Show MONEY STRESS TO 10 C UP SOON Bradstreets Bradstreet's t s Annual Re Report ort Expects Quiet Winter and Earl Early Eally Spring F FARMERS LITTLE AFFECTED Present Stringency in In This Respect Different From From- Those of Other Years Furthermore it ml might ht be noted that some sarno branches of or the the community as for tor or I Instance the tho farmers were were- slow tb to feel the trouble which so far tar has hns 1 been heen r ll largely ely financial or Ir and not agricultural as In n previous years of stress ti v liven Given n the Ule 01 or Tin till p jirca oat m. m t t t stress In th money markets a thing 4 which may bo ha reasonably loo looked ed fo forwIth for forwith r with the tho quieting flown own of ol trade though perhaps delayed by necessary heavy borrowing borrowing- b by rB railroads railroad it a rather quiet business may be bo expected election electIon elec elec- tion possibilities become certainties j. j and ad tho the next growing season gives OR 1 t tome some ome Indo Index as nS s to tho the crops crop of or r 1918 The foregoing Is tho the conch conclusion u of or orBIa BIa street annual summary of or tho the financial fi financial n- n nm IC 1 situation of oC tho the past year and the outlook k for tho to year to come como The report was WitS Just JURt tirade made lne public ImbUe this mornIng morn morn- K Ing tag The rho fC features turCA of or tho report In Inthe I the eyes oyes of or those who h have ve been able to see se advance copies tho the are aro ORS I rd pd opinion that the tho present flurry has not seriously affected tho the farmers tho ba backbone of ot tho the country and tho the fact that the report looks for tor a speedy speed MUon of or tho the marked money y stringency Tho P report J JR IB IR tinged 1 s somewhat with th tho I M II un au juca JaCA inai thal two nl or i the corporations to account for tor their tofu law has had something sQ to tu U t n with the tho present situation In part it Jt t j. j XIn hundred and seven se was a n year nr of oC extremes ot extremes of excessive insatiable early out early out k 14 later of ot dullness unequaled for years cars p th there re were e separate 1 and aid d distinct declines In prices of ot S se sa- s interspersed however howe with withie ie rallies the general downward d of or the year of ot Its uniform uniform- It ity but foreshadowing the later quietIng quiet quiet- Ing- Ing ng down of or trade and Industry Accompanying Ac Ac- comp companying nIng and n as a result of tho the last Jast great break In stogie Block and bond bonel prices there ensued marked n a loss JOgS of or public r confidence suspensions of ot financial In Ing In- In g so SQ swelling business allure taUm liabilities a aa as to o recall tho rt of or I y 11 aj and an acute mono money panic cau caus caus- q 1 jn ing ing- inga a widespread suspension of or trade and nd industry tho ye year r closing closing- with a 0 d degree of ot as to the tho outlook out out- look only to bo be compared to the feel feel- In ing ng of optimism ruling at its open opening In J Tic Tho year saw S t and the markets for Cor Securities and commodities reflected disturbing occurrences occurrences besides witnessing tho the play pIny of or forces forceR and in lit lit- having having- their Inception in n preceding preceding pre pre- ceding years cars For FOI one ono thing It ft became evident c that tho the entire world world t commercial and Industrial industrial was in 1907 living JIving beyond Its means mean and t that al the the boasted boasted lar largo large o additions to t the c worlds world's s stock of or sold gold od were not n T t t to frt fro t the tho destructive Affects of or past pact wasteful wars the tho vat vast loss Joss of property growing out of or conflagrations In 1906 an and anu the increased increase expenditures of nil all countries s. s states municipalities t j and Individuals Speculation In real f estate and mining securities put add addi burdens upon money supplies J already str Ih strained d by the tho necessity ot of of r providing sufficient nt of oC the circulating m medic medium nt to carry along tho the dented tl demand m for Cor all kinds l of or goods soiling at tho ho highest prices in hl years In Jn addition the business and financial finan cial world was called caned on ou to 10 bear effects of oC past shocks to confidence of Investors In I a air home and dud abroad resulting resulting- from life life- liCe insurance disclosures s. s the tho revelations rc r I. I that some banking Interests were willIng willing will will- Ing to lo den deny financial accommodation to ordinary m mercantile borrowers In I order that unreasoning speculation n might be bo fostered and proofs that laws had ben evaded c h by some sorno corporations I through fr