El Paso herald. (El Paso, Tex.) 1901-1931, 1911-12-30

New York, n Y. Dec. 3O.-Nineteen
hundred and eleven was a period Of
striking irregularity in trade and in
dustry, but despite evidences Of wide
spread caution and repression, a fair.
in some lines a record. business was
done This, says Bradstreets in its an
nual review. was generally at the ex-
pense Of profits, which latter. rather
than the aggregate volume Of business,
came in for widespread complaint 1t
was a year of general high commOd-
ity prices, broken. however, by some
remarkable extremes of movement in
staples. causing especial strain alike
upon manufacturing industry and con-
sumYtion.-and- exsntnatiRaz IN =. Iessened
vollt ne of business and much idle ma
chi ery.
An Unsettled Year.
was, furthermore, a year of decided
ursettlement, Of intense agitation in
some financial as we'll as industrial
lines, which for the first time expert
enced the application of hitherto IN
tried methods Of legal regula ton
These, at first viewed with decided
alarm. later lost most Of their terrOrs,
and with the passing of the year to-
ward its close somewhat saner views OF
poHticO- economic questions led to
perceptible improvement in general
sentiment. For the purposes Of a trade
review, indeed the year should be di-
vided into two parts, with the trst
eight months generally period of dis
turbance, of short time in industry, OF
Withdrawals from savings banks, Of
tariff revision and Iinkering, of crop
scares, Of closely considered hand-to-
mouth buying and Of slow collections,
while the last four months was a pc
Rod of some relaxation of caution OF
growth OF more cheerful feeling and OF
a disposition to look on the brighter
side of things.
Many Drawbacks.
There were many drawbacks to trade
and industry aside from real or fancied
obstacles finding their origin in new
applications of old laws. The weather
was not of the best. A wet cold spring
restricted retail trade, and widespread
drOuth and excessively hot weather
from May to July damaged crops Sc
verely, cereals and foods for man and
beast alike suffering, this resulting in
smaller yields of and higher prices for
all crops but cotton, which because OF
low prices at time of heaviest move
ment, showed a net return smaller
than has been realized from some
earlier crops far lighter in yield. A
wet harvest in the north seriously low
cred grades.
In 1911 Wall street acted very much
the part of a weather vane, extreme
pessimism being visible at times, while
at other periods a disposition to view
things in a cOnservatively optimistic
light developed. With trust prOsecu-
lions hanging fire, the tendency was
apparently to fear the worst, while the
actual judicial decisions seemed to
bring an almost undue feeling of cheer
full relief.
Pressure Was Strong.
The pressure was not entirely con-
fined to the stock market, gloomy
views then reflected spreading gradu-
ally to other lines and sections Of cOun-
try, but not affecting the south until
low cotton prices made their appear
ance Speculation, whether in stocks
or commodities was closely restricted
throughout q large part Of the spast
year. but despite this, and as illustrat-
i've Of the fact that capital was not en-
tirely Frustrated, new stock flotatlons
were Of large volume, bonds sold bet
ter than in 1910. short-time obligations
were actively bought and the close Of
the year finds most stocks higher in
price than at the opening WithaL
money was easy, a reflection partly, no
doubt. of quiet in general trade and
speculation. Some idle capital, indeed,
sought more profitable employment
abroad, where, by the way, the course
OF international affairs did not run with
entire smOOthness.
Domestic Trade Good.
Domestic trade was large but not Of
a record volume. Repression was in
evidence in buying, stocks Of goods
were kept down, and small and fire.
uuent rather than large orders were the
rule. Business was therefore, perhaps,
less profitably carried on Basic con-
ditions appeared sound, however,
economies wera practiced and credits
were not apparently oFerextended- Col
lections were made rather slowly, city
payments being easier than those from
the country; bat, except in parts Of the
northwest where past crops had been
deficient, and from the south, where
7t,ori ced cotton late in the year re
both isuCcAases and payments,
corS Npaed Wet
gde trade
was Of