The Detroit times., 1911-01-02
Year Disappointing In
Trade Says Bradstreet's

forecast. Some extracts follow:
Nineteen hundred and ten was. on
the whole. a disturbed and Il rather
disappointing period in American
trade, finance and industry. II was a
year OF agitation, of attempts TO work
out pelItico-economic problems, OF ne
ciincs in quotations OF securities, OF III
flation and. later. OF unsettlement and
finally of weakness in many commod
ity prices, OF industrial unrest and cur
Jailment, Of repression In consGmpt!Ne
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.
In assigning causes for the dis
turbed conditions which perNaded the
body polite and economic throughout
the year first place Sill probably have
to be accorded TO prevailing high lev
els of all prices, whclh er OF securities
or of commodities.
There will probably be little dis
sent from the statement that an i'm
mense business was done at a small
in some instances disappearing, mar.
XIII. vi Nllio lHO 6NAiSlo Ais NOANNN'~N
small net results reported obtained
by business men and by manufacture
ers and the lessened net earnings an
nounced by the railways are striking
present examples.
Continued governmental actVl'y
against certain corporations ana
threats OF injunction suits against the
railways, which were seeking 10 re-
coup themselves for increased costs or
operation, due 10 granting or hlsher
wages, by increasing rates, found the
stock market vulnerable, while low
crop conditions IT the turn OF the year
favored bearish movements and IN
duced liquidation. With larger agrl-
cultural Yields more certain OF attain
ment in the late summer ana carry
autumn. a more cheerful outlook pre-
vailed. bur the poliu1al ovcrturn Ill
the tall, with the prospects OF re-
opening OF the tariff question, maze
for slightly less optimistic views.
Contraction and disappointment
characterized the stock market OF
1910 In this respect affairs present
ed a strong contrast to the perhAPS
TOO rapid advancement Witnessed III
1909. In word, lowered prices sig
ualized the operations OF l9lo'
throughout most of the year the mar
ket so far as volume goes, was name
rublic interest was very light, ana rs
a whole, the professional element
found il difficult to procure funds 10
engineer prolonged bullish operations
as the hanks saw Al 10 husband their
resources or 10 lend for short periods
only.
industry was irregularly active
neriods of record production after
mating with curtailment and snort
time such as have not been witness
ed since 10000
Financial measures or the year
turnover showed only a slight shrihk,
age. Thus, clearings fell only l."
per cent. below the record OF l9os.
This loss was, however, mainly at
New York. where the decrease was
ner cent, while the rest OF the
country showed a gain OF per cent.
High prices of most products, anu
especially foods and raw materials,
have been a sort Of endless-chaln
burden to labor, 10 manufacture anu
to trade generally. Perhaps the best
evidence that American markets were
out of line with the rest OF the worlu
was the reduction OF our export trade
in food products, which one time con
stituted our strength in foreign trade.
Coincidently, imports broke all rec
ords.
"The situation OF affairs would
seem, indeed, to point to liquidation
being necessary in costs OF produc-
ton. and past liquidation in the
stock market may perhaps find a
in natural products,
which seem TO have advanced mere
largely than manufactured goods,
having possibly been affected by the
speculative spirit so much in evil
dence In securities markets in 1909.
and which, perhaps, found its main
snring in the excessive supply or
cbeap money in that year. II any
such movement toward cheaper costs
continues IL is hard to see how labor
car avoid contributing thereto.
Pending an approximately final
settlement of the tariff question. tor
which one offered solution is the per-
manent commission plan, something
like repression of the countrys OBJ
viouslv large productive capacities
to fit the comparatively narrow chan
neIs OF small and frequent buying for
actual needs, rather than large and
confident anticipation OF future wants
would seem in keeping with the con-
servatism manifest in so many lines.
"A period OF peaceful progress. and
OF genuine cooperation in the restor-
alton OF normal conditions OF expan-
sion in the country's activities, would
seem necessary II the general com
munity is to reap the benefits of the
prosperity always present in a coun-
try possessing the magnificent adj
vantages of this one. but which, like
all comparatively new countries. eX-
periences growing pains that TO some
unsettled minds pass for serious ills
of the body itself Quiet conserva.
tism and level-headed treatment of
the problems apparently pressing for
solution are to be enjoined II The
country Is TO reap the full benefits
OF the readjustments already in evi
dence and those TO be met with. and.
II Is to be hoped. satisfactorily made
in 1911"
New Steamer To Be Monster.