freight discriminations I j 1 Fool feel It t The railroads were wore among the tho first I to learn that tune short notes at nt hl high h rates r of or Interest were 0 a 3 precarious dependence dependence de- de de de- for supplies of or liquid capital and attacks upon thee these corporations b by I lc legislatures prevented resh esh borrowing I even if It ca capital was waR to ho bo hats had which wh I was doubtful Prosecutions of or corporations also j I hurt Investment u buying of securities s. s Incidentally some om members of or the banking community In the tho time of acute fear ar last October preached sanIty san san- ity and anti against the hoarding of oC mone money and then did lid what they thoy were Inveigh In log ing against to the detriment of tho ellUre en ell en- entire tire Ure business community As one critIc crit- crit crit ic Ie put it ft t. t It was waR not so o much scarce money as ns it was scared cared mono money that i I 9 el e the damage ama e in the thc autumn of or 1907 after tho the actual panic was stayed b by a n few tew giants o of finance finance- was a l nf rn tall tail trade ade was irregular r o. o and crops were sma sm Or er Industry entered the year car with full tuB order books and had about caught ht up UI with with demand in many lines Jines when tho the October panic occurred Collections were elc at no time especially good and and In the lato fall foB the they were wore were positively bad baLl in some sections with an Imm amount of or paper report reported tI renewed Dei De Despite pito all drawbacks however how MO so oH kern keen was early remand iemand and so behindhand behind behind- hand were nearly all aU manufacturers that the excess in the first half halt of or the year ear probably more than made matle up for losses In the last half so that the tho years year's turnover In Jn wholesale trade and Industry compares quite well weB with 1 1906 I 0 G. G x w High Price Poor 01 crop reports and estimated ac nc- actual ac- ac lighter yields were responsible for tor excited mo c movements and find a x hl higher range ranc ot of prices of farm Carm products especially of or grains and cotton than In 1906 Commodity prices an art Wf OR c of living Jiving generally struck new love lf I Labor bor wa was scarce C but complained of or ofas orns as ns Inefficient until close to the end of or the th year when decreased building and manufacturing manufacturing- brought about a Q surplus supply Emigration was the heaviest lest In to s country's history coincident with the tho greatest Immigration ever recorded Th The Rt story of 1906 Is shown I is II the following table Indicating Indicating- that while crop yields decreased th the for tor them in Increased d ti Pieta Change Ields from 1907 1007 1906 Corn bu bushels 2 9 DU bush 14 Spring wheat 22 GH D 1 74 1 Total Wh Wheat al bush DU OR Oath li bu 00 Barley 1 bushels ush 18 00 Dl I 5 Rye bushels bushel D 6 64 i Buckwheat n nt bush 1 D 2 24 I II Total six I flaxseed bushels I 10 1 O O D 32 shy Hoy tons O pounds I 1 23 e bushels IH 1 49 1 ton bales sugar tons J 1 I 15 G Hop Bops pOl I C. Chan Change C r Values rom from I 1907 1007 1900 Corn Corn I Wheat 11 at 1130 I i On Onto ts I It 91 I Barley lO O I 1379 37 9 Rye Rc I 1 j 3 Buckwheat I 13 11 I 4 3 1 Total s elx sis 1 al 2000 I H. H Flaxseed 2171 D 16 10 1 C tOot 0 os I 1171 Ua Hay flay JOO I 1255 20 21 C G Tobacco 1117 Rico Rico- D r 2 Cotton Cotton- Cotton t G O D 02 92 2 1 Value rill nil farm fn r 1 products I 00 nn III l ruff mill 11 Change front from 1007 1907 1906 Dank Bank clearings 1 u D 9 u Imports c est t. t u I S 8 Imports est I 6 b Total trade est et I 7 j c earns ms 10 JO mo 1 3 Circulation Dec 1 L 1 10 Bl l g expenditure D 7 N x Y stock stoel sales salOR DJ N. N Y bond sales Pig Iron output I D-I Iron ore oro 41 r I 10 JO Anthracite cl cJ I JISho 19 JI I Shoe Sho ship Ir Is ts cases D C G I Labor strikes s D. D DOS R Immigration total 1333 1332 I I S Looking Looking- Forward Korv The pain oC or I recent wounds Is too acute to allow very v very ry optimistic views being being- taken as to the outlook for 1905 1901 There Is s In hu fact rather a disposition i In trade circles to to look Jook upon the tho roI ro- ro I ye- ye verso side of oC tho the picture On the other hand band It should not be bo for forgotten that there thole Is a 0 largo and ver very pr profitable business to bo be dono in Ift this countr country In supplying the tho wants of the that inhabit It and j that the warnings to the tho country countr of the the- present trouble were so earl early and so O numerous that large lar-e accumulations of stocks and goods were avoided Buy Buy- ny- ny ing for fop some time paNt has been of or a healthy character r small sn and frequent Instead of ha heavy purchases being the rule |