Arizona republican., 1912-01-01
BRADSTREETS SAYS PAST TWELVE MONTHS
 HAVE BEEN TIME OF BUSINESS REPRESSION

applications of old laws. The weath sr i was aot of the best. A wet. cold spring
 restricted retail trade, and widespread Grcsgtt anl excessively hot weath er ! frciG May to July damaged icrcps sc . Verely. cereals and foods for man anl ibea;t alike suffering. this resulting in smsiicr yields of and higher prices for all srcps but cotton. which because of ' low prices at time of heaviest move
 m, mt showed a net return snlaller than has been realized from some earlier CrcpS far lighter in yield. A wet har- vest ,n the north seriously lowered grades
 In t911 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 thin-s in a conservatiVc!y optimistic light developed. With trust prosecu-
 tilons hanging fire. the tendency was apparently ro fear the worst. while the
 actual judicial decisions seemed to
 bring an almost undue feeling "T cheer fui relief The pressure was not en- tircly confined to the stock market gloomy views than reflected spreading gradually to other lines anu sections
 or country. but not effecting the south
 until low cotton prices made their ap- pearance. Speculation, whether m
 stocks or commodities. was closely re-
 stricted throughout a large part of the
 past year. but despite this, and as H.
 illustrative of the fact that capital was not entirely prostrated, new stock flo
 t2tions were of large volume. bonds
 SclG better than in 1910, short obligations were actively bought. and
 the close of the year finds most stocks
 higher in price than at the opening.
 Withal money was easy. ai reflection
 partly. no doubt, of quiet in general trade and speculation. Somt. idle cap
 itaI indeed, sought more profitable, employment abroad, where. Gy the way. the course of international affairs did not run with entire smoothIess.
 Domestic trade was large but not of a record volume Repression was inI evidence in buying. stoc1t of goodsI were kept down. and small and ire quent rather than large orders were the rule. Business was theiefore. per haps. less -profitably carried; on. BasicI conditions appeared sounG. however economics were practiced and credits were not apparently overextended.
 Collections were made rather slowly city payments being easier than those from the country: but, except in parts of tjGe northwest where past crops had been deficient. and from the south l where ow-priced cotton late in the wear rcpressed both purchases anu payments, no real concern seemed wis 1 iiie. Wet or mild weather retarded re- tail trade in December, but holiday trade was of good volume.
 Commodity prices justly came in for blame as hampcring some industries Thus. hieh-priced cotton and failure to place goods made therefrom caused much short time from January well into Scpteber Later uncertainty as to the extent of the decline hampered dealings. Efforts to sell iron and steel were not crowned with snccess until low perhaps cost, prices were reached in some instances. Then. however. consumers acted promptly. and al- though the railroads were ouJ of the market early in the year: their pur chaScs of ears and equipment later on was a welcome support to the market Building was quieter than in the pre- cc,ling two years. but still expeditures bulked large in the years operations. ! Foreign trade made new records. EX- ports especially were helped early by | lower prices for foods, and European | markets were reopened to our cereals ] and meats. while iron and steel and cotton also swelled the baiance of uale in this country's favor. Later on ]