Pine Bluff daily graphic., 1912-01-06
EVIDENCE OF CHEERFULNESS AF- TER YEAR OF REPRESSION PRESAGES BUSINESS WILL
 BE BETTER.
IRREG U l. A R TIES
Nineteen Eleven Period of Repression, Not PrOstratf0p. of Business, Ac.
 cording to Bradstreefs.

period of striking irregularity in aaae and industry, but despite evidences of Widespread caution and repression, a fair, ill some lines a record, business was done. This, it is conced d, was generally at the expense of profits, which latel, rather than the aggrc- gate volume of business, came in for widespread complaint It was q year of generally nigh commodity prices, broken, however, by some remarkable extremes of movements i'll staples, causing especial stra.n alike upon manufacturing industry and consump- tion, and eventuating in lessent 1 volume of bushes and much idle ma chinery It was, furthermore. a year of decided unsettlement, of intense industr al lines, which for the first time experienced the application of hitherto untried methods of legal 1es- ulation. These, at first viewed win decided alarm, later lost most of their terrors, and with the passing of t3e year toward it's close somewhat saner views of politico-e econom. G questions led to a perceptble improvement i,l general sentiment For the purposes of a trade review, indeed the year should be divided into two par,s, wisa the first eight months generally a period of disturbances, of short time in industry, of withdrawals from say ings banks, of tariff revision and tink- ering, of crop scares, of closely e5d- sidered hand-to-mouth buying and pi slow collections, while the last four mont was d Etlio of some relaXtt
 tion of caution, Of growth of more cheerful feeling and of disposition to look on the brighter s de of things.
 There were many drawbacks to trade and industry aside from real of fancied obstacles finding their origin in new applications of cid laws. Tie weather was not of the best. A wet, cold spring restricted retail trad anl widespread drought and excessively hot weather from May to July dam- aged crops severely, cereals and foods for many and beast alike suffering, th.s resulting in smaller yields and higher prices for all crops but cotton, which because of low prices at time of heaviest movement. showed a net return smaller than has been realiA- ed from some earlier c.ops far light CT ill yield. A wet harvest ill the North seriously lowered grades.
 In 1911 Wall street ac,ed very much the part of weather vana, extreme pessimism beng visible at times, wh le a5 other peri-ds of disposition to view things in a consel vatively Op- timistic light developed. Win tru ,t prosecutions }sanging fire, the tenden- cy was apparently to fear the wors-, while the actual judicial decisions seemed to bring an almost undue feel irg of cheerful relief. T.e pressure was not entirely confined to the stock market, gloomy views then reflected spreading gradually to other lines anl sections of country, but not aff cilns the South until low cotton prices made their appearance. Speculation, whetll- CT in stocks or commodities, was closely restricted throughouI a large part of the past year, but despite tlis, and as illustrative of the fact that capital was not entirely plostrated new stock flotations were of large volume, bonds sold better than n 1910, short-time obligations were ac- lively bought, and the close of the year finds most stocks higher in price than at the opening. Withal, mon ey was easy, reflection partly, no doub'. of quiet in general trade and specull- tion. Some idle capital, indeed, sought more profitable employment abroad, wners, by the way, the course of ia- ternational affairs did not run with eLtile smoOthness.
 Domestic trade was large but not If record volume. Expressions was ia evidence in buying. socks of goods were kept down, and small and ire qu mt rather than large orders were the rule. Business was therefore, perhaps, less profitably carried on Basic conditions appeared sound, how ever. economies were pract.ced and credits were not apparently overex- tended. Collections were made rata- CT slowly, city payments being easier
 han those from t,e country; but, ex- cept in parts of Northwest wheIe low-pric; cotton late in the year re- pressed beth purchases and payments no real concerned seemed visible. Wei or mild weather retarded retail tra k