Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-01-02
aaApsrREEr,s REvlEWs TRADE
CONDITIONS AND Looks TO
1911 FOR BETTER TIMES.
HIGH PRICE LEVELS GIVEN
FIRST PLACE AS pIsTUReER
Both Food. and Securities Deemed Too
hioh-Failurss Fewer Than in 1909
Food Prices Responsible for Decline
In Exports-Mors Favorable condi-
ton. Predicted in New Year.

New York, Jan. 2-Bradstreets gives
the following review of the business lot
the year and the outlook for 1911:
Nineteen hundred and ten was, on
the whole, a disturbed and rather
disappointing period in American
trade, finance and industry. 1t was
year of agitation, Of attempts to work
out politico- economic problems, OF de-
clines in quotations Of securities, OF
imitation and, later. Of unsettlement and
finally of weakness in many commodity
prices, of industrial unrest and cur.
tailment, of repression in consumptlVe
demand. Of numerous strikes. OF po-
litical overturn approaching the pro-
portions of landslide, and of changes
in long established channels Of domes-
tic and foreign trade. Withai, ana IN
spite of many drawbacks. but probably
because Of the momentum acquired IN
the previous year OF trem endous ac-
tivity. of upbuilding and OF recupera-
ton, II was a period OF immense agri-
cultural effort, crowned with notable
success, in some instances, as regards
lines of manufacture. 1t witnessed the
floating of large new issues Of securi-
ties, while at the same time 1t saw q
volume Of financial liquidation which
in other years might have caused con-
vulsion. 1t witnessed a vast expansion
Of banking transactions. record totals
Of loans and deposits and close to rec
ord bank clearings. and yet fewer fall
ures than in either Of the two preced-
ing years, altho the volume OF failure
damage was above the normal. being
exceeded only in years of vital stress.
High Food Prices.
In assigning causes for the disturbed
conditions which pervaded the body
polite and economic turnout the year.
first place will probably have to be
accorded to prevailing high levels OF
all prices whether OF securities or OF
commodities. The first invited attack
because OF cxtravagant manipulation
before the year began. while the height
to which commodity prices rose in the
opening months Of the year constituted
burden which gave rise to bitter agi-
tation and resulted ultimately in far
reaching effects, primarily upon con-
sumption, thence upon output and fin-
ally upon profits. In the latter respect
there will probably be little dissent
from the statement that an immense
business was done at a small. in some
Instances. disappearing margin. OF this
the generally conceded small net results
reported obtained by business men and
by manufacturers and the lessened net
earnings announced by the railways
are striking present examples.
Decline in Securities.
Declining prices Of securities. high
rrices Of food. meat boycotts, demands
for higher wages by railway and in
dustrial employees talk of corporation
prosecutions, this in turn unsettling
confidence and preventing the floating
Of new security issues for improve
ments. all made the earlier months Of
the year veritable winter Of discon-
tent" Excessively large expenditures
for food naturally lessened margins OF
earnings available for purchases OF
other necessities and increased the
pressure upon public officials to en-
bark upon prosecutions to which the
term st-baiting became applied.
Spring brought some relief in the mat
ter of lowered prices. but weather and
crop uncertainties and manufacturing
curtailment forced by high raw mater
ial costs. caused conservatism in bust
ness Continued governmental activity
against certain corporations and
threats OF injunction suits against the
railways, which were seeking to recoup
themselves for increased cost of opera
ton, due to granting Of higher wages.
BY increasing rates. found the stock
market vulnerable, while low crop con-
ditions at the turn Of the year favored
bearish movements and induced liquid
alton. With larger agricultural yields
more certain Of attainment in the late
summer and early autumn. more
cheerful outlook prevailed but the po-
litical overturn in the fall. with the
prospects Of reopening OF the tariff
question. made for slightly less opti-
mistic views. Repression and conserva-
tism and small and frequent. rather
than large or confident. buying kept
trade and industry within rather mar
row channels considering the coun-
try's vastly enlarged producing ca
pacity, and apparently good holiday
trade did not disguise the fact that the
advent Of an early winter had reduced
outdoor activities and lessened demand,
while Industrial idleness was greater
than for some years past.
clsarinss and Failures.
Financial measures Of years turn
over showed only slight shrinkage.
Thus. clearings fell only Is per, cent
below the record Of 1909. This loss was,
however, mainly at New York. where
the decrease was 6 per cent, while the
rest Of the country showed gain Of
per cent. Explanation Of the loss at
New York is partly Punishable by the
decrease Of % per cent in stock trans
actions and of So per cent in bond
sales as compared with 1909. Still. 1t
might be noted that clearings as whole
were nearly per cent larger than the
1905 total and nearly double those Of
q decade ago. Failure returns were is
regular These were 1.3 per cent fewer
than in 1909 and is per cent less than
IN. 1908, tho 13 per cent more than In
1907, Liabilities, owing to the occur
renee Of some large suspensions. were
Is per cent larger than in 1909. but 40
Der cent less than In 1908. and less than
half those OF 1907. the record year OF
failure damage.
Licking Forward.
High prices Of most products, and
especially foods and raw materials.
have been q sort Of endless chain bur
ia . laDoe. TO manufacture and TO