Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-30
Repression, Not PEostFa-
tion, with Irregular Results.
Record Outputs Despite Short
Industrial Time.
European Markets Reopened..Some
Cautionary Signals.

Nineteen hundred and eleven was a
period of striking irregllarity in trade
and industry, but despite evidences of
widespread caution and repression. a
fair, in some lines a record, business was
done. This, it is conceded, was generally
at the expense of profits, which latter,
rather than the aggregate volume of
business. came in for widespread COM
plant. 1t was q year of generally high
commodity prices, broken, however, py
some remarkable extremes of movement
in staples, causing especial strain alike
upon manufacturing industry and con-
sumption, and eventuating in a lessened
volume of business and much idle ma
chinery. 1t was Furthermore, year OF
decided unsettlement, of intense agita-
tion in some financial as we'll as indus
trial fines, which for the first time ex-
perienced the application of hitherto un-
tried methods of legal regulation. These.
at first viewed with decided alarm, later
lost most of their terrors, and with the
passing of the year toward its close
somewhat saner views of politico-
economic questions led to a perceptible
Improvement in general sentiment. For
the purposes of trade review. indeed
the year should be divided into two parts,
with the INST eight months generally
period of disturbance, of short time in
industry, OF Withdrawals from savings
banks of tariff revision and tinkering Of
crop seares, of closely considered hand
to-mouth buying and of slow collections,
while the last four months was period
OF some relaxation OF caution, of growth
of more cheerful feeling and Of a dispo-
.sition 10 look on the brighter side of
things.
There were many drawbacks to trade
and industry aside from real or faneied
obstacles finding their origin in rev APP
plieations of old laws The weather was
not of the best. \ wet cold spring re-
strieted retail trade. and widespread
drought and excessively hot weather
from May TO July damaged crops severe
ly. cereals and foods fer man and beast
alike suffering, this resulting In smaller
yields O. and higher prices for all crops
but cotton. which because Of low prices
at time Of heaviest movement, showed n
net return smaller than has been real
lied from some earlier crops far lighter
in yield. y wet harvest in the north
seriously lowered grades.
in 1911 Wall street acted very much tine
part of weather vane. extreme pessi-
1nism being visible at times, while at
other periods a disposition TO view things
in conservatively optimistic light de-
veloped. With trust prosecutions hang
ing fire. the tendency was apparently 10
fear the worst. while the actual judicial
decisions seemed to bring an almost un-
due feeling of cheerful relief. The pres
sure was not entirely confined to the
stock market gloomy views then re-
fiected spreading gradually to other
lines and sections of the country. but not
affecting the south until low cotton
prices made their appearance. Specula-
tlon, whether in stocks or commodities,
was closely restricted throughout a large
part of the past year, but despite this,
and as Illustrative Of the fact that capt.
tai was not entirely FRUSTRATED, new
stock Rotations were of large volume,
bonds sold better than In 1910, short-time
obligations We're actively bought. and
the close of the year finds most stocks
higher in price than at the opening.
Withal, money was easy, reflection
partly, no doubt. of quiet in general
trade and speculation. Some idle capital.
indeed, sought more profitable employ
ment abroad where, by the way. the
course of international affairs did not
run with entire smoothness.
Domestic trade was large but not of a
record volume. Repression was in evil