The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1908-01-03
YEAR 1907 WAS A
YEAR Of EXTREMES,
SAYS %BRADSTREET
Entire World, Financial, Conn
merciai and Industrial, Liv-
ing Beyond Means.
LIGHTER BUSINESS IN 1908
Relief in Money Market Is Looked for
With Quietine Down of Trade
Large and Profitable Com
merce Is Expected.
LIGHTER BUSINESS IN 1908

With Quietin9 Down OF
Large and Profitable Com
merce Is Expected.
New York. Jam. 1.-"Nfneteen hum
dred and seven was Il year OF eN-
trelnes.' says Bradstrcet review of
business for 1907. 'Coincidently there
We're three separate and distinct declines
III prices of securities. i~nterspersed,
however, With rallies depriving the gem
eral downward movement of the year
of its uniformity, but foreslladowing
the later quieting down of trade and
Industry. Accompanying aud as IA re-
suit of the last great break in stock
and bond prices there ensued IL marked
loss of public confidence, suspensions
business failure liabilities as to recall
the damage of 1898, and an acute money
panic. causing II widespread suspension
of trade and industry. the year closing
with q degree of pessinism as to the
outlook, only to be compared to the
feeling of optimism ruling at it's OPEN
ing.
The year saw and the markets for
securities and commodities reflected
many disturbing occurrences, besides
witnessing the play of forces and in
fluences having their inception in pre-
~SSsHo SSH @Sh OiiS tItiS Az oSSG liz
evident that the entire world-fnancial,
commercial n industrial-was, in 1907,
living beyond it's means, and that the
boosted large additions to the worlds
stock OF gold We're not sufficient to off
set the destructive effects of past
wasteful wars. the vast loss of property
growing II of c~onflagrations in 1906,
and the increased expenditures of all
countries, states, municipalities and i'm
~diNidnals: Speculation in real estate
ana 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. the
business and financial world was called
on to bear effects of past hooks to con-
fidence of investors mt home and abroad
from life Insurance dis
closures. II revelations that some
banking interests We're willing to deny
financial accommodation to ordinary
mercantile borrowers. in order that un-
reasoning speculation might be fostered
n proofs that laws had been ev:lded
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 IA precautions de-
Aoh VI u ,
n attacks upon these corporations by
legislatures prevented fresh borrowing,
even IL capital was to he 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 ca%ln,ing1
were certainly not helpful. Incidentally
some members of the banking commun-
ity, in the time of acute fear last Oc-
tober. preached sanity and against the
boarding of money. and then did what
they We're inveighing against to the
detriment of the entire business COM
munity. As n critic put it. it was not
so U scarce money as it was
age In the autumn of 1907 after the
actual panic was stayed by a few
giants Of finance. Wholesale trade was
large. but retail rad was irregular.
and crops We're smaller.
The year began poorly as to the
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
months thereafter. though needed hot
weather later restored some of the lost
balance. Mild weather early in the
fall, the late movement of the crops
and the October panic and it's after
math hurt fall trade and holiday hnsi-
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 1, and espec-
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
lections were at no time especially good.
and in the late fall they were positively
bad in some sections, with an immense
amount of paper reported
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 wears
TURNER In wholesale trade and in
dustry compares quite we'll with 1905
Poor crop reports and estimated or
actual lighter yields We're 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 az
the cost of living, generally struck new
high levels. Jaw
Labor was scarce. but complained
of as inefficient until close to the end
OF the year. when decreased building
and manufacturing operations bronrhf
about a surplus supply.
Emigration was the heaviest in the
country's history, coincident with The
greatest immigration eve recorded.
Forecast for 1908.
The pain of recent wounds is +oo
acute to allow very optimistic yieu,s
being taken as to the outlook for 1eos