
with n degree of pessimism as to the
outlook, only to be compared to the
feeling of optimism ruling at its open
ing. pa
The year saw and the markets for
securities and commodities reflected
many disturbing occurrences, besides
witnessing the, play of forces m in
tiuences having their inception I'm pre-
ceding years. For one thing 1t became
evident that the entire world-financial,
commercial and industrial-was, in 1907,
living beyond its means, and that the
bcasted 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
dividuals. 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 at the
highest prices In years. In addition, the
business and financial world was called
on to bear effects of past shocks to con-
hdence OF investors at home n abroad
resulting from life insurance dis
closures, the revelations that some
banking interests were willing to deny
financial accommodation to ordinary
mercantile borrowers. in order that I'M
reasoning speculation might be fostered
and proofs that laws had been evaded
by some corporations through freight
Determinations.
Corporations "Get Wise"
"The railroads were among the first
TO earn that short time notes at high
rates of interest were a precarious de-
pendence for supplies of liquid capital,
and attacks upon these corporations by
legislatures prevented fresh borrowing,
even IL capital was to be had, which
We wv IlCIl DIOSCGulIOIlS
or corporations ais 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
were certainly not helpful. Incidentally
some members of the banking commun-
ity, in the time of acute fear last Oc-
tober, preached sanity n against the
boarding OF money, and then did what
they were inveighing against to the
detriment OF the entire business COM
munity. AS one critic put it, it was not
SO much scarce money as IL was
scared money that caused the dam
g In 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 to the
with complaints of q mild win
ter affecting retail trade. Following
this came a short spell of summer like
weather. and then just at planting
time came two months of cold weather.
which was injurious to vegetation, de-
laying the crops and ultimately, despite
favorable weather in the summer and
late fall. resulting In lessened yields of
nearly all crops as compared with 1906.
Spring trade began well, with a good
Easter season, but languished for two
~ NACA CClLCI lhOukH DGGucu MOI
weather later restored some of the lost
balance. Mild weather early In the
fall. b late movement of the crops
n the October panic and it's after
math hurt fall trade and holiday bust
ness.
The Wholesale Trade.
AS to wholesale trade, it may be
said that six months business was Sc
cured before the year began, but the
business done after July /, and espec-
tally In the last quarter, was below
other years. Industry entered the year
with full order books and had about
caught up with demand in many lines
Then the October panic occurred. Col
Were at no time especially good,
n In the late fan they were positively
a In some sections, with an immense
amount of paper reported renewed.
Despite all drawbacks, however, so
Keen was early demand and so behind
hand were nearly. all manufacturers
that the excess In the first half of the
year probably more than made up for
losses in the last half, SO that the years
TURNER In Wholesale trade and in
dustry compares quite well with 1906.
Poor crop reports and estimated or
actual lighter yields were responsible
Tor excited movements and a higher
range OF prices of farm products, es-
pecially OF grains and cotton, than in
1905. Commodity prices, as we'll as
h cost OF living, generally struck new
high levels.
Labor was scarce, but complained
OF as inefficient until close to the end
Of he year, when decreased building
and manufacturing operations brought
about a surplus supply.
Emigration was the heaviest in the
country's history, coincident with the
immigration ever recorded.
Forecast for 1908.
The pain OF recent wounds is too
acute to allow very optimistic views
being X as to h outlook for 1908.