The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1908-01-02
YEAR 1907 WAS A
YEAR OF EXTREMES,
SAYS BRADSTREET
Entire World, Financial. Com
mercial and Industrial, Liv-
ing Beyond Means.
LIGHTER BUSINESS IN 1903

ttSstSy
With Quietins Down Of Trade
Large and Profitable Com
merce Is Expected.
New York, Jan. 1.-"Nineteen hun
bred and seven was a year of ex-
trsines,' says Bradstreet's review of
business for 1907. tCoinciaently there
were three separate and distinct declines
in prices of securities. interspersed.
however, with rallies ,depriying h gem
eral downward movement of the year
of its uniformity, but foreshadowing
the later quieting down of trade and
industry. Accompanying and as a re-
suit of the last great break in stock
and bond prices there ensued a 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 a widespread suspension
of trade n industry, the yea 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 I'M commodities reflected
many disturbing occurrences, besides
witnessing the play of forces and in
Huences having their inception in pre-
,eding years. For n thing it became
vident that the entire world-fnancial,
commercial n industrial-was, in 1907,
living beyond its means, and that the
poasted large additions to the worlds
stock of gold We're no sufficient to off
Get the destructive effects OF past
Wasteful wars, the vast loss of property
growing out of CONGREGATIONS in 1906,
and the increased expenditures of all
rn1s n a Cfnfn ~, frN~ 1 49, - rl s..A
~alylduals. 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
Tor all kinds of goods selling at the
highest prices in years. In addition, the
business n financial world was called
on to bear effects of past shocks to con-
ldence of Investors at home and abroad
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 evaded
oy some corporations through freight
determinations.
Corporations sect WISE"
The railroads We're among the first
10 learn that short time notes at high
rates of interest were a ~precarious de-
oendence for supplies Of LIQUID capital.
me attacks upon these corporations by
legislatures prevented fresh borrowing.
even ii 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
were certainly not helpful. incidentally
some members IF the banking commln-
'tS, in the time of acute fear last Oc-
tober. preached sanity and against the
noardlng OF money. and then did what
they were inveighing against to the
i%etrlrnent of the entire business COM
nunlty. AS on critic put it. it was not
so much scarce money as it was
scared money hat caused the dam
age 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
Weather, with complaints of a mild win
ter affecting retail trade. Following
Shis came a short spell of summer like
weather, n 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 tba e,,rs,,on 80
ate fall. resulting In ,essaned uieida ne
nearl ~ all crons &c nomnana y,tiu S y
Spring trade began wnIll nith :. Iooo;
Easter, season. but lanomishad fnr So ~
months thereefter tboya. eaadoa ~ ]"
weather later RESTORED sn,oa of ~ not
ha1anna MI : soiie u me iost
fan. the late n,ovemen. of Az ~
and the October manic ,pd ;ts ceops
hurt fall trade ana ho,;dau I 49,,
ness. noiuas DUST
The WboIes.Ie Tr,i
m ''aue'
s,;d +hat sir nnam.t. 'iaue, II may pc
~,,red befara ~ BUSINESS was Sc
h,,sinoss ~ Ine Yea. gar put the
.ally in the last olIarfer mas Ihsdpeas
other years. Industry entered he wear
With full order books and had about